Why Do Governments And Corporations Need Blockchain?

Experts at BlockShow Asia 2019 agree: Bitcoin is just cryptocurrency while blockchain is a new connectivity framework.

All participants pointed out that the main features of blockchain technology go far beyond Bitcoin.

Ming highlighted several use cases where blockchain connects different ecosystems to create new value for the internet, citing IBM's Food Trust network as used by Carrefour, and several other partners connecting supply chains to provide more product transparency.

Vinay pointed out that there is much debate about whether blockchains operated by governments and industries are truly decentralized or not.

"We are talking here about an intermediate technology that connects different ecosystems providing a new form of governance," said Mohan.

"Beyond cryptocurrency, blockchain technology is about collaboration. It's a collaborative technology that allows different actors to work together sharing and consuming data. That's amazing for governments, private institutions, and how society can create new things," she said.

In the same vein, Yeo pointed out that blockchain connects different parts of ecosystems and creates a completely different framework for governments and industries.

Lim stressed that collaboration is precisely the path to blockchain and the success of different projects.

"We have to prove the value of technology and together we are stronger. Blockchain is about connected ecosystems, so increasing collaboration between all of us is very important," he said.

As Cointelegraph reported earlier, Chief FinTech Officer for the Monetary Authority of Singapore Sopnendu Mohanty discussed the importance of the blockchain for the economy, highlighting its specific usefulness for the development of green finance.