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Demystifying Blockchain: The Realization Of The Business Value – My Key Takeaways From CloudEXPO 2018

Friday November 16, 2018, by Chander Damodaran

Recently, I had the opportunity to speak at the 10th annual CloudEXPO, held in New York City. The central themes at the conference focused on technology and the economy. This was my first attendance at CloudEXPO and it did not disappoint. There were C-suite tech leaders, a majority in FinTech, and most focused intently on security.

Over the course of two days, in addition to insightful conversations and presentations delving into the industry’s current pressing challenges, there was considerable buzz about digital transformation and how it is enabling global enterprises to accelerate business growth.

Blockchain has been a term that people hear but don’t quite understand. The most common myths about blockchain include the assumption that it is private, or that there is only one blockchain, and the idea that blockchain is synonymous with Bitcoin. However, even with the confusion and uncertainty about blockchain, interest in the technology is growing. The obvious reason for that is the fact that it has huge potential for many sectors, including banking, telecom, insurance, and even government.

As one of the presenters, I knew I had to demystify what blockchain is and can do – such as automate processes and provide transparency. So, in this case, I decided to focus on the mortgage industry as an example and delivered a detailed presentation titled, How Blockchain Can Transform the Mortgage Industry. The mortgage industry in particular is undergoing a significant transformation and will be fully digital, faster than we realize. And, to be prepared for this transformation, industry leaders need to change their core business processes and technology NOW.

For example, from lenders, borrowers and credit bureaus, implementing a blockchain-based platform can help the mortgage industry by:

  • Streamlining the sharing of information through “smart” contracts that are secure and in real-time
  • Streamlining the sharing of information through “smart” contracts that are secure and in real-time
  • Improving fraud detection leads for better lending practices
  • Improving accuracy of recording keeping through data sharing addressing HDMA and other compliance needs
  • Speeding up the application and settlement process
  • Reducing mortgage processing fees for customers

Without question, blockchain has the potential to solve many business problems in the future, and what I observed at CloudEXPO was that individuals and enterprises are increasingly becoming more aware of this possibility. In fact, at the conference, most of the interest in blockchain was from a business and not a technology perspective. Bottom line, by demystifying blockchain, more and more industry leaders are beginning to understand the business value of blockchain.

Simply put, implementing a blockchain platform based approach enables nimbleness to change and adapt to new developments, provides an umbrella to engage multiple stakeholders, and creates a trusted environment. Knowing this, I believe that in the next year, we will see a big uptick in the use of blockchain as more sectors adopt blockchain as it moves to the mainstream.

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