The value of blockchain is in the opportunity created through collaboration with peers, not the technology itself, according to Doug Alexander, digital enterprise architect, AXA XL.
Speaking on the blockchain in insurance and captives session at the World Captive Forum 2019, Alexander encouraged delegates to look past the technology itself.
He said: “The value of blockchain technology is not the technology, it is the opportunity you create through collaboration with all of your peers.”
“So, the more people that can collaborate the value of the network grows exponentially and that creates efficiency for everyone.”
Alexander added: “The technology becomes a passive part of the conversation. Once you get over the legal framework, the data security, the data privacy, and the sharing, and you figure out how to collaborate with your peers, the technology just works.”
“Like any other technology it is going to continue to evolve but building those business transactions and relationships, and that collaboration, that is really the key. The technology just becomes part of the backdrop.”
Susan Joseph, B3i North America representative and speaker on the panel, agreed with Alexander on the importance on the collaboration offered by blockchain.
She explained: “If you agree on what you see you can collaborate without any friction.”
Joseph described blockchain as “a real business process and application”.
She expanded: “The technology powers it but in the end, it is a business process and application for an industry that can reinvent itself and create new business streams moving forward.”