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Unlock Endless Opportunities: 3 outlooks from disruptive tech developers at the Faster Future Forum 2018

DIGITAL VENTURES March 31, 2018 8:41 AM

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  • 3 tech developers from the government, insurance, and agriculture sector share about Blockchain application.

  • The prospect of Blockchain. How will this technology disrupt other industries?

  • Recently, we often hear of disrupting technologies, mostly in the FinTech industry. Actually, technologies such as the Blockchain hold wider capabilities outside of the financial sphere. Another interesting topic from the Faster Future Forum 2018 by Siam Commercial Bank and Digital Ventures was “Unlock Blockchain to Endless Possibilities”. We were honored by experts from 3 different industries who spoke about Blockchain application in different industries.

  • Bhume Bhumiratana, technology consultant at Thailand’s Securities and Exchange Commission (Thai SEC), Blockchain driver in Thailand’s public sector.

  • Val Jihsuan Yap, Founder of PolicyPal InsurTech startup from Singapore which uses Blockchain to manage the insurance business system.

  • David Davies, Founder, and CEO of AgUnity, Blockchain developer for the agriculture sector.

All 3 speakers began by explaining how they are applying Blockchain to their projects.

 

  • Bhume is the driver of Blockchain for the Digital Identity system for Thailand. Thailand will be able to fully use Digital Identity for financial transactions on digital platforms. The system is expected to be finalized by 2020.

  •  Val built a system to access insurance data via Blockchain. This derived from her family’s personal experience wherein they were unable to access their insurance benefits data when emergency cases emerged. PolicyPal, her company, uses Blockchain to distribute data from the center unit. This makes insurance data accurate, precise, and swift.

  •  David used Blockchain for Smart Contract in agriculture such as trading seeds, raw materials, renting equipment, and future trading. This creates equality and increases farmers income up to 3-folds.

 

 

Challenges from driving Blockchain

Blockchain has the capability to alter business models in various industries. Surely, its adaptation holds numerous challenges, few are listed below.

  1. Investor’s trust: Developing any product requires investments to drive the advancement towards success. The use of a new technology such as Blockchain will surely spur doubts from investors or project owners on whether they will surely be successful. Bhume asked private sectors for additional support, Val joined the government Sandbox before she was able to gain investors’ acceptance, and David approached global NGO and charitable organizations for support.

  1. Unclear technology development process: Technology can’t access users by itself, it requires application development that satisfies users as observed in the evolution of the internet. Today, the variety of Blockchain development is still rather confined. If Blockchain wants to acquire a variety of applications, it needs to show the problems that it can solve to draw more users.

 

 

The future of Blockchain: Unlocking endless opportunities?

We see speculations on Blockchain and FinTech development but what about other industries, what is the future of Blockchain? All 3 speakers share their viewpoints.

  • Foodtracking, tracking food quality with Blockchain. This helps to precisely control food quality. Read more about Blockchain and food safety, here.

  • Blockchain enhancing reward platforms. This helps with accuracy and to facilitate redeems.  Singapore Airline has begun using this system for their membership reward.

  • Blockchain will be recognized as a tool that can truly solve problems. More developers will result in more creativity. Thus, Blockchain will become a more efficient tool.

  • Blockchain helps solve corruption. It has the ability to record immutable data which can be tracked using data input into the Blockchain. This process can prevent the distortion of data.

This sums up the last topic at the Faster Future Forum 2018 which offered a thorough perspective regarding the endless opportunity of Blockchain. Yet, there will surely be further concerns about this technology of the future. Digital Ventures will share more on this topic, next time.