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Blockchain Can Bring Efficiency and Transparency in an Enterprise: Experts

In Business
December 16, 2019

The new age Blockchain technology, if deployed and scaled carefully, can bring efficiency and transparency at the highest level for any enterprise, industry leaders opined at the two-day BlockHash Live 2019 conclave, which concluded here today.

Organised by the Kerala Blockchain Academy (KBA) in association with Allianz Technology, India at the Grand Hyatt, Bolgatty, the event saw the industry leaders making a strong case for creating an ecosystem that would bring together various industries and Blockchain, which employs the distributed ledger technology (DLT), as a possible solution.

Danny Wong, Lead Blockchain Architect, Allianz Technology gave his insights into the topic, ‘Enterprise Blockchain Frameworks: Adoption consideration’. “One should ensure careful and clear positioning of blockchain with other technology along with corporate strategy and business capacity for enterprise-wide blockchain adoption,” he said.

There are certain critical factors for a successful blockchain implementation journey for any enterprises and governments that are looking to adopt this technology, said Sreeram Ananthansayanam, Partner – Govt. and Public Services at PwC, India. “Don’t go for the Big Bang approach; rather go with an incremental approach that helps in many ways than one. It helps understand the technology, tests out the ways of working with the network, and ensures that past investments are protected and blockchain is used only where it absolutely adds significant value,” he pointed out.

Further, such an approach tests out integrations and interoperability needs and showcases value to business through disintermediation of effectiveness/efficiency improvements, he said, adding, “These are some of the ways one can effectively use blockchain.”

Speaking on the topic ‘Blockchain Technology for Global Social Change’, Dr Jane Thomason , CEO, Fintech Worldwide, Industry Associate, Centre for Blockchain Technology, University College of London, observed that blockchain is a versatile technology that is now being increasingly used for numerous non-fintech applications as well as medical records and land registry.

Giving an example of the 2004 tsunami that claimed the lives of over a million people, she said, “The 2004 Tsunami got me thinking. Indonesia was the worst affected country and no one knew who was washed away. No one had an identity. The bank records were gone. There were no records to check if the right people were getting aid. A technology like Blockchain can be a great source of help in such cases. We should explore new ways to apply digital technologies to achieve maximum social impact.”

The day also saw a presentation by Julian Gordon, VP – Asia Pacific, Hyperledger at The Linux Foundation on ‘Blockchain Business Future in Asian Markets’, and a panel discussion on ‘Blockchain Adoptions – A Hype or Reality? –Adoptor’s Perspective’.

The two-day conclave concluded with the felicitation of hackathon winners.