Lory Kehoe, Director of Consulting for Deloitte had a chat with Nasdaq's Brad Smith at the Consensus Summit 2017 to discuss Deloitte's work in blockchain.
Kehoe begins with an explanation of why he loves his job. He loves blockchain technology because: "It is making people think about doing business in various different ways. Its not about redesigning or tweaking, its about let's take out a blank piece of paper and decide how do we want things to work if we didn't have all that baggage bogging us down in order to design in totally new ways. It is promoting lots and lots of creative thinking."
How Would You Explain Blockchain to a 5th Grader
Next up was Kehoe's take on how to explain blockchain to a 5th Grader. This is what he had to say, "Hard to do, but let me give it a shot! If we think of blockchain as a single source of truth. This is probably one of the best ways to explain it. You have lots of people who want valid information, accurate information, and up-to-date information. They want to know how they can go to one point to access that information. Based on that they can make lots of different decisions. So for a 5th Grader it will be like when you have a question about how things work or how the world works you ask your Mom or your Dad or your school teacher. Blockchain will be that source of information. Blockchain is the single source of information."
Trends for Blockchain in the EMEA
Deloitte is working on a project with multiple banks that will secure documentation for validating a customer. The blockchain will retain those documents so that if a customer goes to open another account, they will have access to the validated documents and they will know that they are the originals and are truthful. This helps save money for banks and it reduces friction for customers who have to supply information each time that they would open an account or apply for a loan.
Challenges Deloitte Sees for Blockchain
Kehoe sees one of the biggest challenges being that companies are waiting for their blockchain journey to begin rather than diving into the technology. Companies know that they should be doing something, but feel that they can wait. He believes companies have to jump in and start playing around in order to really understand.
Also, other challenges are around engaging the regulator, which is really important in order to not limit the opportunities that are being created due to a regulator that is surprised by a new initiative and isn't doesn't understand the technology.
Watch the Entire Interview
Watch the entire interview with Lory Keho at the Consensus Summit 2017 via the Facebook Live video here or below:
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