The Blockchain on Wall Street Conference was recently in lower Manhattan and featured a panel of experts including Peter Borovykh, Blockchain Solution Architect at BlockchainDriven and author of the book Blockchain Applications in Finance. It gathered a huge crowd of the industry's finest with amazing networking opportunities.
The panel expressed its insights onto why blockchain innovation within the industry has slowed.
“Everybody is playing with their own things,” Peter said. “The only way to create a solution is through collaboration and partnership.”
The panel agreed that transitioning from proof-of-concept to product has been more difficult than initially anticipated. They recommended that firms find new business opportunities instead of tweaking existing workflows. In addition to having a viable business case, they explained that cybersecurity is another hurdle that must be overcome given the current spirit of caution among chief information security officers.
“Once CISOs get comfortable exposing their firm’s business logic, smart contracts, and systems to other parties after security audits, the floodgates should open.”
The conference was incredibly eye opening and many flew in from around the globe to catch these insights from experts on the blockchain. As more firms understand blockchain, we can expect more announcements within the industry, though we'll see more on point solutions than consortia-related news.