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Blockchain technology still in its infancy in Hungary

Some 84% of executives globally say their organization has some involvement in blockchain technology, yet only a narrow layer utilizes the technology in Hungary, according to research by professional services firm PwC.

Antal Kerekes

"A well-planned blockchain does not only replace intermediaries, but lowers expenses and improves the speed, range, transparency, and traceability of business processes," says Antal Kerekes, PwC Hungaryʼs technology advisory partner. "The business return could be really attractive, if companies understand the ultimate goal of using the technology and coordinate it with their own planning."

Most of the surveyed executives (46%) named the financial services sector as the leader in the implementation of blockchain technology, according to PwCʼs Global Blockchain Survey 2018. The second most frequently picked sector was industrial products and manufacturing (12%), tied with energy and utilities.

In Hungary, blockchain technology only has a significant presence in the financial services sector, mostly within the new, innovative startup community. The technologyʼs spread to corporate, state, and other sectors still appears to be lagging behind, according to a press release sent to the Budapest Business Journal.

"The creation and implementation of blockchain - the utilization of its opportunities - is not an IT project, but the transformation of business models, roles, and processes," says Gábor Farkas, senior manager of PwC Hungary. "It needs clear business reasons and a supportive ecosystem, with fitting rules and standards, as well as a degree of flexibility to handle changes in regulation."