The business world holds great promise for the application of blockchain technology. Its benefits, such as enhanced security, transparency, and efficiency, are highly sought after. During the London Blockchain Conference 2023, a panel of experts from diverse industries shared their insights on “How and when to integrate blockchain technology.”
Marcin Dyba, CEO and co-founder of 4Chain Studio emphasized the versatility of blockchain technology. He specifically highlighted its potential in areas such as immutable data storage, tokenization, IoT, and smart contracts. According to Dyba, integrating blockchain into these areas can streamline processes and provide additional automation.
Joshua Henslee, an author and technical editor at CoinGeek, offers a unique perspective as an independent consultant and content creator in the crypto space. Henslee highlights the significance of interoperable data and the potential of blockchain to serve as a reliable source of truth, especially in situations involving data exchange between organizations.
According to Alex Matsuo, EMEA Web3, Amazon Web Services, web2 companies are transitioning to web3 and adopting blockchain technology. Matsuo suggests that while some companies may not want to be left behind, their primary motivation is to recognize the benefits that blockchain can bring, such as decentralization and enhanced trust in transactions.
Blockchain use cases in business
Although there are currently no widely adopted use cases of blockchain in the business world, integrating it properly could yield notable benefits.
Tokenization is the most common use case of blockchain technology in business, as highlighted by Marcin. Additionally, Alex emphasized that the relevance of specific use cases varies depending on geographic location and company maturity.
According to Alex, countries with less developed payment infrastructure can greatly benefit from blockchain-based solutions, which offer advantages such as fast, secure, and cost-effective cross-border transactions.
Joshua believes that having a use case that solves a specific pain point is crucial. One such use case that comes to mind for him is “interoperable data.” According to Joshua, storing interoperable data on a public ledger with hashed timestamps has immense potential in addressing data integration challenges between companies. This approach can greatly enhance error detection and transparency.
Integration challenges and the way forward
Nirali Shah, the Chief Administrative Officer (CAO) of Qenta, drew attention to a pilot program conducted by an industry association in the precious metals sector. The objective was to evaluate the advantages of utilizing blockchain technology for enhancing supply chain transparency.
Although the study results were inconclusive, Nirali emphasized that relying solely on blockchain is insufficient to address all supply chain challenges. Integration with other technologies, such as IoT and artificial intelligence, becomes necessary to ensure accurate data digitization and verification. Additionally, stakeholder engagement and education regarding the nuances and benefits of various blockchain solutions play a crucial role in achieving successful adoption.
Joshua acknowledged the challenges that companies, particularly large ones, face when it comes to integrating blockchain technology. Stakeholder resistance and the need for conviction often slow down the process. However, Joshua believes that these companies should embrace user demands, experiment with blockchain solutions, and drive adoption.
In a similar vein, Alex emphasized the importance of taking a holistic view of the industry. Rather than competing against each other, he suggested that companies focus on collective goals. Furthermore, Alex encouraged collaboration between traditional Web 2 companies and blockchain-based solutions to establish a shared vision for the future.
Marcin suggested that big tech companies should prioritize enabling their enterprise partners by incorporating blockchain features into their platforms. This approach would facilitate wider adoption by enterprises and contribute to the popularization of blockchain technology.
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