Industry leaders have demanded the creation of an ecosystem that will bring together various industries and blockchain, which employs the distributed ledger technology (DLT) as a possible solution.
The demand came at the two-day BlockHash Live 2019 conclave, an international meet of blockchain experts organised by the Kerala Blockchain Academy (KBA) in association with Allianz Technology, India, which concluded here on Friday.
Experts observed that the new age blockchain technology, if deployed and scaled carefully, could bring efficiency and transparency at the highest level for any enterprise.
Danny Wong, Lead Blockchain Architect, Allianz Technology, called for careful and clear positioning of blockchain with other technologies, corporate strategy and business capacity for enterprise-wide blockchain adoption.
“Rather than the big bang approach, go with an incremental approach. It helps to understand the technology, tests its compatibility with the network while preserving the past investments and limiting the adoption of the blockchain only where it absolutely adds significant value,” said Sreeram Ananthansayanam, Partner, Government and Public Services at PwC, India.
Jane Thomason, CEO, Fintech Worldwide and Industry Associate, Centre for Blockchain Technology, University College of London, observed that blockchain at present was being increasingly used for numerous non-fintech applications as well as medical records and land registry. She said blockchain technology could be of great help in the face of challenges posed by disasters such as tsunami and called for application of digital technologies to achieve maximum social impact.
Hackathon winners
A three-member team from IBS Software won the prestigious BlockHack 2019 hackathon, held on the side lines of the conclave. Teams from Phaethon Technologies and Tata Consultancy services emerged first and second runners-up.
The winners bagged pursues of ₹3 lakh, ₹1.5 lakh and ₹50,000 respectively.
