Mr. Paul Brody, Ernst and Young’s Global Innovation Leader for BlockChain Technology, is the resource speaker of the event. One major drawback of blockchain at present is that all information shared by members could be viewed by anyone with access to the blockchain, possibly including future competitors. This makes public blockchains unattractive to businesses.
Brody and his team found a way for members to transact on a blockchain without sharing sensitive business information. Their first prototype will be ready by January 2020. Once optimized, the technology will be available to the public. Brody estimates that 50% of all business-to-business contracts will be done on a blockchain by 2030. He says that he wants Ernst and Young to be with blockchain what Microsoft is to e-mail, developing the technology without controlling the data.
Mr. Chua urges MBC member companies to be at the forefront of the blockchain technology, citing a survey by the World Economic Forum which suggests that 10% of global GDP will be stored on blockchain by 2027: “blockchain has the power to enable businesses to interact and transact more securely without human intervention and drastically simplify operations for both small and large organizations. In short, much of our industry’s future may rely on blockchain technology.”