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26 companies have submitted their solutions for testing in Blockchain Sandbox

date: 2021.06.30

It's been six months since the launch of Blockchain Sandbox, a free test environment for the solutions and services based on blockchain technology. Application forms have so far been completed by 26 companies registered in 8 countries. Entities working on new solutions in the areas of financial services, data security, AML tools and real estate tokenization are interested in testing of their ideas.

In its first six months of operation, 26 companies have signed up for the Blockchain Sandbox program, out of which as many as 19 this year. Startups from Israel, Russia, Finland, Great Britain, Romania, Spain, Ireland and Poland have applied to participate in the project.

Our objective is to stimulate innovation, so we want as many companies as possible, regardless of their size or country of origin, to test new solutions. We believe blockchain has an enormous potential and its practical applications can be found in every sector of economy. The versatility of this technology is also recognized by the companies applying for the program”, says Michał Wetoszka, director of the Office of Initiatives and Projects at KIR , and adds: “The first wave of sandbox recruitment included organizations focused on  data security, AML solutions, among others, but also developing real estate trading management services – this proves that we are not limited to one industry or sector.”

Blockchain technology could revolutionize how participants, operating in a digitally connected system, share information and what rules and business models they use. With features such as information integrity, completeness and durability, it can be used in any sector, including those that are highly regulated and work with sensitive data. However, universal technology and regulatory standards need to be set for the widespread application of new technology in business.

Services based on blockchain – e.g. in the form of a durable medium – are already in place in the financial and insurance industry and are provided by project partners. Expert know-how and in-house experience in a production environment allow the sandbox to offer reliable technology and business support.

“We are working with young companies on a daily basis, and we can appreciate the obstacles they face before launching a new service on the market. That's why we know how important it is to create projects like Blockchain Sandbox, which allows to reduce costs and verify the business potential of the solution in the testing phase. Our sandbox also offers access to regulatory consultations, so that tested services can be developed in compliance with legal requirements and marketed promptly ”, explains Grzegorz Pawlicki, Innovation Office Director at PKO Bank Polski.

“Development of blockchain technology in Poland is one of our priorities. We want every company building solutions based on this technology to have easy access to it, which should reduce the so-called cost of entry. IBM Poland's team of experts will watch over the proper functioning of the sandbox while working on its further development, providing the Blockchain Sandbox users with access to the latest solutions”, says Artur Wróblewski, Director of Consulting Department – IBM Poland and Baltics.

Blockchain Sandbox, based on hyperledger fabric technology provided by IBM, was launched in November 2020, thanks to the cooperation of KIR, PKO Bank Polski, IBM, National Cloud, KNF, Fintech Poland Foundation and Cyberium Foundation. It is the first free test environment in Poland for solutions using blockchain in a private model, which can be joined by any organization, regardless of their size or country of origin. For detailed information about the project and application guide please visit: www.sandboxblockchain.pl/en/.

 

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KIR was formed on the initiative of the National Bank of Poland, Polish Banks Association and 16 commercial banks in order to launch electronic and professional interbank clearing in Poland. It is the key firm serving the Polish banking sector infrastructure. It ensures reliability and security of the provided services while striving to effectively foster the development of economy digitalization.

Using the unique competence and experience in the Polish market, KIR is developing and providing system solutions suited to the needs of the banking sector, and actively participates in the digitalization process of the public administration. 

 

Media contact:

Anna Olszewska,

Spokesperson, phone: (22) 545 53 60, 691 890 58

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