Ajay Bali (Associate Partner, Digital Advisory Services, EY Luxembourg) sat with our team to discuss the latest Blockchain trends and upcoming challenges.
When and why did you join the Infrachain initiative?
I have joined the Infrachain Initiative in early 2019, the key to joining Infrachain was to get connected to the community of Blockchain enthusiasts, which covered private, public, academic and start-up to bring governance framework allowing Blockchain applications to become operational in the current regulatory environment.
What are the challenges you are currently facing when it comes to the development of concrete Blockchain applications?
For me, there are two major challenges, as below:
• Many competing for Private Blockchains initiatives across companies, still with silos and without the end to end view of the use cases and has impacted the scalability of Blockchain adoptions.
• Wrong application of Blockchain and purely use a technology layer, leading to the implementation of Blockchain where it is not relevant.
What about their main advantages and opportunities?
Blockchain technology advantages can be summarised in 3 keywords:
• Tracking: Blockchains offers excellent opportunities to track products across the entire supply chain and prevents any possibility to manipulate the data
• Agreement enforcement: Through smart contracts, agreements among blockchain peers are automatically enforced without the need of any third party
• Data decentralization and replication: Security is increased as most of the weak spots are tackled thanks to the Hashing couple with asymmetric encryption. Furthermore, the decentralized possibility allows having an extensive replication of the Data, making, as the quantity of replicated data grows, harder and harder to modify.
According to you, where will Blockchain be the most efficient? How and why?
I believe this technology can be disruptive within supply chain management, finance, and many more areas- where it can be implemented to increase end-to-end visibility. For instance:
• Raw materials traceability allowing detection of raw materials origin and make sure they respect international quality standards
• Quality and compliance enabling respect of the production processes according to the company and national standards
• Inventory Management the improvement of warehouse management across multiple locations
• Final output traceability permitting the increase of customer awareness over the final output
What is needed to kick-off the adoption of Blockchain?
On the one hand, the technology must be accessible in a more natural way by individuals, hence needs to be democratized for ease of use for business people and on the other hand, blockchain use of viable areas where blockchain can make an impact, this is critical to remove the hype and make it successful for the companies and eco-system that are working on this.
Published on February 17th, 2020 on https://www.itone.lu/actualites/removing-hype-and-making-it-successful-companies