Hosted by Tahawultech.com, Power of 4 Forum featured a thought-provoking panel discussion on blockchain technology and how it has the potential to disrupt business operations.
Moderated by Tahawultech.com and CNME editor James Dartnell, the discussion examined blockchain’s use cases, challenges and how it has the potential to disrupt businesses.
Arthur Guest, CTO, Support Legal, said, “With blockchain, we need to think of the information that is being entered into the ledger. If that data is incorrect then it will create new problems.”
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Agreeing with Guest, Adam Lalani, group head of IT, Tristar, said, “Finding the people with the right skillsets when it comes to blockchain is a challenge. Also, the perception that blockchain is a cure for all transparency related issues is not true.
“It is only as good as the data that is being entered in.”
According to Arul Jose Vigin, senior IT manager, DIFC Courts, while blockchain is a proven method to increase transparency, it entirely depends on how users have entered the data, who drafted the contract and what kind of brief was given when these contracts were drafted.
He said, “ We also need to see which part of the use cases need more trust. Is it when the contract is being created or when it is being executed? We are working on these kind of challenges.”
The panelists also discussed the importance of being careful with whom ideas are shared about potential blockchain use cases.
Guest said, “Sometimes vendors try to shake you down to get ideas off you. It is important to be conscious of with whom you share the ideas with and realise how guarded you need to be. Blockchain providers need to focus on the problem and not the solution.”
Reiterating Guest’s point, Vigin said that start-up companies should understand that they are trying to solve a business problem and not trying to sell the technology.
“When start-up companies target specific verticals for blockchain technology, they also need to make sure that they understand specific problems in these segments and develop vertical expertise,” he added.
The panel members also discussed successful blockchain projects implemented by companies such as Walmart and flydubai.