At Bangalore Tech Summit 2018, Mr. Sreeeram AnanthaSayanam, PWC conducted a panel on Beyond Blockchain Solutions. He had a lot to say about Blockchain and also adding a pointer that many companies are missing the point on a use case scenario basis when it comes to Block Chain implementation.
Here are few interesting pointers raised on the current and future state of Blockchain technology.
The interesting facet of the panel discussion was on how could entities using Ethereum & Blockchain were able to generate so much hype for projects that could more easily be done through alternative means, such as a basic database.
Such projects can be undertaken for a marketing hype, but he adds that even if the project is done in due earnest, deciding to use Blockchain instead of other alternative it can lead to a “lot of wasted time” especially in a use case basis as it is still in a prototype model and is picking up slowly across sectors.
One particular aspect in Blockchain which he considers a waste of time is “I understand the Blockchain usage but the detail that jumped out at me is they’re saying “Hey, we own all the IP and this is basically our platform and you’re getting on it.” And like, that’s totally not the point especially for nascent software implementation which needs a lot of iterations before it can be accepted successfully wholly by the general public at large.
While it’s no big secret that we are not fans of centralization. We should also remember how it can be mapped to practical usage across sectors where iterations are required in real time basis or live time basis like real estate sector or banking, insurance sector etc
The potential value of Blockchain is that you’d get codes stamped on the entry at every step along the way, and you as a consumer or user can check the codes and entries done and whom it came from.
You can also confirm about “here is where the change or entry came from.” This will largely help sectors where technical, defence communication is the need of the hour. There’s definitely value but it’s about encashability and reskilling which both require time and patience.
- Good Use Cases for Blockchain
Mr. Shravan Poorigali, Principal Architect Head Blockchain at Mindtree also expressed his candid views that not every industry would benefit from Blockchain technology.
However there are a few particular industries that are the most viable when it comes to Blockchain which are duly highlighted above. He felt actual utilities in the space are going to start getting closer to things that are more purely digital. Going beyond money we think the value is that you create a token and you immediately have access to wallets, multi-signature wallets, decentralized exchanges, and just using it as collateral all of this infrastructure that you wouldn’t have access to if you just created a currency and tried launching it off your own server.
So imagine that transaction on a layered platform and the benefits are huge like remote security, controlled access and ledger authentication etc.
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