Today at the Blockchain Expo in London one of the sessions focused on the benefits and challenges of incorporating blockchain into your business model.
The first challenge is that blockchain confuses a lot of people. William Lovell, Head of Future Technology at the Bank of England, commented that end users don’t need to understand blockchain. He compared it to consumers that use services that are hosted on Amazon Web Services (AWS), yet they don’t know that AWS exists (for example, Netflix). So consumers don’t need to understand every aspect, but it’s worth appreciating that blockchain gives people a level of control over data which they haven’t had in the past.
Likewise, PwC’s Chris Clements believes the emphasis should be on the solution to problems rather than the technology. He gave the example of
PwC’s credentialing solution. The message is that it makes it easier to carry and control your credentials. When describing it, blockchain is only mentioned in the fourth or fifth sentence.
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