Sydney held the first "Blockchain in Business" conference on November 17th, and the premise was to showcase how Blockchain can be used for real-world business outcomes.
Blockchain has been a buzzword for a while now, perhaps to many in traditional business it's even become a dirty word. The recent collapse of crypto markets and bubble bursting of hype and Ponzi schemes haven't exactly helped this perception.
However the underlying technology–a decentralised digital ledger known as the Blockchain–is just that, a technology. And like many new and innovative technologies that have the potential to shift how our world works, they are often initially dismissed, confused and abused, before being accepted and assimilated into our everyday.
The fact is, it might just be more enticing to read about raising millions of dollars for apes in the metaverse than it is to understand how blockchain transforms supply chain logistics or introduces tenfold efficiency gains.
Yet governments, large institutions and major banks are investing heavily in blockchain technology, and it's making its way into more and more business applications.
And it's being used in places you may not realise. For instance, some very large banks incl. HSBC are using Blockchain to settle foreign currency trades behind the scenes because it's faster, cheaper, and more secure than traditional old-school methods.
While the crazy land of crypto never fails to produce sensational stories of winners and losers, the technology that underpins it is quietly continuing to be implemented in ways that have nothing to do with pictures of apes.
So what are some real-world business use cases for Blockchain?
In short, Blockchain technology has the potential to increase trust, security, transparency, and traceability of data shared across a business network. This in turn can produce huge cost savings and massive efficiency gains.
People are still figuring out exactly how Blockchain can be used. Nobody knows where it's all going to land, but the fundamental technology is here to stay.
We are actively investing in research and development into Web3 and Blockchain technology, and are looking at where it could provide benefits for clients.
Come and chat with us if you have an idea in this area.