The European nation of Czechia, formally the Czech Republic, has recently benefited from the establishment of an organization aimed at accelerating the adoption of distributed ledger technology (DLT).
DLT is the technology on which blockchain is based and forms the foundation for the majority of cryptocurrencies and digital assets.
Computer giant IBM has joined forces with PwC and local Czech blockchain startup Adel to develop the Blockchain Connect Association. The alliance will form a critical backbone for the growth and development of the cryptocurrency and blockchain sector in the land-locked nation.
The group’s long-term goals include a reshaping of the Czech economy over the next five years via the integration of DLT and blockchain systems in order to “digitize society”. It aims to provide services and innovations to both the public and private sector and hopes to promote blockchain and cryptocurrency education.
“Our ambition is not only to localize our global solutions in the Czech environment but also to find and support innovative local partners and enable their access to international markets,” said Jiri Batek, head of IBM’s Infrastructure Division.
Czechia has a population of only 10.5 million citizens and while it’s part of the European Union it still uses its own currency, the Czech koruna (CZK).