Page 54 - angleška varianta sist - ODDANO-FINAL 4_1_2022_FLIPBOOK-spread

AN ANALYSIS INTO THE IMPACT OF STANDARDS ON THE OPERATION OF SLOVENIAN COMPANIES

“BLOCKCHAIN” TECHNOLOGY AND THE COMPANY ORIGINTRAIL
Both industry and international policy are getting increasingly aware of the
importance of setting up new international standards and control procedures
to combat counterfeiting and excessive illicit trading, as well as to control
environmental management within the supply chain.

Essentially, a blockchain is a database without central administration.
The database registers each and every transaction and allows complete control
over changes. Should anyone try to change a record within the chain, the
technology would prevent the interference with other blocks refusing the
action. In this way the technology ensures safety and compliance of operation
and strengthens trust among stakeholders.

The use of blockchain technology is going to be increasingly present in Slovenian
companies, in particular in the financial and insurance sectors, where smart
contracts are among the key innovations that companies will need to introduce
in order to be competitive. The technology is not standardized yet, although its
future is primarily standards based. It will only survive in standardized form,
which guarantees its interoperability, and thereby also the market (Anjum,
Sporny and Sill, 2017).

The company OriginTrail is strongly aware of the importance of this new
technology and of the urgency of its standardization. OriginTrail is a young
Slovenian company – established in 2011 – dedicated to make supplier chains
work together using blockchain technology (OriginTrail, 2019).

STANDARDIZATION OF ADMINISTRATIVE PROCEDURES AND PUBLIC
INSTITUTION ACTIVITIES
The lengthiness and uncertainty of administrative procedures at various levels
and in different fields of activity of public institutions are among the areas
for which Slovenia is most often criticized when making competitiveness
comparisons. Most often this is true in granting permissions related to
property and other land developments, and for performing activities

54 SIST - SLOVENIAN INSTITUTE FOR STANDARDIZATION