Industry Awaits Killer Blockchain App

Peter Vaihansky, Senior Vice President at DataArt, discusses blockchain with Rob Daly of Markets Media. Vaihansky observes that blockchain is mostly used to streamline back-office processes, while its truly unique qualities, that could shine in functions such as know-your-customer and anti-money laundering, are still not being utilized.

When implementing new technologies like blockchain, the greatest hurdle often isn’t the technology, but the people who will use the new technology. In our opinion, blockchain has the potential because it can solve business problems where it is not evident that a solution could be developed without the use of blockchain or similar technologies.

Many of the blockchain projects currently in development are not solving problems where blockchain brings its unique capabilities but cases where developers employ blockchain for the sake of using blockchain. It’s not necessarily a bad thing. You can achieve a similar outcome that is slightly more efficient.

It’s a utopian vision that simplifies a lot of back-office processes. There’s no doubt about that. The question is how does the industry move from point A to point B?”

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