Blockchain technology has immense potential to streamline business transactions and processes, but the technology isn’t devoid of limitations, according to Pramod Achanta, partner, financial services blockchain practice leader at IBM North America. Achanta spoke with SearchCIO at the recent Fusion CEO-CIO Symposium, produced by WTN Media. In this video, Achanta enumerates the myths, benefits and challenges associated with implementing blockchain technology. He also offers pointers on how to find the right use cases for the evolving technology and explains how blockchain can complement cybersecurity.
What are some of the benefits of implementing blockchain technology?
Pramod Achanta: In our chairman’s words, blockchain technology has immense potential for transforming how we do transaction processing. We believe that blockchain will do [for trusted transactions] what the internet did for information sharing. In a business transaction where trust is established through various financial intermediaries, blockchain can establish that from a technology framework perspective, thus making these transactions much more efficient to process, as well as more cost-effective and eliminating the risks involved in the process.