Summary: In a recent interview, Lata Varghese, Managing Director of Global Blockchain and Digital Assets at Protiviti, discussed the challenges faced by enterprises in adopting blockchain technology and how they can better embrace its potential.
Blockchain technology has the power to revolutionize the financial services industry, offering opportunities for companies to modernize their operations. However, widespread adoption of blockchain is still limited. Varghese highlights the need for enterprises to overcome various barriers in order to effectively implement blockchain solutions.
Implementing blockchain goes beyond simply deploying the technology and choosing the right protocol. Varghese emphasizes the importance of scaling the infrastructure to match enterprise needs, setting up proper guidelines for security, and collaborating on the establishment of a blockchain network. These initial steps are essential for ensuring data integrity and customer protection.
Currently, the industry is still in the process of completing this groundwork before blockchain can truly scale. While there are barriers to adoption, Varghese suggests that it is necessary to put in the effort to address these challenges. Understanding the business value of blockchain and its potential for creating efficiencies is crucial for enterprises looking to embrace the technology.
Varghese recommends that enterprises evaluate how blockchain can uniquely solve their business problems and enable secure operations. By focusing on the value it brings and the benefits of implementing a new infrastructure, enterprises can make informed decisions about embracing blockchain. The implementation of blockchain requires the development of new processes and the establishment of robust security measures.
In conclusion, while it is important to recognize the transformative potential of blockchain technology, enterprises should shift the focus from technology itself to the broader elements required for successful adoption. By understanding the value and potential of blockchain and addressing the necessary operational aspects, enterprises can make the most of this innovative technology.
To learn more about Varghese’s insights on the future of blockchain, please watch the video provided. Stay tuned to our website for more exclusive content from Money20/20 USA 2023 in the coming days.
The source of the article is from the blog foodnext.nl