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The Blockchain Gains Strategic Development Status in Hungary

Blockchain technology has become one of the trending topics of our decade. The technology, originally developed for transmitting crypto-currencies, is conquering the internet. (If you’re not sure what the blockchain is, read our article Blockchain: What Small Businesses Need to Know.)

 

The importance of blockchain technology is recognized by many. Businesses, scientists, and IT professionals all agree the technology as revolutionary for many aspects of modern life.

 

Hungary places great importance on understanding the technology and developing possible future uses for it

 

Lately, several countries have joined the chorus of blockchain supporters. For example, the government of Hungary has given strategic development status to blockchains.

 

This means that Hungary places great importance on understanding the technology and developing possible future uses for it.

 
 

The Blockchain Competence Center

 

The government supported the creation of the Blockchain Competence Center (BCC) in Budapest, the capital of Hungary. Created by the companies InterTicket and RowanHill, the BCC acts as a professional and educational hub, providing assistance to both businesses and the government about the blockchain.

 

The Center aims to support developers, creating an incubation space for blockchain projects. We mean this quite literally, as developers can apply for a working space at the center for the duration of their project. In addition, the BCC provides funding, education, training sessions, and advice to blockchain developers and users.

 

Over time, the BCC aims to become a regional blockchain leader in Central Europe, helping businesses adapt to the new technology.

 
 

Society’s Involvement

 

Besides businesses and the government, Hungarian civil society found an important project in blockchain technology, too. Teachers, businesspeople, and strategic thinkers founded the Blockchaineum, a knowledge center aimed at promoting the blockchain and educating professionals about its potential.

 

The Blockchaineum currently organizes seminars and conferences about the blockchain. Apart from those, the center has recently announced kicking off the Block Knights competition.

 
 

Block Knights

 

The aim of Block Knights, organized in spring 2018 by the Blockchaineum and three Hungarian universities, is to discover new applications for the blockchain.

 

There are two main categories in the competition: new blockchain project ideas and already working applications. Students, startups, and businesses can enter. Three judges evaluate all entrants and select finalists.

 

The aim of Block Knights, organized in spring 2018 by the Blockchaineum and three Hungarian universities, is to discover new applications for the blockchain

 

All finalists receive mentoring and advice to perfect their projects. The final “battle” will take place in May in Budapest.

 

If you have a revolutionary blockchain idea (and you’ll be in Hungary this spring), don’t keep it to yourself. But if you simply want to use the blockchain for its security and convenience, read about its possibilities in our article 9 Tips for Small Businesses on Using Blockchain.

 
 

Payments

 

One of the best applications of blockchain technology is payments.

 

Why wait around for expensive international wire transfers when you can send B2B payments overseas quickly, efficiently, and at a lower cost?

 

Try Veem, the next generation payments platform. Veem allows you to send international transfers at the click of your mouse. Veem’s unique multi-rail technology (that includes the blockchain) chooses the quickest and most cost-effective route for your money.


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In addition, Veem charges no wire fees and offers competitive foreign exchange rates.

 

Sign up for a free Veem account and enjoy easy international payments.