Iulian Nita, PhD (Manager, Technology HUB, Blockchain Architect, at Grant Thornton Luxembourg), tells us more about the blockchain technology: its benefits, challenges, and Grant Thornton’s implication in the Infrachain initiative.
When and why did you join the Infrachain initiative?
Grant Thornton joined the Infrachain initiative since its launch, back in November 2016, as one of the founding members.
What are the challenges you are currently facing when it comes to the development of concrete Blockchain applications?
It is complicated to find consensus between members of the same Blockchain network/project. Moreover, I would like to add that it is difficult to uptake the core software protocol and difficult to test and choose the right one. Also, many different technologies/protocols are available in the market, but most of them are immature: they are not proven in real large scale deployment.
What about their main advantages and opportunities?
The blockchain technology allows the develop of new business models based on cooperation and collaboration, in contrast with existing competitive models.
It also has real benefits in large scale implementations for governmental projects as blockchain protocols are excellent political and democratic tools.
According to you, where will Blockchain be the most efficient? How and why?
It is applicable in areas where the sharing of data can replace the exchange of data, without the risk of losing data ownership. It has been said that “Data is the new oil”. Moreover, Blockchains can power novel socio-economic engines and can also form the backbone of innovative organizations, fostering new and fulfilling human interactions that were not possible or not rational in the past.
What is needed to really kickoff the adoption of Blockchain?
According to me, we have to increase the awareness and the knowledge about blockchain as emerging revolutionary technology.
Also, it is necessary to clarify that there are multiple Blockchain technologies differing in their design and functional goals.
Published on October 8th, 2019 on https://www.itone.lu/actualites/developing-new-business-models-based-cooperation-and-collaboration