The Blockchain Forum of Pakistan is set up to promote the adoption of blockchain technology across the public and private sectors in the Pakistan. In an increasingly digital and globalized world, the need for and ability to collaborate between individuals, organizations, and countries remains as high as ever. Furthermore, numerous industries have already undergone significant change and many more will follow the disruptive trajectory over the coming years. Blockchain technology potentially finding use in areas as diverse as economy, cultural development, education and within our democratic structures. Therefore, the exact values and applications of block chain technology are endless. Mr. Javed Yousuf Edhi, Group head technology and digital innovations- Silk Bank spoke about decentralizing innovation at Blockchain Summit ITCN Asia 2018.
Mr. Javed believes that there always has been a need of innovation which has result in the current technology. Every invention has been a need of the time. In addition, he elaborates further with an example of automobiles and vehicles. He explains that motors were invented because of the need identified. Currently, automobiles can produce electricity, provide us mobility and is one of the largest industry. Javed Ahmed believes that the people who can take advantage of the need and get on the bandwagon and they can only create history.
There was a need of connectivity and internet. People invented internet which currently does not look like a wonder. All households, corporate and government sectors are using it. However, Pakistan is also on its way to take the maximum use of internet too but this will take time. To sum up, need gave us inter-connectivity, network, and loads of information.
The dire need of 21st century is the security. There is a wide gap between production and distribution. However, our industry might take 10 years to develop the trust of customers over e-commerce or even in retail. Technological innocation will bridge this gap and trust will take over all other aspects. With the help of blockchain, the retailer will explain the product with complete authenticity and transparency and the any transaction will be completed within 10 minutes.
People in Pakistan do not even have the trust on pharmaceutical or food market. It is necessary that we start using blockchain to resolve this basic issue in our industry. On the contrary, many developed countries like Dubai are leveraging with the help of blockchain. It is essential that we make use of this opportunity before t is too late.