Australia Business Review: Cognizant’s Assistant Vice President of Banking and Financial Services Says the Blockchain Journey Starts by Being Open to it

“As a tech savvy country and one of the earlier adopters of bitcoin and other e-currencies, Australia has seen considerable interest in blockchain technology that underpins bitcoin and other crypto-currencies,” writes Carlo Lacota. Excerpts:

“Although it is still a relatively new technology and inevitably raises early adoption concerns, financial services organizations in Australia should be investigating the potential of blockchain technology to various aspects of their business. Here are five steps financial institutions should consider when investigating the potential of blockchain:

Build a team to understand the applications and implications of blockchain: The first step begins with identifying and involving a core set of evangelists and seeding them within the business so they can evaluate each project to assess the relevance of blockchain and other innovative technologies.

Understand the impact of blockchain on processes and investments: It is important to acknowledge the opportunities, but also potential risks and limitations of this innovative technology. It is essential to take a holistic approach and consider possible impacts to business processes and stakeholders.

Explore blockchain’s potential internally: Financial services organisations don’t need to wait for inter-operability with the outside world to reap blockchain rewards such as streamlining costly internal processes.

Find a pain point and work it: A good way to build awareness and interest around blockchain is to identify a problem that provides hands-on experience with the technology. Perform a small proof of concept (PoC) using available solution accelerators and establish a point of view on particular business process areas that blockchain could improve.

Consider working with partners or a consortium: Typically, actively participating in a consortium will deliver significantly more value than simply adding an organisation’s brand to a list of names. To help teams prepare for the future, broader partner discussions are helpful, particularly as integration first begins.

By getting out in front on blockchain, early adopters will reap meaningful returns on their investments. The blockchain journey starts by being open to it.”

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