At the BlockShow Asia 2019 conference, experts spoke on blockchain, what it represents and what benefits this technology can bring to national economies and corporations, for example. So let us see what they had to say.
Blockchain is more than just Bitcoin.
According to Cointelegraph, all participants in the conference panel, which focused on the topic of cooperation in a decentralized system, agreed that blockchain technology goes far beyond Bitcoin. No wonder, after all, BTC is only one of its implementations. It is worth mentioning that not so long ago even the Chinese media emphasized that this digital currency is the first example of the success of this technology. In fact, there are many more of them. Returning to the topic, however, the following speakers took part in the discussion: Patrick Yeo (Venture Hub leader at PwC in Singapore), Vinay Mohan (Managing Director of ConsenSys Singapore), Veronica Tan (Director at Infocomm Media Development Authority), Alan Lim (Program Director at IBM Blockchain Technologies) and Yi Ming Ng (Tribe Accelerator).
All gathered unanimously agreed that blockchain allows information to be shared in a decentralized way, which results in a high level of trust on the part of the community. During the discussion, several cases were mentioned where this technology combines different ecosystems to create new and better value for the Internet. The panel referred, among other things, to the blockchain Food Trust network created by the technology giant IBM. It should be recalled that this tool is used, among others, by Carrefour and several other partners.
Among the benefits that can be achieved by retailers when transferring some food products to blockchain is for example: increased transparency in the supply chain, and thus increased consumer confidence, which translates into sales. This is evidenced, by the increased demand for blockchain products in Carrefour’s stores.
Vinay Mohan, for his part, stressed that there were many concerns about whether the chains of blocks operated by governments and industry were indeed decentralised. In his view, however, this is not so important as there are several ways in which centralisation and decentralisation can be seen.
We are talking here about an intermediate technology that links different ecosystems and provides a new form of governance.
– added Mohan.
Cooperation is a very important link
Cryptocurrencies are only one example of the use of blockchain. In fact, this technology plays a much greater role, creating a completely new frame. It helps different entities to establish cooperation between themselves.
It is an industry with a whole new value. It allows you to share information and conclude intelligent agreements in different parts of the ecosystem….
– said Patrick Yeo.
The speakers emphasized that it is the cooperation with the use of blockchain that is the path to success of various projects. Joining forces in this area will certainly bear fruit in the future.
We need to prove the value of this technology. Together, we are stronger.
– said Alan Lim.