WHO KNOWS WHAT BLOCKCHAIN IS?
Participants were asked if, in their opinion, most employees in their respective companies would answer ‘yes’ if they were asked whether they understand what blockchain is?
The vast majority stated that they would not. A couple of participants shared that people are increasingly saying they know what blockchain is but that, in reality, their understanding if very superficial.
“Most participants believed that the majority of their employees does not know what blockchain is.”
Following their answers, participants were asked whether they predicted most employees would understand it by the end of 2018. The overall conclusion was that half of the company would make the connection between cryptocurrencies and blockchain, while the other half would improve their existing knowledge.
WHY NOT YET?
Some of the participants raised safety and regulation concerns. The word “blockchain” can be distracting at times because it sounds so far from what most executives should prioritise. But what is important is to become familiar with how easy something can be hacked and how important the “consensus protocol” is. A consensus algorithm ensures that the next block in a blockchain is the one and only version of the truth, and keeps powerful adversaries from derailing the system and successfully forking the chain. But is this enough?
It seemed we are still far from fully implementing the technology, the main question being on monetisation. A need exists to inspire organisations in order to use blockchain as a decentralised ledger. Education is also needed for non-technologists who can influence the organisation towards exploring the trending technology. Another big challenge in the Philippines is the lack of blockchain developers. Should companies be looking for more blockchain “evangelisers” to join their teams?