The Blockchain Revolution - We advance

The Blockchain Revolution

Role Model Event
Zurich, June 25, 2019

Experts suggest that Blockchain technology will be as impactful to business and society as the Internet was in the 1990s. But what exactly is Blockchain? Learn about the concept and its disruptive potential. Get ahead of the crowd by knowing what it means for companies, business models and you as an individual.

We had the pleasure to welcome Kamales Lardi for a high-powered input session at our Advance Role Model Event on the hot topic of Blockchain. Kamales is a Member of the Board of Directors at Crypto Valley Association, Managing Partner at Lardi & Partner Consulting, President and Co-founder at Women in Blockchain Switzerland. Her keynote was followed by an expert panel with Isabella Brom, Co-Founder & COO at Kore Technologies Switzerland, Antony Elliot, Group Head of Business Transformation at Zurich Insurance & Chairman of the Board of Directors of B3i, Julia Heinzer, Managing Director Finance and Risk Switzerland at Accenture, and Emi Lorincz, Co-Founder of Women in Blockchain Switzerland, who facilitated the discussion.

Blocks of Information Chained Together

An easy way to understand Blockchain is to see it as a potentially infinitive number of linked blocks of information containing transaction records. Each block contains a cryptographic hash of the previous block – a kind of “fingerprint” with a time stamp and de-personalized transaction data. This ensures transparency and traceability while protecting personal data. (Please note that data privacy and Blockchain regulation are still debated and have not been conclusively solved yet). It’s important to note that Blockchain technology goes beyond cryptocurrencies and can log any transaction within its ecosystem.

In essence, Blockchain is an open digital ledger system that works peer-to-peer. Its transaction log is “immutable”, meaning nothing can ever be deleted from Blockchain. This sounds strange but is an essential element of trust in this system.

A New Standard of Trust

Thanks to its characteristics, Blockchain technology enables transactions within its network in an efficient and verifiable way without recourse to a central authority or third parties. It can do without intermediaries to secure trust. This has big implications and enables new ways of doing business beyond traditional boundaries.

After having spent decades creating and nurturing economic systems that rely on third parties to secure trust for our transactions, Blockchain has the potential to take this to a whole new level. It paves the way for novel and completely decentralized business models that work without middlemen and middlewomen.

Decentral at its Core

With Blockchain, information is open and accessible for everyone within the network. Traditionally, businesses rely on centralized entities that store and manage data. In a decentralized system, everyone in the network “owns” the information. Every member has a copy of the ledger and needs to validate and approve relevant changes. All records are searchable, transparent and permanent. So, what are the concrete implications for today’s business world?

Beyond Organizational Boundaries

Due to its essentially open and peer-to-peer design, Blockchain challenges silo thinking and boundaries as such. In terms of Blockchain potential, the future belongs to eco-systems in which relevant entities collaborate efficiently and effectively to match (emerging) needs – on the micro and macro level – with sustainable offers in an integrated and direct way.

Game-changing Implications for Business

Digital is already transforming our world at great speed. The crucial game changer that Blockchain promises is the direct end-to-end and cross-organizational traceability of every transaction in every value chain, including closing the cycle in a circular economy. Imagine the sheer endless possibilities and opportunities that are opening up. How are you identifying potential new customers and value propositions today? How are you developing markets, products and services now? And how will you do it once you can track and access each and every step in a complex value chain beyond the boundaries of your organization?

Which services are you likely to need in the future? Which intermediaries’ services will you be able to dispose of when you can rely on smart contracts embedded in Blockchain? And what kind of skills do you need to navigate successfully in this new business world? Food for thought.

Room for Early Adopters

Worldwide, there is an estimated 2.5 billion investment in Blockchain in 2019. This is a huge number considering that Blockchain is still in its early stages, having started only 10 years ago. Crypto Valley in the Zug area of Switzerland is currently the hotspot for latest developments. It’s also where the Crypto Valley Conference takes place in June every year. More information here.

Now is the Time for Women in Blockchain

“We live in exciting times”, says Kamales. “It’s absolutely crucial that we see gender diverse teams shaping the world that our children shall be thriving in.” To date, there is still only a small percentage of the population professionally engaged in Blockchain – and most of them are male. “Thus, there is a huge opportunity – and a need – for women to enrich the world of Blockchain. You don’t need to be a techie from scratch. Understanding the concept and business implications is a great start,” she adds.

Kamales and the panelists encourage everyone to learn more about Blockchain and join other events offered in Switzerland. As in 10 years’ time, we will not be talking about Blockchain anymore. It will be part of our lives just as the Internet is today.

Thank you

A big thank you goes to Kamales Lardi, Isabella Brom, Antony Elliot, Julia Heinzer and Emi Lorincz for sharing valuable insights and wisdom about Blockchain. A very warm thank you as well to Accenture for hosting us and making this event possible!

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