Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    DevOps

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    IT Services

    Marine Tech

    Networking

    PropTech

    Remote Work

    Robotics

    Scheduling Software

    Sensor Tech

    Simulation

    Smart City

    Software Testing

    Startup

    Storage

    Unified Communication

    Web Development

    Wireless

  • Automotive

    Banking

    Capital Market

    Construction

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Gov and Public

    Healthcare

    Insurance

    Legal

    Logistics

    Manufacturing

    Media and Entertainment

    Metals and Mining

    Pharma and Life Science

    Retail

    Sports

    Travel and Hospitality

  • CISCO

    Google

    IBM

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Collaboration

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Digital Signage

    Enterprise Architecture

    Enterprise Asset Management

    Enterprise Communications

    Enterprise Contract Management

    Enterprise Performance Management

    ERP

    Facility Management

    Field Service

    Fleet Management

    Gamification

    HR Technology

    IT Infrastructure

    IT Service Management

    Managed Services

    PLM

    Procurement

    Product Management

    Project Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • Blockchain
    • CISCO
    • Collaboration
    • Compliance
    • Contact Center
    • Healthcare
    • IT Service Management
    • Microsoft
    • Retail
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Blockchain
    Editor's Pick (1 - 4 of 8)
    left
    Supporting Business with the Right Technology

    Andy Jurczyk, CIO, Seyfarth Shaw LLP

    A Closer Look at Block Chain Technology

    John Shea, CIO, Eaton Vance

    How 5G + blockchain + IoT + Mobile apps and devices are about to lead us to a

    Maurice Audinet, Head of Digital Transformation, Jurlique Hong Kong Limited

    Crypto Exchanges: The Markets Unsung Hero

    Lennix Lai, Financial Market Director of Okex

    How Could DLT Redefine Roles in Post-Trade?

    Boon-Hiong Chan, Head of Market Advocacy, Securities Services, Deutsche Bank

    Blockchain - Based Financial Service Applications

    Boon-Hiong Chan, Director, Head of Business Control Unit & Market Advocacy, APAC, Deutsche Bank

    Powering Industries with Blockchain

    Gopalakrishnan P, Development Leader, Blockchain Solutions, IBM Industry Platforms

    Knowing How to Approach Blockchain

    Thomas Jakob, Regional President Asia Pacific, Bosch Software Innovations

    right

    Blockchain Yesterday, Today, and Tomorrow

    By Jennifer M. O’Rourke, Deputy Director, Office of Entrepreneurship, Innovation & Technology, Illinois Department of Commerce and Economic Opportunity

    Tweet
    content-image

    Jennifer M. O’Rourke, Deputy Director, Office of Entrepreneurship, Innovation & Technology, Illinois Department of Commerce and Economic Opportunity

    Blockchain has matured quite interestingly. Five years ago, the distributed ledger technology marketplace was almost comprehensively characterized and recognized by Bitcoin as a protocol. Further, it presented very little utility beyond the financial transaction of Bitcoins from one party to another. This was primarily because the space was occupied by a relatively tight-knit community. Today, we see an expansion in terms of protocols as well as use cases. Newer protocols like Ethereum, IOTA, Sovereign HERO, and so on, are addressing slightly different, more nuanced challenges and situations.

    For instance, IOTA saw the need for management of high throughput transactions, and speed at which such high volumes can be handled. This poses challenges in immediate settlement, or in blockchain lingo, validation of a block. So they built out a solution that would specifically suit their focus on the advent of IoT applications like the connected car experience, or any other scenario where a multitude of sensors communicate with each other and a central hub. This would serve as an example of a macro trend itself—the maturity of distributed ledger technology to solve specific nuanced challenges.

    The Illinois Blockchain Initiative (IBI)

    The Illinois Department of Commerce has addressed the exploration and diligence of blockchain technology in a strategic manner. There are three key components to the IBI strategy:

    • Governance: The route we take to address this area is by educating ourselves to the maximum extent about the technology itself, should there ever be a market event where people are pushing for regulations or some kind of government commitment to reacting to that event. Even otherwise, it is a matter of making informed choices and wrapping it up in terms of light-touch regulation.

    • Ecosystem Development: We recognize that the technology does not thrive in a silo. It’s not going to be successful, simply existing in 1s and 0s on a screen. We need to support all of the market participants that are exploring blockchain and at an academic level, those that are building companies through entrepreneurial incubators. We seek to create connections between those entrepreneurs and the corporate ecosystem.

    • Integration and Definition of Functional Utility: As much as we recognize the value that market participants see in cryptocurrency, we seek to unravel the value of the underlying technology itself.

    See Also:

    Top Blockchain Technology Companies

    The blockchain is a quintessential gold standard of record-keeping with multiple participants all agreeing upon the same information

    Our focus at the IBI is to use blockchain to allow government officials to better, faster, and more securely convey the services that are currently provided. To that end, IBI has a roadmap outlined by five key areas.

    Firstly, we will take a look at land registries, and the ability to place them in a distributed ledger. We will take a look at what blockchain means to recording and conveying property titles. Secondly, we shall explore the application of blockchain to expedite the validation process of academic transcripts by prospective employers, in order to efficiently connect the talent pipeline to corporate jobs.

    Thirdly, we can connect all the stakeholders involved in the recording and transfer of medical licenses across states, to make it easy, seamless, and quick. Fourthly, we will be addressing the energy credit marketplace, which is currently OTC, but we are looking to put renewable energy credits on a blockchain. Lastly, in the light of recent events, it has become imperative to secure the transmission of private and sensitive data appropriately. Blockchain can help fulfilling this responsibility of ensuring that major life event-related documents and components of an individual’s identity are securely transmitted to citizens. IBI has already institutionalized on the use of distributed ledgers to hold, convey, and verify birth certificates.

    Creating a Trust Economy

    What makes blockchain so valuable is its ability to have multiple participants in a singular transaction, each with the knowledge that the information they are working with is accurate and agreed upon by all other participants in the transaction. It is evident how this scenario is applicable in a record-keeping model. Every business wants to know where they lie in the value chain and establish whether they are dealing with the originator of a product or the distributor. The blockchain is a quintessential gold standard of record-keeping with multiple participants all agreeing upon the same information.

    As it relates to transactions between two parties, today we have trusted brokers or intermediaries between the process, making the transaction cumbersome, time-consuming, and unaffordable. Moreover, adding a third party into the mix means that the transaction is not as fluid and simple as it should be. The idea of creating a trust economy is essentially how we can leverage blockchain today to be that intermediary. Instead of having a whole other business that you have to spend time and pay potentially large fees to interact with, what if you can leverage technology to play that role of the middleman, transmit information, and allow you to access that information in a secure and transparent manner? Within this idea lies the beauty of blockchain as a distributed ledger technology.

    An Opportune Future for Blockchain We will be seeing a variety of different protocols, chains, and ledgers take different places in addressing needs in different markets. We can also expect a shifting focus toward interoperability, connecting one blockchain to another. Blockchain provides a gold standard for record-keeping and secure transmission. Those transmissions will need to eventually move between one another and between different blockchains depending on the evolving needs.

    Apart from these expectations, it would be difficult to predict where the market is headed, since it is moving at such a high sprint. Even today, the adoption has been all-pervasive; almost every organization has begun exploring blockchain, even if it is in small scale or in a discrete way. The genie is out of the bottle, and blockchain is here to stay. Every organization must familiarize itself with the underlying technology, what it can and cannot do for the business, and what it does and does not mean in terms of value. Take the small steps, one at a time. Begin with research and diligence, and move to exploration or small-scale POCs to build out models pertaining to the organization. It is pertinent to start, and start right now. If you haven’t, you’re already behind the curve.

    tag

    Financial

    Connected Car

    Renewable Energy

    IoT

    Weekly Brief

    loading
    Top 10 Blockchain Technology Solution Companies - 2020
    Top 10 Blockchain Technology Consulting/Services Companies - 2020

    Featured Vendors

    Asta Solutions

    Bill Angelidis, Founder & Managing Director

    Vechain

    Sunny Lu, CEO

    ON THE DECK

    Blockchain 2020

    Top Vendors

    Blockchain 2019

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Priority 2021: Achieving 100% Automation in Finance

    Priority 2021: Achieving 100% Automation in Finance

    Ekaterina Sejourne, CFO, Puma Energy Asia Pacific Pierre Costa, Global CIO, Puma Energy
    Tech Tonic: How technology is helping the travel sector recover from the impact of Covid-19

    Tech Tonic: How technology is helping the travel sector recover from the impact of Covid-19

    Patrice Simon, CTO Data and Analytics, CWT
    Pinpointing Weak Links in an Enterprise Security Chain: Helping Companies Battle Data and Content Security Challenges

    Pinpointing Weak Links in an Enterprise Security Chain: Helping Companies Battle Data and Content Security Challenges

    Hiro Imamura, SVP and GM, Business Imaging Solutions Group, Canon U.S.A. [NYSE:CAJ]
    Evolving Customer Relationship Management: Move Fast or Die Trying

    Evolving Customer Relationship Management: Move Fast or Die Trying

    Ed Ariel, Vice President of Service Operations, ezCater
    Importance of Customer Relationship Management Implementation

    Importance of Customer Relationship Management Implementation

    Drew Fredrick, Vice President, Home Building Technology, Clayton Homes
    How enterprise tech startups and corporates can collaborate for innovation

    How enterprise tech startups and corporates can collaborate for innovation

    Paul Santos, Managing Partner, Wavemaker Partners
    How an Initiative for Standardization and Modularization Leads to Cost Reduction, Increased Efficiency-and Better Teamwork

    How an Initiative for Standardization and Modularization Leads to Cost Reduction, Increased Efficiency-and Better Teamwork

    Faruk Bilgin, Global Director Manufacturing Engineering of Webasto Group
    Empowering the Retail Paradigm

    Empowering the Retail Paradigm

    Jason Williams, VP of Engineering, DICK’S Sporting Goods
    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://blockchain.apacciooutlook.com/cxoinsights/blockchain-yesterday-today-and-tomorrow-nwid-4823.html