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Blockchain and Fintech in Melbourne Australia

I put together this presentation for a client who wanted insights into blockchain and healthcare. In my enthusiasm i also included many of the blockchain events surrounding the Fintech festival in Melbourne. I'm thrilled in particular to have gained insights into how Estonia handles its digital economy for its citizens. There's a wealth of information here for blockchain lovers. Enjoy.

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Blockchain and Fintech in Melbourne Australia

  1. 1. Blockchain highlights at Melbourne Fintech festival end 2017 Susan Dart Blockchain business consultant Commercial in Confidence  The Frame Group Pty Limited 2017
  2. 2. Overview Snapshot Highlights of Blockchain in Healthcare Summit Highlights of Blockchain Fintech Summit Highlights of Blockchain Fintech Masterclass Highlights of Blockchain at CIO Summit Highlights of Blockchain in Supply Chain Management Association Conclusion Further reading 2
  3. 3. ▪ Melbourne hosted a Fintech festival (Intersekt) that was full of meetings, conferences, meet-ups and hackathons throughout October 2017 ▪ This slide pack provides highlights of events related to blockchain technology which included: 1. Blockchain in Healthcare conference 2. RMIT Blockchain Hub Fintech summit 3. RMIT Blockchain Hub Fintech master class 4. CIO Summit 5. Supply chain & Logistics Association meeting ▪ ▪ symposium-tickets- 36478202285?utm_campaign=reminder_attendees_48hour_e mail&utm_medium=email&utm_source=eb_email&utm_term= eventname# ▪ tickets- 38828354654?utm_campaign=reminder_attendees_48hour_e mail&utm_medium=email&utm_source=eb_email&utm_term= eventname# 3 Melbourne Fintech festival October 2017
  4. 4. Highlights from Blockchain in Healthcare summit held in Melbourne 24-25 Oct 2017 ▪ There were 15 Speakers and 3 panels over two days ▪ Focus of Day one was: ▪ Supply chain management of pharmaceuticals ▪ Security of systems and legal issues ▪ Artificial intelligence ▪ Lessons from Estonia ▪ Focus of Day two was: ▪ Innovation and examples ▪ Data management and empowerment ▪ Credentials’ management ▪ Data informatics ▪ Key take aways: 1. Impressive Australian startups including E-Nome, BronTech ScalaMed, HorizonState, Powerledger 2. Good research: cryptoeconomics and health informatics 3. Healthcare is a key driver of a new data market economy 4. Blockchain is revolutionary say most speakers 5. 26,000 blockchain projects were started in 2016 globally 4
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  6. 6. Dr Ben Goerztel SingularityNet ▪ A platform for the decentralized AI (artificial intelligence) economy which could not happen without blockchain ▪ Setting up a free and open market for AI technologies, built on smart contracts on Ethereum ▪ Can create, combine and monetize AI technologies at scale ▪ Coordinates and combines AI technologies developed by peers ▪ Trustless payments for AI-to-AI transactions ▪ Will enable faster evolution of AI and robots ▪ A request is submitted to the AI-as-a-service platform for a specific agent to perform a task such as: for genomics, who can analyse this gene expression quickly? ▪ Agents will have “reputations” in the economy ▪ Sofia has had considerable publicity in the News/Press as a very clever speaking robot ▪ Market has “learning in it” via the agents and people help each other; could eventually eliminate disease 6
  7. 7. Professor Peeter Ross Tallinn University of Technology and Expert for Estonian eHealth Foundation echnology-and- innovation/meet-the-country- thats-ripping-up-the-rules-on- records/7013690.article ▪ Estonia is recognised as most digital county in the world where all residents’ (digital citizens) activities are done on-line including Health Information System (HIS) ▪ It manages healthcare data via a blockchain and databases ▪ It’s E-state architecture includes support for private sector, public sector, User Interface, certification, and Xroad (internet) ▪ A radiologist’s report in HTML can be sent to the platform for anyone entitled to see the report ▪ It archives medical pictures ▪ Databases are replicated 200km apart ▪ A drug interaction database enables the country to quickly capture and identify side-effects from new drugs ▪ Every resident of the country has their medical history in the HIS ▪ Residents who have medical treatment outside Estonia can have on-line access to their medical records and when they return to Estonia, they visit their doctor who then uploads the out-of- country medical data to HIS 7
  8. 8. Estonia’s world- respected Health Information System (HIS) based on blcockchain ▪ The HIS was architected as follows: ▪ The data exchange layer is messaging middleware which works as the system integration layer ▪ Heavily uses web services ▪ Meets high security requirements ▪ Highly scaleable ▪ Whilst the citizens appreciated their health data being in one place, they were mostly interested in services: ▪ Nationwide health system ▪ ePresciption ▪ Digital images available in real-time ▪ eReferral ▪ eAmbulance ▪ Drug-drug interaction information ▪ Cross-sectoral services such as health declarations for driver’s licenses or sick forms (working incapacity) ▪ It took 8 years for HIS to be implemented 8
  9. 9. Estonia’s HIS governance structure had to be very well defined: led by eHealth Foundation 9
  10. 10. Major design criteria for Health Information System 1. Secure authentication for all users with card or mobile phone 2. Digital signing or stamping of all medical documents 3. Maximum accountability (transparency): all actions will leave an unchangeable and unremovable secure trail protected by blockchain technology 4. Coding of personal data: distinguish and separate personal data from medical data 5. Encrypted database which removes confidentiality risk from the technical administrators 6. Monitorable actions from an organisation and technical perspective ▪ Health spending is now 6% of GPD for Estonia 10
  11. 11. Lessons learned from implementation and usage of Estonia’s Health Information System ▪ Medical professionals have to change the way they fill in the medical files e.g., a more uniform medical language evolved ▪ Semantic interoperability (data quality) is hard to achieve ▪ Difficult for hospital records to be shared in patient portal ▪ Much attention had to be given to the security and electronic authentication of the users/patients ▪ User interface development effort was underestimated ▪ Residents are less interested in searching for medical data than requesting services from the system ▪ Huge change management issues for healthcare regarding digitalisation: ▪ Paradigm change for healthcare professionals’ mindset ▪ Data ownership challenges ▪ Formalisation of entered data ▪ More extensive involvement of patient ▪ Shared health ▪ Change of workflows and pathways (from linear to matrix) 11
  12. 12. Legal environment for Estonia’s Health Information System (HIS) ▪ Their Health Services Organisation Act regulates the development and maintenance of HIS ▪ All healthcare providers must send certain health data to eHIS: the law defines which ▪ Access to data is only to licensed medical professionals ▪ Patient has the right to opt out (close their own data) ▪ The Ethical Committee was created to lead the discussions of patients’ rights and select the proper system for the eHIS platform ▪ A digital citizen can access their own data, declare intentions, preferences and monitor logs ▪ Currently there are almost 31m medical documents on-line (14 different types documents) ▪ That represents health data of 1.54m citizens (Note: there are only 1.32m inhabitants) ▪ There are 17.6m Ambulatory case summaries and 8.3m exam reports ▪ 99% of prescriptions are issued electronically 12
  13. 13. Estonia’s eHealth Patient portal ▪ Patient logs in with ID-card or Mobile-ID ▪ Can view, update personal data ▪ Patient can view the following: ▪ health records from healthcare providers ▪ electronic referral letters ▪ all electronic prescriptions ▪ health insurance data ▪ Patient can perform the following actions: ▪ Mask sensitive health data ▪ Add data of close relative ▪ Make declarations of intent such as organ donation ▪ Add representatives such as someone can pick up medications for them ▪ Fill in health declaration form before doctor’s appointment ▪ See who has viewed their data 13
  14. 14. How blockchain can transform data and applications in healthcare Simon Cant, Managing Partner of Reinventure Simon sees four areas for which blockchain provides solutions: 1. Problem of system spaghetti -> solution is bringing together islands of data (as does Data Republic’s open platform for data sharing) which has been demonstrated at the Vic Health Datathon which showed 300 data workspaces from major companies open for 34 hours using 626 CPUs working with 1.9 Terabytes of storage and 3.9 terabytes of memory 2. Problem of patient control -> solution is MyHR (proprietary technology) vs blockchain (open source and globally exportable) 3. Problem of Honey pots (breaches) -> solution is Data Republic’s Federated Personal Information Management System which fragments data so that breaches won’t be meaningful 4. Problem of regulation driving away innovation -> solution is lower regulatory barriers for startups in health 14
  15. 15. Impact of blockchain on data and identity verification Emma Poposka, CEO of Brontech ▪ Brontech is focused on the emerging economy of data markets ▪ The Brontech app (MyBron) enables you to have all your personal data on it so that you are compensated for when any company wants to use your personal data ▪ This changes the current model where social media systems such as Google and Facebook are actually collecting and selling your data without your knowledge ▪ Where is the source of truth for your personal data? ▪ The problem: data oligopoly and inaccessibility ▪ “Data is one of the key resources that organisations need to access in order to understand the market, differentiate their offering or improve their services through personalisation of AI. Yet, for many organisations rich, high quality data in a usable formal is inaccessible. Most of the data is held by a handful of companies and this creates an unfair distribution of power in the World and a barrier for innovation” ▪ 80% of data is held by large companies 15
  16. 16. MyBron app ▪ MyBron is a two-sided data marketplace where users extract their personal data from various sources (such as social networks, banks, shopping sites and such) into their personal data wallet ▪ Every time the data is used by an organisation, users are paid ▪ Data is decentralized, but also accessible ▪ MyBron uses the Ethereum blockchain to create a decentralized infrastructure for the data wallets. This way it distributes data storage and assures data integrity. It rewards MyBron users with the blockchain backed Bron reward points or cash when they share data. The Ethereum Blockchain also enables it to create unique decentralized identities ▪ The MyBron data pool is a network of personal data wallets with rewards ▪ Having the users actively involved in the data exchange resolves the complexities around consent management and PII matching across platforms 16
  17. 17. Benefits of MyBron Creation of new marketplaces For the users: ▪ User rewards (incentives) ▪ Control of their own data and who uses it ▪ Personalised offers based on a person’s data (not advertising) ▪ Consent-ready so value of data increases ▪ Creation of a Consumer-to-business marketplace For organisations: ▪ Access to data and data products on a aggregate level ▪ Frictionless access to data on individual level via MyBron API ▪ Identify verification (close to 100%; clever algorithms) ▪ Accurate PI’s (Patient Identity) matching ▪ Privacy compliant such as GDPR ready ▪ Creation of a de-centralised marketplace for data that is accessible to all (not just the big companies) ▪ Can create new data products such as dashboards for specific scenarios such as the spending patterns of four market types 17
  18. 18. Chairman and Co-Founder, Nick Curtis of E-Nome ▪ Two goals of E-Nome ecosystem: ✓ Improve patient care by empowering consumers to take control of their medical history and enabling them to share their data with medical service providers with privacy and security thereby participating in the data marketplace ✓ Remove health data access silos which hinder medical research and clinical trials data aggregation by enabling collection with consent ▪ Consumers currently play a small role in development of new medicines ▪ Under E-Nome, consumers play much larger role in all stages of development of new medicines ▪ With consumer consent, E-Nome provides access to large volumes of de-identified medical data ▪ The data is anonymised in a data warehouse by attaching a unique cryptographic identifier (key) and it is fragmented so that it cannot be meaningfully breached ▪ The blockchain technology re-links the fragmented data using the key by seeking the consent of the consumer ▪ Revenue from the data can be shared with consumer or consumer can donate to philanthropy ▪ A new drug typically costs $2.6b to create and takes 10-15 years; E-Nome intends to reduce this 18
  19. 19. BlockCerts: recording credentials David Israel, Director of Educational Innovation, University of Melbourne ▪ Piloting BlockCerts from MIT (USA) which is a means using blockchain technology to capture micro-credentials and full educational credentials ▪ Blockchain ensures the provenance of the credentials as well as a persistent, life-long record ▪ This is an attempt to stop fake universities and Degree fraud as well as support alternative credentials (micro, nano) ▪ A new micro-credentials ecosystem is evolving ▪ This enables: discrete, portable, shareable and stackable credentials for continuing education ▪ Uni of Illinois has an iMBA supporting stackable micro-credentials 19
  20. 20. Health Informatics: intersection of health and information Kathleen Gray, Associate Professor Health and Biomedical Informatics Centre, Melbourne University 20
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  26. 26. Supply chain management and healthcare Various speakers ▪ Blockchain offers source of truth for many companies and their products involved in a supply chain ▪ Large proof of concept implementations well underway: ▪ Maersk with IBM for Port of Rotterdam ▪ Blackmores: Project to track efficacy of vitamin supplements from raw materials to finished goods ▪ Solasvgm: landside logistics tracking for international shipping ▪ CBA: Creative application of SMART Contracts and IoT for cotton supply chain ▪ Counterfeit pharmaceuticals is a huge problem: ▪ There are more counterfeit than real drugs in the market! ▪ There are 35K pharmacies on-line that require no prescription ▪ 20 illegal pharmacies come on-line each day! ▪ They are run by drug gangs ▪ Packages are not stopped at the Ports ▪ Drugs are non-compliant and hence threat to humanity ▪ Blockchain can provide consumer, market and brand protection 26
  27. 27. Dr Tal Rapke, CEO ScalaMed (Australia) ▪ Blockchain enables visions of a better healthcare world ▪ Price of hacked health records is now ten times that of credit cards on the black market! ▪ Why are healthcare costs going up? demand is driving it ▪ From whence comes the demand? Increasing chronic diseases ▪ Need to change the healthcare model to the “Me vision”; that is, my health data lives on my phone, I’m empowered and self-care is dominant ▪ Blockchain is awesome and enables visions of a better healthcare world; can be used for: ▪ Medication management (half of patients do not take their medications) ▪ Pay for outcomes – payment is made on achieving a milestone ▪ Clinical studies – analyse real data ▪ Provenance and tracking of pharmaceuticals ▪ Remote consultation with globally accessible health records ▪ Crowdsourcing diagnosis through common symptomatology ▪ Incentives to improve health via smart contracts ▪ Implantable devices via the blockchain reports back on wear-n-tear ▪ Access to anonymous data for insights, patterns by researchers 27
  28. 28. ScalaMed offers a blockchain-based digital prescription ecosystem ScalaMed empowers Patients via: ▪ Shareable data with a source of truth ▪ Reminders, alerts, nudges ▪ Support and education/information ▪ On-line prescriptions remotely or in-person ▪ Comparson of price and stock ▪ Deliveries ▪ Interactions ▪ Video 28
  29. 29. ScalaMed uses blockchain for many reasons ▪ Distributed power: no single point of control ▪ Security and reliability: no single point of failure ▪ Permanence: unalterable records, non-repudiation ▪ Privacy/ownership: people control their own data ▪ Efficiency: autonomous actions and transactions reduce duplication of records and processes Blockchain’s value can be realised in situations where: ▪ There are multiple stakeholders and no common standards ▪ Fraud is a possibility ▪ Desire exists to cut out the “middle man” ▪ Audit trails are important ▪ Processing and integration costs are high ▪ Incumbents control the flow of information in legacy systems 29
  30. 30. John Bash, CEO Hashed Health (USA) ▪ Let’s re-think the relationship between commerce and healthcare ▪ Create your own economy or market ▪ Embed economics into healthcare delivery ▪ Blockchain can help address the complex relationship between the cost of care and the quality of care ▪ Embed incentives for wellness e.g., insurance reduction for weight loss ▪ Blockchain Use cases: ▪ Programmable payments that take into account behaviour of doctor and patient e.g., patient showed up to physiotherapy so receives a reward (such as a token) ▪ Programmable value exchanges ▪ IoT and market-market transactions ▪ Identity ▪ Incentivize wellness ▪ His company is building products for consortiums in healthcare ▪ Healthcare isn’t comfortable with tokens yet nor collaboration 30
  31. 31. Alexandra Sims, Associate Professor and Head of Department of Commercial Law, Uni of Auckland ▪ Smart contracts raise legal issues ▪ How can blockchains be regulated if there is no single entity to go after in case of a legal concern? ▪ Blockchain changes everything due to immutability, all parties can see the ledger in real-time ▪ Regulators can be given a special access mode to observe transactions in real-time ▪ Taxing can become more efficient: when a sale happens, taxes can be automatically and immediately sent to the Tax office so this minimises need to do tax refund paperwork ▪ IBM does cross border payments now ▪ Deloitte can set up a bank in four weeks ▪ Business wants certainty ▪ Who bears liability if the software is wrong? ▪ Regulatory frameworks will need to support blockchains ▪ Central banks will need to create their own cryptocurrency ▪ The truth will reside in the smart contract! 31
  32. 32. Fintech investment perspectives ▪ Venture capital investment in Australia for Fintech is increasing ▪ From $1.4m in 2011 to $71m in 2016 ▪ Why? 1. Dramatic changes now happening e.g., hundreds of ICOs per week 2. Cheaper to start a company now 3. Easy mass distribution of product/service at Internet-scale 4. Gaps exist in products/services e.g,. unbanked ▪ Considerable number of incubators/accelerators such as: ▪ Stone&Chalk ▪ Reinventure ▪ Lots of hackathons sponsored seemingly each month ▪ The FinTech $1bn Club includes companies: ▪ TransferWIse and LendingCLub ▪ SoFi and Zenefits ▪ Zero and Square ▪ Fintech Australia is single voice of the community working with government e.g., eliminate double GST on crypto sales ▪ China is world leader in private applications of blockchain 32
  33. 33. RMIT University Blockchain Hub: policy & media research metrics applications courses ▪ They are an interdisciplinary team of researchers in economics, political-economy, organisational theory, law, sociology, politics and communications. They work on cryptoeconomics, business strategy and adaptation to blockchain technologies, mapping the blockchain economy, and identifying the public policy challenges that will hold back or accelerate this economic revolution ▪ The Blockchain economy: beginner’s guide to cryptoeconomics institutional-cryptoeconomics-64bf2f2beec4 ▪ Blockchain is underhyped ▪ Counter intuitive technology ▪ Disruptive ▪ End of financial capitalism as we know it ▪ Similar model to 17th century skilled artisans ▪ How to transition to it when don’t know the new business models? 33
  34. 34. Fintech Summit Ernie Tao, IBM Research scientist at IBM Centre for Blockchain Innovation Lessons from Proof of Concept blockchain projects: ▪ What really are the best Use cases? ▪ China is leapfrogging with blockchain since it doesn’t have all the legacy systems that western countries have ▪ Can’t stop the technology ▪ Is blockchain a solution looking for a problem? ▪ 90% of Chinese consumers have Alipay installed on their phones ▪ Cross-border payments strong in China ▪ Chinese government is using mobile banking to change traditional systems ▪ TenCent and Alibaba have blockchain laboratories ▪ Use of blockchain is held up by lack of adoption ▪ Ubin project is testing interbank payments ▪ WeBank is a private blockchain; first on-line bank in China ▪ Tokens: will they be usable ▪ Each blockchain solution requires customisation today 34
  35. 35. Ernie Tao, IBM Security issues ▪ Blockchain builds on basic business concepts: ▪ Business networks ▪ Participants with Identity ▪ Assets flow over business networks ▪ Transactions describe asset exchange ▪ Contracts underpin transactions ▪ The ledger is the log of transactions ▪ Blockchain is a shared, replicated ledger involving consensus, immutability, finality and provenance ▪ Entire transaction list for Bitcoin can download but takes 3 days ▪ Public (Bitcoin) vs private (Hyperledger Fabric) blockchains ▪ Most business Use cases require private, permissioned blockchains: ▪ When network members know who they are dealing with (KYC (Know Your Customer), AML (Anti Money Laundering)) ▪ When transactions are confidential between participants ▪ When membership is controlled 35
  36. 36. Ernie Tao, IBM Consensus algorithms have different strengths and weaknesses… POW (Proof of Work) consensus: •Works in untrusted networks but relies on high energy use and is slow to confirm transactions •Non-democratic since large mining farms dominate this •Example: Bitcoin POET (Proof of Elapsed Time) consensus: •Efficient but requires processor extensions •Put on chips to lock up power •Hardware-based (Intel) •Example: Hyperledger Sawtooth POS (Proof of Stake) consensus: •Works in untrusted networks but requires intrinsic cryptocurrency •Uses much less resources •Example: Nxt Solo/No-ops consensus: •Validators apply received transactions without consensus which is very quick but can lead to divergent chains •Example: Hyperledger Fabric V1 PBFT-based (Practical Byzantine Fault Tolerance) •Efficient and tolerant against malicious peers but Validators need to be known and totally connected •Example: Hyperledger Fabric V0.6 Kafka/Zookeeper: •Ordering service distributes blocks to peers •Efficient, fault tolerant but does not guard against malicious activity •Example: Hyperledger Fabric V1 36
  37. 37. Blockchain Use Cases that were briefly mentioned ▪ Banking: make mortgage processing with hours instead of months ▪ Utilities: promote peer-peer energy trading and exchange ▪ Securities: moving towards open ledger and disintermediation; security trading without clearing houses and depositories ▪ Supply chain: track goods ownership, provenance and shipment ▪ International settlements: reducing time from days to minutes ▪ Creativity: helping artists profit more from their works ▪ Tokens: bonus points exchange market ▪ Payment exchange platform: transfer payments between platforms ▪ Agriculture products tracking from growth through to consumption ▪ IBM has worked on 400 Use Cases ▪ Large production blockchains will come on-line in 2018 ▪ Tutorials can be found on Github (Composer) 37
  38. 38. Fintech Summit Kara Frederick, CEO Reinventure ▪ Reinventure partners with startups ▪ Backed by Westpac who is largest investor ▪ How can we disrupt financial services? ▪ $100m in funds available ▪ Does not require equity ▪ Investment is for 7-10 years ▪ Help startups accelerate their growth ▪ Examples: Data Republic ▪ Ecosystem today is unrecognisable from 5 years ago! ▪ China is a standout fintech ecosystem ▪ Focus is to build a company at China-scale (global) ▪ Coinbase is fastest growing fintech in world ▪ Concerns: ▪ Interest rate changes will have an impact ▪ Regulatory issues could affect confidence ▪ Hoping for more Unicorns ($1bn exits) 38
  39. 39. Fintech Master Class Jason Potts, Professor Cryptoeconomics, Blockchain Hub RMIT University ▪ Blockchain is most interesting technology in 100 years ▪ Properties of blockchain: ▪ Peer-peer connected computing ▪ Consensus: reach an agreement; economic incentive, network verified ▪ Shared data ▪ Shared ledger: append-only and time-stamped ▪ Smart contract represents business transaction ▪ Visibility; secure transaction, authenticated, verifiable ▪ Hash of data: provides validation but can’t see the actual data ▪ Miners are validators ▪ Not worth cheating on consensus since won’t get paid for an invalid transaction ▪ Randomises who is the validator ▪ Miners are guessing trillions of times a second; listening ▪ Farms are moving out of China into Mongolia ▪ Private blockchains are very efficient because they are trusted 39
  40. 40. Fintech Master Class Professor Potts ▪ Economists have been deeply disturbed by blockchains ▪ They are having to re-write their books ▪ Don’t yet have data markets due to the costs so instead have large corporations with centralised databases ▪ That is going to change ▪ Expect massive growth in new types of markets ▪ Use cases will compete with existing models ▪ New markets will results ▪ We are at the end of Firms, end of financial capitalism ▪ Bots will play a major role in businesses (algorithmic marketing) ▪ There will be ledger-central view of economies ▪ When ledgers changes, economies change! ▪ History of ledgers: ▪ Double-entry books meant companies with auditing and capitalism ▪ Spreadsheets enables small Firms ▪ Distributed ledgers mean Data economies! 40
  41. 41. CIO Summit: The decentralised revolution (Nimo Namaani, CEO HorizonState) 41
  42. 42. CIO Summit: The decentralised revolution (Nimo Namaani, CEO HorizonState) 42
  43. 43. CIO Summit The decentralised revolution (Nimo Namaani, CEO HorizonState) 43
  44. 44. CIO Summit: Joe Pucciarelli, Group Vice President IDC Digital transformation (DX) journey so far 44
  45. 45. CIO Summit: Joe Pucciarelli, Group Vice President IDC IDC’s KPIs for digital success 45
  46. 46. CIO Summit: Joe Pucciarelli, Group Vice President IDC IDC Maturity of Digital Organisation 46
  47. 47. CIO Summit: Joe Pucciarelli, Group Vice President IDC IDC’s digital roadmap 47
  48. 48. CIO Summit: Joe Pucciarelli, Group Vice President IDC The new digital platform as IDC sees it 48
  49. 49. Supply Chain Management Association meeting: Paul Sidhu IBM; How will blockchain shape Supply chains of the future? 49
  50. 50. Supply Chain Management Association meeting: Paul Sidhu IBM; How will blockchain shape Supply chains of the future? 50
  51. 51. What could a supply chain look like? (Paul Sidhu, IBM) 51
  52. 52. Blockchain benefits (Paul Sidhu, IBM) 52
  53. 53. Food provenance example Walmart (Paul Sidhu, IBM) 53
  54. 54. Ocean freight example Maersk (Paul Sidhu, IBM) 54
  55. 55. Conclusion from all the blockchain events in October ▪ Fintech is roaring with funding and incubators/accelerators for blockchain start-ups in Australia ▪ China is booming in Fintech as well as blockchain projects ▪ China will likely leap-frog the world in innovation in business because it doesn’t have the baggage of legacy systems to support and it has a market place that is technology-ready given its fondness for the WeChat platform and Alibaba shopping ▪ Blockchain is a revolutionary technology which is affecting economies, currencies, how firms do business, governance, education and markets ▪ Just about every company and government has been doing pilot projects with blockchain or is involved in a consortium piloting blockchain projects ▪ Production-ready business systems will become public in 2018 ▪ Australia is leading the international standardisation efforts around blockchain via ISO ▪ Blockchain technology will continue to evolve as its ideal Use cases are implemented ▪ It’s the database to use when you don’t trust anybody – trustless trust! ▪ When ledgers change, economies change! ▪ Business will move away from a centralised Excel spreadsheet to a decentralised blockchain. 55
  56. 56. Further reading ▪ Speaker presentations from Blockchain in Healthcare Summit ▪ Speaker presentations from CIO Summit ▪ The Pulse of Fintech Q3 2017 ▪ Blockchain and GDPR ▪ Blockchain project Ubin ▪ Data is the new currency 56
  57. 57. The Frame Group Pty Limited 1300 252 789 Sydney | Canberra | Melbourne | Brisbane 57