Blockchain technology has taken the world by a storm, and its multiple benefits and fields of application make it stand out as the technology of the future globally. When it comes to Bulgaria, however, blockchain is still a term that does not ring a bell for the majority of people.
In the cryptocurrency and blockchain space, Bulgaria is predominantly associated with One Coin, and the massive pyramid scheme the company was part of. However, there are positive examples of how blockchain technology is already entering the business sphere in the country. We spoke to two innovative business owners, looking to prove that blockchain technology can be implemented by Bulgarian businesses, and very successfully at that.
LogSentinel And Blockchain in Bulgaria
LogSentinel is a Bulgarian information protection provider, which has attracted the interest of worldwide leaders in the blockchain space like IBM. The company offers a range of blockchain-based services, banking on the innate capabilities of this technology, to keep information securely stored and protected.
According to LogSentinel CEO Bozhidar Bozhanov, Bulgaria has a real chance to become the hub of blockchain development for the whole eastern part of Europe. “We have the potential, given our strong IT sector, but we need more focus on cryptography and distributed systems – from both scientific and development aspect,” he said, when asked about blockchain implementation in Bulgaria.
According to Mr. Bozhanov, blockchain technology will allow Bulgarian businesses to expand their activities outside of the country. This is mainly due to the fact that communication and data sharing will be secure, and the chance for misappropriation of important documents will decrease.
LogSentinel is one of the pioneers in blockchain implementation in the country. They have partnered with some of the major banks in the country, as well as the government. The company has become an example to look up to when it comes to private, secure databases as their SentinelIDB database is an award-winning project and an active competitor of leaders in the industry like Oracle and TruVault.
ReCheck And Blockchain in Bulgaria
ReCheck is another excellent example of a professional implementation of blockchain technology for the sake of data protection. The focus of the company is to help businesses digitalise their documentation while offering them easy access to the blockchain. Not only that, but ReCheck also offers its customers the opportunity to authenticate their physical products by creating a blockchain registry.
According to ReCheck co-founder and CEO Emiliyan Enev, blockchain technology has the potential to transform the way people organize their documentation and personal data. For him, ReCheck can be the first step towards “an internet where people are the solemn owners of their digital identities and they have full control over it.”
ReCheck has already attracted a lot of attention from both local and international clients, looking to improve their data security. According to Mr Enev, “with blockchain, Bulgaria has the excellent opportunity to migrate to new digital infrastructure and reform obsolete information management systems, public services and governmental agencies.”
As blockchain technology becomes more accessible, more businesses in the country will start seeing the potential behind it. LogSentinel and ReCheck are pioneers in the industry of blockchain-based data management, and hopefully, their success will inspire more business owners to turn to blockchain for security and efficiency.