The Minister of Commerce and Industry of Panama, Ramón Martínez, announced the launch of a several initiatives for the development of the technological area, which include the use of blockchain technology.

During a National Industrial Policy Council (CONAPI in Panama) session, Martínez explained that they will create a web page and an online platform based on a blockchain. From these new sites, the procedures and steps to be taken by companies dedicated to manufacturing and agribusiness to register in the National Industry Registry will be carried out. The process will be complemented by the digitalization of the request for the Certificate of Industrial Development.

This information went public August 9th on the official website of the Ministry of Commerce and Industries, indicating that these are procedures are carried out manually before the industrial inspection and evaluation departments. Although, from now on, the process will be driven with blockchain.

In this regard, the minister said that the web pages are “self-administrable and friendly to end users.” Although the technical details about the new platform are not mentioned, it adds that it adapts to any mobile device and can be seen from any browser. He also cites some of the benefits that are expected with the use of blockchain.

A step towards the future: The adoption of Blockchain

With the use of blockchain for industrial registration, the government of Panama gives a step forward into the renewal of its processes through this technology. Recently it was informed about the application of a new law that seeks to reform the bidding and contracting regime by the State, in the search for greater transparency.

Panama’s News Agency recently explained that through this blockchain-based Project, a friendly portal will be created, including social networks interaction. It will promote governance and permanent accountability, digitally facilitating the participation of small and medium-sized Panamanian companies.

In this case, blockchains technologies are again contemplated in order to give “immutability, traceability and security” to tenders. It is also planned to implement the figure of the “virtual notary”.

These approaches of the Panamanian government with technology date from 2017, when the country’s first fintech incubator was released. The initiative was promoted by the Government Innovation Authority, the National Secretariat of Science, Innovation and Technology and several banks in the region. The incubator sought to promote the development of several projects related to financial technologies.

That same year, the National Bank of Panama completed a project with the R3CEV consortium. Likewise, Panama City has hosted conferences related to the cryptocurrency and blockchain ecosystem. Recently, Banesco Panama decided to test Ripple’s international transfer systems, carrying out concept tests with blockchain.

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