“Sandbox Blockchain” to accelerate tech startups

It took just over a decade for blockchain to move from the experimental phase to developing options for the practical application of the new technology in many areas of the economy. The distributed database used in 2009 for the needs of bitcoin operation is currently used, among others in banking, finance, insurance and logistics. New potential areas of application of blockchain technology are systematically emerging, and Poland is one of the leaders in the development of initiatives aimed at accelerating innovative blockchain solutions.

Blockchain is a technology that is used to securely store and transmit information arranged in sequences of data blocks. Its unique features are decentralization and the use of a consensus mechanism, which exclude the possibility of making any changes or interference in the stored information in a way unnoticed by other users. Moreover, due to the lack of a central data storage server, it is extremely effectively protected against cyber attacks.

The benefits of using distributed ledgers were first noticed by the financial sector, also outside the area traditionally and wrongly identified with blockchain, i.e. the world of cryptocurrencies. The industry already uses, for example, a durable medium – a tool based on this technology, which enables the transmission of documents in an electronic version in a manner ensuring their durability and indelibility. In the Polish banking sector, the solution using a durable medium based on blockchain and WORM matrix, provided by KIR, is already used by PKO Bank Polski and Bank BNP Paribas. Over time, this technology has also been noticed by other industries – nowadays blockchain is also used in insurance, logistics, healthcare and culture.

At the end of 2020, KIR, together with partners – institutions and companies that have been working for the development of the Polish technology sector for years, launched a blockchain sandbox, i.e. a technology and business platform offering a unique solution for companies, including startups, interested in developing a blockchain-based business. Sandbox Blockchain is a pioneering concept of a completely free environment designed to accelerate innovative solutions based on this technology.

Global interest in blockchain has resulted in an increase in the number of companies that build their services using this solution. In Poland alone, there are currently over 40 startups working exclusively on blockchain. However, this number is actually much larger, as the reports do not include companies whose activities also focus on other technologies.

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