Despite Bitcoin’s massive decline over the past month, interest in blockchain is still growing, and some of the brightest minds in business still see a lot of potential in its adoption.
The group of some of Asia’s wealthiest are looking to join the likes of JPMorgan, Bank of America, WalMart, Apple and other major companies exploring the blockchain space.
The invitation-only event, sponsored by Forbes Asia, “Deciphering Blockchain For Business,” featured young and old attendees from all over the continent, eager to learn more about the technology.
Supply Chain Management
One speaker, Anderson Tanoto, director of the $18 billion Royal Golden Eagle (RGE) manufacturing conglomerate, explained the benefits of using blockchain technology in supply chain management.
RGE, for its part, is aiming to move its palm oil supply chain onto a blockchain, citing better security, efficiency, and transparency. Though RGE is leading this charge, the company is part of a larger consortium, the Sustainability Assurance & Innovation Alliance, which together controls over half the world’s supply of palm oil and plans on following suit.
“There are two herds of people in blockchain. Those who want to get rich off crypto, and those who want to change the world with blockchain. I would like to associate myself with the second group,” Tanoto explained.
Though the primary focus of the conference centered around business applications, one speaker jumped on top of the benefits for governments embracing the new tech.
Janil Puthucheary, Singapore’s senior minister of state at the ministry of communications and information and the ministry of transport, is a driving force behind Singapore’s Smart City initiative, and believes that blockchain technology is a vital tool in making that idea a reality.
Puthucheary noted several industries, specifically, which stand to benefit from blockchain adoption, including healthcare, transportation and finance. Additionally, Puthucheary highlighted specific security benefits that blockchain tech brings to the table.
He went on to say that the country’s cybersecurity experts were working with government organizations to explore the benefits of the tech to track resources and cut back on “human error.”
“Blockchain is not inherently secure, by itself,” said Puthucheary, adding “No tech is. But it does have some properties that could ensure a higher degree of securities with few resources.”
With blockchain technology finally maturing, it’s clear that Big Business is taking note.
Already, major enterprises are using functioning blockchains to improve supply chains, settle contracts and improve the efficiency of financial transactions.
BBVA, one of the world’s most influential financial institutions, has been on the forefront of the push in the financial world, hitting landmark after landmark in its applications. From corporate loans to international payments, BBVA has carved out a path for blockchain tech in Big Finance.
Big Oil is joining the race, as well. More recently, BP and Shell, two of the world’s energy “Supermajors” , officially launched a brand new blockchain platform with Vakt Global based on JPMorgan’s Quorum Blockchain. The platform aims to replace old paper-based contracts and to automate some of the more tedious processes in contract settlement and oil trading.
With the accelerated adoption of blockchain technology, it’s clear that, despite the fall in crypto prices, this new tech is well on its way in reshaping business as we know it.