Chain of Opportunities
Blockchain — what is it? In order to understand it further, we must also learn about several concepts involved: system, database, and the most recognized of all — bitcoin. However, the basics behind blockchain is more complex than we might think as the opportunities are endless.
For starters, blockchain enables a direct connection between supplier to consumer, eliminating the need for a third party. Blockchain makes this possible by providing a decentralized database, otherwise known as a “digital ledger,” of transactions secured through the use of cryptography. All individuals within the network will be able to view these transactions, providing transparency. This enticing technology can do wonders in trading goods and commodities, properties, and anything of value.
Last July 5, 2018, Kellog Northwestern School of Management, in partnership with Harvard Business School Club of the Philippines, hosted “Demystifying Blockchain in the Age of Disruption” at the Willow Root Room of the Manila Polo Club. Invited as guest speaker was Tom Menner, a notable figure in unraveling the opportunities blockchain has to offer.
Mr. Menner had a lengthy career at IBM as a worldwide middleware architect, which included assignments in Japan and China. He finished his IBM career as an e-commerce architect — first, for retail and media clients in Los Angeles, then for banking and financial services clients in New York City. This e-commerce design work included retail and commercial payment systems, which led him to work on blockchain technology and, eventually, start his career at R3.
He is currently the director for Solution Architecture in Asia for R3, an enterprise software firm that specializes in blockchain technology solutions. The firm is backed by a collaborative alliance of over 200 financial institutions, regulators, trade associations, professional services firms, and technology companies.
Through the session, Tom Menner was able to discuss the disruptive world of blockchain, distributed ledger technology, and emerging business use cases beyond cryptocurrencies (Bitcoin and others). He currently works with clients across industries and throughout Asia to develop strategies to assess, pilot, and implement blockchain solutions that lead to new business models with demonstrable results.
The world of blockchain has endless opportunities that are yet to be explored. Who knows, 10 years from now, we’ll unlock more opportunities that will make our world a better and safer place to live in.
About the Author:
Kayleen Cheng graduated with honors from De La Salle University-Manila with a bachelor’s degree in Development Studies. Currently she is working as the club administrator of the Harvard Business School Club of the Philippines, where she coordinates among the alumni.
