20. 02. 2017.

IN2 starts a blockchain project

IN2 develops a project with the working title of Blockchain, functioning as an internal startup

The second Fintech Meetup was held on February 16 in HUB385, a coworking space in Zagreb, with more than 40 participants interested in financial sector technologies, and one of the panellists was Ivan Glavaš from IN2 who mostly talked about the use of blockchain technology.

It is a technology originally designed to meet the needs of the virtual currency Bitcoin and its main features are the ability to monitor ownership safely and transparently, increased speed of transactions, and lower fraud risks. The possibility of use is not just limited to the financial sector because it can also be spread to other areas that can use its advantages.

Consequently, IN2 develops a project with the working title of Blockchain, functioning as an internal startup, formed on the initiative of brothers Ivan and Tomislav Glavaš. The idea behind the project is the development of expertise in the use of the blockchain technology in different business segments.

For instance, the land registries in Honduras and the federal state of Georgia use the blockchain technology, and it is expected that other countries will follow. The advantage of blockchain, in this case, is that the land ownership data is public, without the need to have a special department for the data because nobody can assume ownership of the land without the original owner's secret key.

This project is just one of new fast-growing areas like unmanned aerial vehicles, advanced analytics, serialization software solutions, the Internet of Things platform as well as others that have recently been consolidated in the Sector for Digital Business IN2.

"What attracted IN2 to this project is the potential saving of time and cost without a large investment into infrastructure. I expect the blockchain technology to have an impact in a number of industries and I believe that an early entrance into the area will give us an advantage over the competition," said Sanja Svilokos, the executive manager of the Sector for Digital Business IN2.