At Information Age’s Tech Leaders Summit, main specialists reduce by a number of the hype surrounding blockchain and mentioned its use cases
From left: Dr Anushka Patchava, Expert Advisor (Healthcare; AI & Blockchain), United Nations (CEFACT);
Dr Vince Ming, Regional Director, FST Network;
Kanaway Yusingco, Managing Partner, Uniquely Wired; Jenny Knott, CEO, FinTech Strategic Advisors
The 10th anniversary of bitcoin earlier this yr rightly prompted loads of soul-looking amongst proponents of blockchain at this yr’s Tech Leaders Summit.
While demand for engineers on this subject continues to skyrocket, many main trade figures have gotten sceptical that the know-how will ever have any utility in the true world.
According to Forrester’s 2019 predictions for CIOs, blockchain will solely be embraced by enterprises if the know-how can reveal that it could clear up an actual-world difficulty. So far, it has turn out to be the quintessential answer searching for an issue.
Judging from the consensus reached by panellists TLS, the truth lies someplace in between those that assume blockchain is the reply to every part, and those who consider the know-how has did not show its price.
Who’s afraid of blockchain?
“It’s important to understand what it is that we’re so scared of about this technology,” she stated.
“Of course, there are valid reasons, but like any technology, it can be used for both good or for bad.”
Time for a rebrand?
Dr Anushka Patchava, Expert Advisor (Healthcare; AI & Blockchain), United Nations (CEFACT), recommended that it could be time to ditch the phrase blockchain altogether so as to distinguish itself from the detrimental connotations.
“Blockchain to many people has that affiliation to bitcoin and the dark web. But blockchain isn’t bitcoin,” she stated. “We should be using the term distributed ledger technology because that’s what is driving the process.”
She additionally argued, with out articulating a powerful idea of what it could do, there’s little hope enterprises will lean into it.
“Lots of c-suite executives are extremely danger-averse in the case of spending vital quantities of cash attempting to interchange legacy methods.“
Best observe ideas for adopting blockchain know-how
As a former accountant by commerce, Jenny Knott, CEO, FinTech Strategic Advisors, echoed Patchava’s and Yusingco’s want to dissociate blockchain from bitcoin, arguing on the core, blockchain is nothing greater than a ledger know-how for conserving observe of transactions and processes.
“There’s a lot hype round blockchain, I’d argue that eradicating the phrase blockchain altogether is a important start line.
“Educating people and going back to the basics around the difficulties of distributing data are the critical factors for having a sensible conversation with anyone in an organisation considering any form of DLT use case.”
Beyond the challenges round understanding the know-how itself and what it could do, many organisations are additionally failing to know the re-engineering that’s required to suit the wants of the know-how.
According to Dr Vince Ming, Regional Director, FST Network, it’s important to both have an industrial-scale standardisation for future blockchain growth (appropriate for all distributors to undertake no matter their use cases and enterprise fashions) or to permit some types of connectivity or integration of various blockchain fashions by way of the route of the interoperability provisioning.
He stated: “Having good standardisation and interoperability could help enterprises to collaborate on application development, validate proofs of concept, and share blockchain solutions as well as making it easier to integrate with existing systems.”