IBM Philippines President Luis Pineda shared his insights on blockchain technology during the recently-concluded 2-day Fintech and Blockchain Innovation Summit held at the SMX Convention Center.
The summit brought together the biggest names in the Philippine financial and technological industries to discuss the role blockchain tech plays in the future of both the Philippine and global economies.
A blockchain is a “chain” or collection of “blocks” or records of transactions, hence the name. It is basically a distributed digital ledger secured by cryptography that is resistant to modification. Due to its decentralized nature, Pineda believes that blockchain tech can be a game-changer in the world of business and that there is no better time than now for businesses to get into blockchain technology:
“The time to implement is really now.”
According to Pineda, around 33% of businesses have been considering using blockchain tech to improve their services. Blockchain tech can speed up their transactions ultimately making for more efficient business processes.
The banking and insurance industry, for one, can greatly benefit from the implementation of blockchain tech. In fact, some businesses have already started.
However, to implement blockchain tech, businesses must keep the following in mind:
- Compliance to regulatory boards;
- Business Networks Technology; and
- Platform Enabling technology.