Scaling Blockchain within the enterprise - Industry Insight
The beginning of 2019 has seen a series of exciting announcements in the Blockchain space. JPMorgan announced their first crypto asset, JP Coin, IHS Markit have invested in currencies start-up, Cobalt and similarly, HSBC are looking at how distributed ledger technology can revolutionise the FX market. Blockchain is continuing to disrupt the Financial Services industry – a 2018 Gartner survey found that two-thirds of CIOs are interested in Blockchain – technology and business executives are embarking on exploring the possibilities of Blockchain..
This provided the perfect backdrop to Invenica’s industry panel and breakfast briefing that took place in London on Wednesday 31st January, where experts from across the market came together to discuss the scalability of Blockchain within the enterprise. The event atrracted c-suite and senior level executives from a diverse range of industries: education, finance and technology, to hear keynotes and a lively panel discussion moderated by Forbes journalist and technology speaker, Monty Munford.
• Richard Crook, CTO, Chorum
• Jenny Knott, CEO, FinTech Strategic Advisors
• Gilbert Verdian, CEO, Quant
• Moustafa Bounasser, CTO, Invenica
• Troy Norcross, CEO, Blockchain Rookies
Opening with a keynote, Invenica’s CTO, Moustafa Bounasser, discussed how Blockchain has come of age, with a focus on moving beyond Financial Services and into other verticals. Troy Norcross, CEO of Blockchain Rookies, followed with a keynote that shared some of the misconceptions surrounding Blockchain, and the adoption opportunities within this space.
Monty moderated a lively discussion. The panellists recognised that there are weaknesses in Blockchain. Gilbert Verdian believes that a lack of openness, sparse adoption and poor ease of use will prevent Blockchain from becoming scalable.
However, Richard Crook, who got R3 started with their $100 million series A, and ran the Emerging Technology Lab at RBS, added that ‘we are seeing success when industries come together around a challenge’. And added to this stating ‘sharing everything and being anonymous on a network is never going to work within the Financial Services industry as it is not regulatory friendly’. Instead, the industry needs a finance grade ledger that Banks can use themselves, and with clients.
Jenny Knott, former CEO of ICAP and NEX Group, concurred, sharing her thoughts on what constitutes a successful Blockchain use case: ‘the most successful use cases are organisations that create something and share it for the greater good of their industry’.
Through industry collaboration – either in a consortium led or founder led environment, organisations can come together around a common goal, she described these organisations as the ‘leaders and innovators’.The relevance of Blockchain engaged large number of experienced market professionals to register and attend – Chris Mills, Managing Director of Stradegi Consulting, Paul McCarthy, CEO of Air Digital and Adam Hopkinson, founder of LDTRT, alongside many others from firms such as Barclays, Bupa and RBS.The overarching takeaway from the panellists was that organisations are being proactive in their response to Blockchain. Firms understand that not all Blockchain’s are built the same, and following a wave of cryptocurrency, they are now looking at finance grade ledgers that are interoperable and sustainable. In the interviews with the panellists and hosts, there was several positive takeaways. The clear strategic ambition of organisations, the recognition of Blockchain’s capabilities and the potential of growth and adoption over the coming year.
/Download our Blockchain white paper for a more in-depth analysis and explore our use cases in Retail, Manufacturing and Financial Services. We’ve made a recording of the keynotes and panel discussion from the event, available in easy-to-watch bitesize sections www.invenica.comn/discover.
About Discover The Possible
This event is the first of many that Invenica will be hosting over the upcoming months, as part of their Discover the Possible program – an offering designed to explore the possibilities of emerging technology. It will be documented via events, whitepapers, webinars and articles, bringing the eco-system together and engaging the community.
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