Blockchain continued: The evolution of a transformative technology

EY global blockhain leader Paul Brody discusses the evolution of blockchain and how it’s enabling seamless transactions and near real-time exchange of information.

In an earlier episode of the Better Finance Podcast, we explored the possibilities of blockchain to provide organizations with transformational opportunities to become more transparent, cost-effective and integrated and to better respond to the ever-changing and globalized marketplace.

Podcast host Myles Corson welcomes back Paul to discuss the evolution of blockchain over the last 18+ months and how it is enabling seamless transactions and near real-time exchange of information, to evolve into an open, scalable and secure public transaction system.

An increasing number of enterprise blockchain applications have entered the production phase and once the adoption rate gains critical mass, this technology may become the new standard for B2B and B2C interaction.

Key takeaways

• Blockchains are all about networks. You don’t start a blockchain just for yourself, but to transact with other business partners.
• You can implement almost every business process and financial payment option without putting sensitive business data on the network. Instead, you put a proof that you did something off-chain and a link to that data off-chain.
• The track record of success comes from enterprises that drive investments from the business owners’ perspectives. Innovation teams are effective in teeing up the vision, but if the business owner isn’t on board and ultimately the main sponsor, the projects don’t move quickly enough.