Development of blockchain technology must be lead by business opportunities

June 21, 2018 6:52 pmComments Off on Development of blockchain technology must be lead by business opportunitiesViews: 12

blockchainThe blockchain technology continue its development, and it can already be said that it is a mature technology. The penetration and use of technology is already a fact not only in the financial sector but also in many others. But the leading factor in technology development should be the business, but regulators, according to the senior manager at PwC, Markus Jensen.

He pointed out that business is currently relying on regulation to start its investments, but the development of technology has to reverse.

“The regulations will not apply until the business invests, the technology can not be regulated, what is subject to regulation is the business”, said Markus Jensen

In his view, the decentralized system is the reason many regulators do not understand the essence of technology. He added that it is important to have early communication with regulators, in order to ensure their correct understanding of the system. To do this, businesses and regulators need to work together.

Currently the blockchain technology is used in the financial, energy, logistics and many other sectors. The biggest investments in technology come from the financial sector. Such technology is applicable in every sector with intermediators and information is a key factor.

The greatest advantage of the technology definitely is the transparency. Also the information accessibility as well as decentralization are other key advantages of block technology.

The disadvantages of the blockchain technology are directly related to the benefits, according Markus Jensen. As a major drawback, he pointed to the need for large resources due to the large amount of information and the place it occupies in the network.

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