Leackstat Inc / Alejandro Carbonell

At Leackstat, Inc. We have been researching and doing very important interviews with influential national experts to obtain a current panorama regarding the implementation and introduction of blockchain technology to the country and to be able to provide advice to our clients.

In Panama, the Government has spoken repeatedly and positively about implementing Blockchain technology for Panama industries. There aren't still specific regulations, companies must work together on this technology to accelerate the intern benefits in Panama. The private contributions have been a success, including the Blockchain Summit Latam, a business conference to share knowledge and visions of different professionals from 50 countries regarding Blockchain technology.

Panama needs to improve its competitiveness internationally, since 2014, we have fallen 26th position in the competitiveness index of the World Economic Forum. It is necessary to work in the public sector with innovation that allows us to be more transparent, agile, and attractive for investment, as well as from the private sector developing innovation that is exportable and not only for local consumption.

Blockchain-related application development actions in different industries can generate a strong leadership impact in Panama because it is considered one of the most advanced financial and logistics centers in your Latin America area.

Alejandro Carbonell: Blockchain in Panama

Director Of Innovation at City of Knowledge Foundation

What do you think about the implementation of blockchain technology to provide solutions and empower companies in Panama?

Blockchain technologies allow disruption in practically all industries. Companies in Panama could benefit from more agile and transparent management to be competitive internationally. For example, Agro industries in Panama is one of the largest sectors but also one the least developed in terms of technology, thus less competitive internationally. We have an export potential due to the high-quality products generated, but it needs to use technologies that allow it to differentiate itself from other international companies. A pineapple exporter could include validation of each stage of its production process through Blockchain, which adds great value to international buyers who, for example, are interested in making it a sustainable planting.

Do you know some reactions of the Panamanian Market about the adoption of cryptocurrencies as the national currency in neighboring countries, for example, in El Salvador?

All new technologies have their defenders and detractors.  In Panama, we have had a movement for many years that seeks to teach people the benefits that we would have when using cryptocurrencies and a decentralized banking system. The adoption that El Salvador has made in the use of Bitcoin as a circulation currency is a great step forward for the rest of the region, especially for Panama, which has the most important banking center and cannot be left behind in competitiveness. Panama needs to begin to apply laws more flexibly and to increase the adoption of these technologies from the private and public sectors.

Cryptocurrencies / Bitcoin in El Salvador

© Image by Prensa Presidencia El Salvador

For Panamanian deputy Gabriel Silva, El Salvador's decision could open a new phase of technological development, so his country should take similar actions. The legislator assured last Monday, June 7th, that he is proposing legislation that encourages the use of cryptocurrencies.

In reference to cryptocurrencies, there are also important approaches, from the pronunciation of deputies about supporting the use of cryptocurrencies.

“This is important and Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the Assembly. If you are interested in building it, you can contact me” Deputy Gabriel Silva posted on his Twitter account.

Who is using Blockchain in Panama?

Find here some companies by sectors who are implementing blockchain solutions.

ECONOMY

MICI: The Ministry of Commerce and Industry of Panama is developing a responsive website adapted to any device that allows online procedures in the industrial inspection and evaluation departments with Blockchain technology that will have a different and attractive dynamic in the industry. The bidding processes with this project can be more transparent and less bureaucratic than the government says. The cost is up to USD 8,000,000 a year and has great help to the environment thanks to paper use reduction, high efficiency, traceability, transparency, and simplification of processes.

Ripple: Develops one of the world’s fastest, most sustainable, and consistently reliable public blockchains with high-performance payments businesses. Financial institutions can expand into new markets around the world and currently work in the most important banks in Latin America, including Panama. Blockchain itself is a secure technology to be able to make international remittances and payments for banks.

Natan: The first cryptocurrency created in Panama with decentralized features that links education in all areas to the blockchain and that will be used for payments for online courses and careers. Osmar Major (From Angola) and Marcos Pineda (From Panama) are the creators.

EDUCATION 

Cámara de Comercio Digital: Offers training and development of blockchain with LINUX operating system for public officials to have new skills and be able to help startups, small and medium-sized companies that help them grow through this technology with a future idea of becoming a decentralized and autonomous organization.

Panamá Blockchain Embassy: A business space for users and companies for the development projects to diversify its identity and business brand in Panama related to blockchain technology, to continue showing and learning the benefits itself as a country interested in new blockchain skills with the support of cryptocurrencies, Fintech, and different financial entities.

Página Web Panamá: Offers online training on how to develop and implement all related to blockchain technology, guaranteeing individual learning of each of its participants.

TECHNOLOGY

DeFi: Say goodbye to intermediaries with this innovative and independent financial system based on Blockchain, no longer dependent on banks, credits, brokers, or insurance. The users can carry out their transactions through smart contracts to invest and trade in digital assets and cryptocurrencies just only with internet access and have an opportunity to credit with low-interest rates and guaranteeing transparency and speed in transactions.

FOOD CHAIN IN PANAMA

Block Factory: A food chain company founded in Panama, in alliance with agricultural institutes and corporates to promote their products market independence, no intermediaries, no extra commission and blockchain technology allows you to delete unnecessary processes, more satisfactory response to this area with transparency and all unique features that blockchain offers.

TRANSPORTATION AND LOGISTICS

Manzanillo International Terminal: The first maritime port that has started the integration of blockchain-based digital technology that will improve the maritime industry with TradeLends in Panama, which is a secure, fast, and reliable supply chain management platform to automate administrative processes and allowing you to improve your customers' experience from start to finish. This real-time digital network will visibly improve communications and of course, it will create a considerable low cost.

Conclusion 

With this investigation we have discovered that the outlook for the use of blockchain in Panama is favorable, the attitude of the government, leaders and entrepreneurs is open and positive about implementing this new technology in order to improve and create innovative solutions for the different industrial sectors, this means that it will be possible to see how every day public and private companies and government entities adopt more the use of blockchain to enhance their activity.

Panama has a privileged geographic location with a broad relationship maritime activities that will be used to increase a positive impact and allow decentralizing all processes. Secure records and global operations are part of the benefits of blockchain technology in logistic and transportation areas.

References:

Co-author: Alejandro Carbonell, Director Of Innovation at City of Knowledge Foundation.

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