Swiss-based Equidato Technologies AG took part in the Evanta Global CIO Executive Summit, held on 7 November at the Ritz-Carlton Boston, with CEO Jaroslav Kacina moderating the boardroom session “Business Possibilities of Blockchain.”
The discussion was co-lead with Paul Brassil, Vice President of Federal Reserve Bank of Boston and Joel Jacobs, Vice President & CIO of The MITRE Corporation.
Organised by Evanta, a Gartner company, the Boston CIO Executive Summit was an opportunity to gather thoughts and spur debates among successful global business and IT executives, clearing any misconceptions and revealing the true potential of blockchain technology in business application. The executive summit attracted numerous leaders from diverse industries and organisations such as General Electric, Federal Reserve Bank of Boston, Deloitte, MIT, Harvard, and many more. Following are the insights gathered from the boardroom discussion on blockchain.
Due to the rising importance of securing the integrity and transparency of information in business, blockchain technology and its simplicity yet immutability in storing data will have a significant impact on how companies operate and collaborate, as well as how information is shared across various stakeholders.
As the CEO of SophiaTX, Jaroslav Kacina explains: “Similarly to how Internet revolutionised the way how information is being exchanged towards the end of the last century, blockchain will have a profound impact on business, and the SophiaTX team is already offering services utilizing this technology to improve collaboration across value chains and evolve entire business models, with more blockchain solutions being identified and developed as we speak.”
Additionally, given the disruptive nature of such technology, awareness about blockchain and its potential impact on business should be developed by the IT jointly with business and its functions. A good understanding of blockchain could be acquired by identifying potential use cases and launching a ‘hands-on’ proof of concepts.
“Blockchain technology has found its use in many industries apart from cryptocurrency, and large companies are already investigating how to exploit it. This is why it is crucial for leaders and companies desiring to sustain competitive advantage to explore and adopt new digital strategies, investigate organisational capabilities, and get ready for this next wave of disruption,” Jaroslav Kacina adds.
Finally, the participants deem it important to separate cryptocurrency from blockchain technology which has now evolved and found a myriad of new and profound use cases in providing functionality and allowing changes and evolution of existing business models.