What Might the Blockchain Offer While Going Beyond Bitcoin?

2 min reading

Experts present on the BlockShow Asia 2019 conference gave their opinions about blockchain, discussing what it represents and what advantages this technology might provide when it comes to national economies or corporations. Let's see what they had to say.


Blockchain is something more than Bitcoin

As Cointelegraph reports, all participants present in the conference panel (focusing on the topic of cooperation in a decentralized system) came to a conclusion that blockchain technology goes far beyond Bitcoin. No wonder, as BTC is just one of its implementations, after all. It is worth mentioning here that some time ago even the Chinese media have emphasized that this particular digital currency is the first example of this technology's success. There are many more, though. But coming back to the subject - the group of people who participated in the discussion iclude: 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) as well as Yi Ming Ng (Managing Partner of Tribe Accelerator).

All gathered said in unison that blockchain allows sharing information in a decentralized manner, which, in turn, results in high trust from the community. Several cases of this technology, bringing together different ecosystems in order to create new, better value for the internet, were mentioned while the discussion lasted. The panel referred, among others, to the blockchain Food Trust network created by the technology giant, IBM, a network that is taken advantage of by, for example, Carrefour and several other partners. 

Among the benefits that retailers can gain while transferring some of their food products to blockchain is, for instance: increased transparency in the supply chain which equals increased consumer confidence, which translates into sales. It can be observed, among others, in an increased demand for products placed on blockchain in Carrefour's stores.

Vinay Mohan, on the other hand, emphasized that there is a great number of concerns about whether the block chains operated by governments and industry are in fact decentralized. He claims, however, that this is not so important, as there are several ways in which centralization and decentralization might be seen.

We are talking here about an intermediate technology that connects different ecosystems providing a new form of governance.

- added Mohan.


Cooperation is an essential link

Cryptocurrencies are just one example of how blockchain can be used. In fact, this technology plays a much bigger role, creating a whole new framework. It helps various entities to cooperate with each other.

This is a new value industry. You can share information and set smart contracts for different parts of the ecosystem...

- said Patrick Yeo.

The speakers underlined, that what really is the path to the success of various projects is the cooperation with the use of blockchain. Joining forces in this area will certainly turn out to be fruitful in the future.

We have to prove the value of technology and together we are stronger.

- claims Alan Lim.