Date: 10/10/2019

ABC of Blockchain - Technology that Reshapes the Business

Representatives of AmCham member companies had the opportunity to attend “Technology that Reshapes Business”, the first in a series of discussions on blockchain technology.

Panelists Ivan Bjelajac from the “Serbian Blockchain Initiative” and Marko Kovačević from “New Strategy” presented the basics of blockchain to participants. The discussion was moderated by Miloš Stojković, leader of the AmCham Digital Economy Committee’s Blockchain Technology Group.

The gathering began by defining blockchain technology and highlighting its benefits, including decentralized application, the absence of intermediaries, the high level of security and the transparency of specific processes and transactions. So far, blockchain has been applied in areas like finance, supply chains, administration, energy and health, and the aim is to expand it to other sectors. Participants also discussed the potential disadvantages of using blockchain technology, primarily its focus on the peer to peer system and the question of whether the entire system depends on the morality of individual participants.

Serbia was identified as an encouraging environment for the development of blockchain technology. In the short period since its introduction, significant steps have been taken with the establishment of the “Serbian Blockchain Initiative”, an increase in the number of startup projects, the faster than ever development of the IT sector , and the proportionate availability of intellectual resource.

The complete implementation of blockchain technology requires the full digitalization of society, which not only represents a technological challenge but also calls for an upgrade of infrastructure, as well as the adoption of appropriate legislation to keep up with technological advances.