While the world’s attention was drawn to the World Economic Forum, the same venue also hosted a number of industry and technology events. This year, Adoriasoft attended the CV Summit in Davos, a blockchain forum that touched upon the most actual innovations and challenges that accompany the development of distributed technologies nowadays.

The summit agenda was packed with various blockchain-related presentations and discussions. The hottest topics that were raised at the forum included the legislation problems that the blockchain technology implementations face. On a large scale, the world is not yet prepared to embrace distributed technologies. Only two countries – Switzerland and Liechtenstein – have made legal provisions for blockchain solutions. The largest player on the financial market – the USA – is still rather restrictive towards blockchain and other digitalization initiatives.

The current legislative situation makes Switzerland and Liechtenstein especially attractive for blockchain startups. The business responds quickly with many blockchain initiatives launching in these two jurisdictions. At the Summit, we attended presentations by several Swiss businesses that are implementing DLT: Sygnum AG, the first ever digital asset bank, SEBA Bank that manages both traditional and digital assets, Bitcoin Suisse, the financial intermediary specializing in crypto-financial services.

One of the discussions was focused on the matter of customer privacy in blockchain. The speakers supported the idea of gathering only the minimum required data from the customer depending on their score. This solution may reduce the customer approval time and the bureaucratic procedures related to customer verification while maintaining the overall safety and legality of all operations.

Another important issue that was a topic of discussion was the benefits blockchain brings to unbanked and underbanked regions. The areas where the traditional banking system is not developed or non-existent usually suffer from the absence of proper financial services. The introduction of digital currencies can resolve this problem giving the residents access to banking operations. This subject was brought up by Rune Christensen, CEO of MakerDAO. MakerDAO is working in the area of making financial services available where the traditional banking is scarce, and has made some noticeable progress.

This is just a brief summary of what was discussed at the CV Summit 2020. We were excited to be present at such an intense event of cutting-edge technology and meet experts in many blockchain-related areas. Attending such forums gives us unique knowledge of the latest innovations and updates in the industry of distributed ledger technologies. The information we receive directly from the top blockchain experts allows us to adjust our development practices to always be in line with the current situation.

We welcome all businesses planning to launch blockchain products to reach out to us for assistance in building effective solutions. We can both consult you on the best way to implement your ideas considering the latest developments in the industry and create a working product for you guaranteeing that it will be compliant with all the current laws and requirements.