Most agribusiness and manufacturing companies will benefit from this new online registration system that will use blockchain.

Ramón Martínez, who is the Minister of Commerce and Industries of Panama, recently commented that his office prepares a series of measures that will put into operation the development of the country’s technological platforms. One of these measures is the creation of a registry of commercials companies using a blockchain platform.

During a session of the National Council for Industrial Policy (CONAPI), Martínez commented that a web domain will soon be put into operation. It will serve as the basis for registration, as well as the assembly of the blockchain platform that will support the entire operation. Thus, companies engaged in manufacturing and agribusiness must capture the registration data of their company to be registered in the RIN (National Industry Registry). The operation will also help companies to digitalize the request for the Certificate of Industrial Development (IFC).

This information was made public due to a recent report issued by the Ministry of Commerce and Industries of that country. The document details that, previously, these registration procedures were conducted in the industrial inspection and evaluation bodies manually, so this new blockchain system will speed up the process and allow the digitalization of the data.

Minister Martínez explained that this new web platform will be of great help and will be a quick way to complete the registration. Although he did not give more details, he said that the web platform will be compatible with any computer and mobile device. Also, he insisted on underlining the advantages of blockchain platforms for these data accumulation tasks.

“With these applications, the use of paper is eliminated, the processing is facilitated through the connection with the public institutions involved and traceability, efficiency, simplification and transparency in the processes are generated”, Martínez concluded.

The Government of Panama Friendly with Blockchain Technology

The use of blockchain technology in the registration of data for the commercial sector indicates that the government is increasingly involved with the idea of ​​implementing blockchain in its procedures. This is the reason why an amendment to the bidding and contracting law was recently introduced, so that the state can use this technology to provide more transparency and efficiency in these administrative procedures.

For this reason, the government is in the task of contemplating these technologies in all areas to increase the rate of traceability, immutability, and security in tenders, to facilitate their processes and help their citizens. Another relevant aspect is that the implementation of the “virtual notary” figure is planned to help users of these platforms to complete their documentation successfully.

It is not the first time that Panama has made progress in the adoption of blockchain technology and the crypto world. A few weeks ago, the Banesco multinational banking institution, based in Panama, conducted some international transfer tests with the Ripple exchange company, using a type of blockchain platform as a base. Blockchain could be part of more projects of this type in the near future.

By María Rodríguez


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