Fortune Magazine included a Blockchain panel during its recently concluded Global Forum 2018 held in Toronto, Canada. Speakers such as the co-author of the book Blockchain Revolution, Alex Tapscott, North American CEO for Accenture Julie Sweet, and J.P. Morgan Chase Blockchain program lead Christine Moy were invited to the event. In an October 14 article, Fortune recently discussed the advice these experts offered to business delegates in attendance of the event. Included in the article is a 30-minute video of the panel discussion.
In the video, the experts discussed not just Blockchain, but also advised attendees to practice “caution and common sense.” The most crucial advice they offered were:
“If you are a CEO and somebody suggests a blockchain project, practice caution,” and “Blockchain solutions need a clear problem and an easy way to implement.”
Next, the three experts talked about whether enterprises should be the “first mover” on the market. While they did not provide any specific rule, the three stated that most “big companies” are willing to wait, watch, and participate as compared to being the first to make the first move with regards to development and implementation.
Moy even stated, “God bless the blockchain,” adding that although J.P. Morgan somewhat “hates” Bitcoin, the feeling does not extend to Blockchain tech. The discussion mainly centered on business problems after assessing the payment and international settlement process and having discovered a unique way to solve a particular issue for correspondent banks. Business Insider also published an article about how J.P. Morgan’s adoption of this use. In general, the event provided useful insights on what these so-called “strategic leaders” in the industry have in mind after several years of exploring the technology.
Fidelity was also mentioned during the forum, although the experts advised “experimentation” in terms of implementing the technology.
Major companies that have adopted the use of Blockchain should be admired for assuming an open attitude toward this nascent technology as well as appreciated for having the guts to search for future use cases for the innovation.