Three key takeaways from our South Summit panel on Enterprise Blockchain security applications

From L-R: Alex Puig (Alastria), Adam Draper (BoostVC), Olga Poves Blanco (IBM), Leonard Boord (Tokenizo)
  1. Enterprise applications of Blockchain are inevitable, and will come from everywhere — Adam Draper, Founder and Managing Director of BoostVC, pointed to the talent and capital flows as a predictor of successful enterprise applications of blockchain being imminent, noting that “Investors invest in the areas where all the smartest people are running…and if you are not using the latest technology to solve the hardest problems, you’re not doing it right”. The panel agreed that not only were existing centres of innovation embracing Blockchain, but that the phenomenon is global. This is a marked difference from previous waves of innovation such as the information wave or the communication wave, where knowledge and product development was siloed in North America. In contrast, talent, capital and knowledge is as decentralised as the technology it promotes with entrepreneurs tackling the same complex problems with the same tools, regardless of where they are located.
  2. Enterprises are now embracing Blockchain — Alex Puig, CEO of Alastria Blockchain Ecosystem highlighted that Enterprise attitudes are shifting from fear and confusion to acceptance and promotion of Blockchain as a way to secure assets, data, and particularly transactions. He also noted that whilst there is still reticence to put Enterprise owned centralised private databases on decentralised public blockchains, Enterprises are increasingly investing in hybrid solutions, and increasingly embracing the concepts of opensource and collaboration in their development cycles. Alex pointed that decentralisation inherently prevents cybercrime as it changes ownership of data, making megahacks that yield millions of credentials in one go, a thing of the past. As 80% of cyberattacks begin with identity or credential theft, there is an obvious appeal here for Enterprises.
  3. Enterprises must focus on use cases to create value from Blockchain — As Blockchain Lead at IBM, Olga Blanco Poves, spoke on behalf of Enterprises evaluating new Blockchain based projects. “The future of Blockchain is not in creating cryptocurrency but rather in creating solutions that can improve the internal processes of the business, or create new businesses or new markets.” Olga noted that the Blockchain should be used to build real solutions if it is to become a mainstay technology at the enterprise level. This statement was echoed by the panel, who urged the community to trust the technology, experiment and solve complex problems rather than getting lost in the hype of cryptocurrencies.

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