ITRPress, France: Cognizant’s AVP, Blockchain and Distributed Ledger Consulting Practice, Offers her Insights on Blockchain in Europe

“In a very short time, blockchain has grown from a technology with narrow applications related to payments and cryptocurrencies, to one meriting attention from many business leaders," explains Lata Varghese. “The challenge for business across Europe is that blockchain does not fit into current operating models.”

Excerpts from ITRPress’ article:

“In preparation for the Blockchain Paris event that will occur on November 27th and 28th, Cognizant highlights the results of its report, ‘Blockchain in Europe: Closing the Strategy Gap’ – conducted among 1,500 European business decision makers across the banking and financial services, manufacturing, retail, healthcare and insurance industries. The survey highlights that, while there are breakthrough ideas on how blockchain could solve some of the most pressing problems in business and society today, there are challenges turning those ideas into reality.

To truly realise the potential of blockchain, European businesses will need to explore new ways of working. Rather than focussing on improving internal business processes in the traditional way, companies should envision scenarios of how blockchain adoption of multiple parties can address systemic problems across industries in the long term.

‘New operating models for whole industries need to be designed. This way of working will mean that the full potential of blockchain may not be realised quickly enough across the region. Blockchain needs to be approached as an open, collaborative and disruptive power that can be used for institutional innovation, not merely as a way for conducting business as usual.’”

Click here to read the full article in French.