Demystifying Blockchain

SiTF Digital Chapter held its first session on Demystfying Blockchain on Friday, 19 May at the SiTF Office. Acronis, Attores, KYC-Chain and REIDAO were the companies invited to give their insights on this.

Acronis, represented by Victor Lysenko who heads the company’s blockchain solution, began the presentation by illustrating how Blockchain stands out as an innovation.

“The nirvana of “security” is reached when Technology, Process and People work seamlessly. If one of these three components “malfunctions”, then comes the breach. However, the case is different for blockchain. The technology can operate securely without relying on the process or the people.”

Victor elaborated on the dual nature of blockchain and dove deeper into the use cases where it was implemented. Blockchain is not just in fintech. It is also in healthcare, defense, real estate, etc. While it seems applicable to all sectors, Victor cautioned that one should not just delve into blockchain and join the bandwagon.

Victor recommended to only implement blockchain when:
• there are multiple parties
• multiple parties do not completely trust each other
• there is need to exchange information
• there is no trusted intermediary between them
This message also resonated in the discussion of the panel members from REIDA CEO, Darvin Kurniawan; Attores CEO, David Moskowitz and KYC-Chain Operations Director, William Claxton.
Here’s a clip of their discussion below when they were asked, “where is blockchain currently profitably deployed?
SiTF Digital Chapter thanks our speakers for sharing their expertise on blockchain.