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CIO Advisor, APAC: Cognizant’s AVP, Center for the Future of Work, Says the Future of Blockchain is in the Asia Pacific Region

“Leaders that can separate blockchain noise from reality and adopt a flexible strategy in overcoming the inevitable business-technology and cultural challenges that occur along the way will be best positioned to reap the future,” writes Manish Bahl. “Ultimate success will require an open mind, perseverance, and courage.” Excerpts:

“Innovation in and around blockchain is currently concentrated in the U.S. and Europe and is primarily focused on financial services, but the application of the new technology is quickly spreading over the Asia-Pacific region.

While the potential of blockchain is immense, so is the uncertainty surrounding it. These are our recommendations for preparing for the blockchain future and maximizing the benefits from blockchain’s slow and steady rise:

  • Take a pragmatic, iterative approach.
  • The blockchain is not the answer to every business problem.
  • Ensure IT infrastructure readiness.
  • Think big, start small, learn fast and adapt quickly.
  • The collaboration will form the basis for blockchain innovation.
  • The flexible strategy will help adapt regulatory changes.

Blockchain represents the most significant technological opportunity of the next decade and is likely to be a wellspring of innovative ideas for leaders across the globe. Thoughtful observers of the blockchain phenomenon already recognize that they cannot ignore the cost efficiency and business effectiveness promises of distributed ledger technology.”

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