Blockchain Revolution Event
On October 27, the official presentation of the German edition of the book "Blockchain Revolution" with co-author Alex Tapscott took place in the Munich office of Ventum Consulting. Customers and partners were invited for this special event.
"The Blockchain Revolution: How the underlying technology of Bitcoin is changing - not only the financial system but the whole world" is the title of the German version of Don and Alex Tapscott's highly acclaimed book. The book presentation was an opportunity to gather supporters, which had an excited but critical view on the hype.
Balint Tolnay, partner at Ventum Consulting, introduced the topic and explained what smart contracts are and how transactions are carried out automatically without intermediaries. The technology could reduce risks in financial transactions. There are still unresolved data protection and scaling issues. Ansgar Haase from Ventum went further into the technical challenges of the technology, including the enormous energy consumption of the computing power required for blockchain. He also pointed out that although there are promising reference projects, there are still no standards.
Digitised business processes
Raimund Groß, from the SAP Innovation Center Network, reported that SAP's internal incubator has been working intensively on blockchains topics and distributed ledgers for about 18 months. The potential there is evident with regard to the digitisation and dynamic mapping of business processes, in which many parties are involved. For Example the "trust machine" could be used to solve imbalance issues, which so far has been impossible to overcome. Distributed ledger technologies are particularly suitable for digital assets such as property titles. Clarification on all above mentioned issued such as technical feasibility and regulatory aspects are still open.
Cooperation in the insurance industry
Oliver Volk from Allianz Re represented the newly founded Blockchain Insurance industry initiative B3i. Allianz, Munich Re, Swiss Re, Aegon and Zurich are working together to explore the potential of Blockchain technology for the reinsurance and primary insurance industry. A joint pilot project in the area of retrocession of large insurance contracts was launched with the aim of reducing administrative and coordination costs and achieving faster, cheaper and more transparent settlement of financial transactions.
A Discussion with the mastermind
Alex Tapscott placed the technology in the context of new business models such as the shared economy and illuminated blockchain-based concepts for creating transparency and trust with examples for open networked business models. In the ensuing discussion, it became clear that it was now necessary to develop application scenarios (use cases) in cooperations. Most of the audience at Ventum agreed that the technology has enormous potential with the secure storage of transaction data. "The Blockchain as a technology is creating immense use cases for corporations and I am happy that Ventum supports that major global trend in Munich."
Balint Tolnay summarised the event with the following: "The great response to the successful event with more than 80 participants shows how broad the interest and the application possibilities of the Blockchain technology are, as Distributed Ledger and Internet of Values. I am particularly pleased that we had such a large circle of interested parties here in Munich with our technical expertise and Alex Tapscott".