Fortune Magazine organized a blockchain panel during their Global Forum 2018 event. Alex Tapscott, Julie Sweet, and Christine Moy were invited as speakers. Fortune recently wrote an article regarding the advice that these people give to the business owner delegates attending the event. In that article, you can find a short video, but if you want to watch the whole thing, we tracked down the entire 30-minute session, and we’ve embedded it right here.
They talk about more than just how to approach blockchain, but in general, they are encouraging a lot of common sense and starting from the foundation. Some of the most basic advice they give includes:
- If you are a CEO and somebody suggests a blockchain project, practice caution
- Blockchain solutions need a clear problem and an easy way to implement
Then they continue to talk about whether or not enterprise should be the first mover on the market. There are no rules, but they let us know that most big companies are ready to wait, watch, and participate, as opposed to being the first movers and taking action towards developing and implementing.
The action goes towards Christine Moy, who is literally saying “God bless the blockchain” and even though J.P.Morgan kind of hates Bitcoin, this does not extend to blockchain technology. They focus on business problems and try to evaluate if blockchain as a technology is applicable to the problem. They are using the blockchain after evaluating the payment and international settlement process and having found a distinctive use to solve a specific problem for correspondent banks. You can read more about J.P. Morgan’s implementation in this article on Business Insider. Overall, it’s a great event to watch and learn more about how strategic leaders in the industry are thinking about the technology after a number of years in their involvement have passed.
The enterprise approach to Blockchain Technology
In the beginning, it was easier to attack blockchain technology, but what we are discovering now is that they are forming the transformative understanding of the technology. We’ve passed through the idea of blockchain causing disruption, through to having it bring about transformation and benefiting specific use cases that require trust and can use automatic exchange or 24/7 secure access to data. Fidelity, as we covered in our weekly top cryptocurrency and blockchain news article, is mentioned as well on the forum. They are a multi-trillion dollar company and they have started to use the technology in a way that suggests experimentation.
Their open attitude toward the technology, and looking to find a use for it in the future deserves kudos, and Alex Tapscott is quick to give them. There is not much more than we can say at this point, as the main point of this article is to get you to watch the video and learn directly from these executives.
Featured Image via Pexels.