Where Will Blockchain Have the Most Impact? - The Blockchain Summit
Where Will Blockchain Have the Most Impact? - The Blockchain Summit - Ken Marke - CMO, B3i
Panel: Where Will Blockchain Have the Most Impact?
B3i Chief Marketing Officer, Ken Marke, attended The Blockchain Summit - London, where he was invited to sit on a panel of experts from across several industries, including Banking, Insurance, Logistics and Travel.
As part of the panel discussion, Ken answered questions put to him by host Alan Pelz-Sharpe and members of the audience.
Questions and responses are provided verbatim.
Q1: Where is Blockchain going to have the most impact?
“Difficult to say, but I think clearly in supply chain.
“That's the first thing that springs to mind. I mean, coming from the insurance side of the world, I ought to say insurance first and foremost because that's what we're working on, but when you think of a supply chain it involves a network and Blockchain actually facilitates a lot of good communication and fluidity within a network. I would say first and foremost the supply chain.”
Q2: The idea of decentralisation, creating efficiencies, how do your industries perceive the benefits of disruption?
“There is potential for a lot of disruption there. I'm choosing my words carefully because quite often within the insurance context we're accused of wanting to dis-intermediate the broker.
“The broker does a great job, but he also pushes a lot of paper about and wastes his time rather than looking after our risk management. As with the broker, I mean, all elements of the value chain can gain from those efficiencies that we touched on.
“True dis-intermediation, you know, I'm not completely sure you'll completely eliminate someone like the broker who has got some value to add, but by making him more efficient, ultimately, I think we often lose sight of what we're trying to do here, and that is provide a service for the customer.
“If we improve the service to the end customer, that's the point.”
Q3: In the world of insurance, how are people reacting to this level of innovation. Is innovation being perceived correctly or confused with terms such as ‘Bitcoin’?
“We avoid using the word Bitcoin in the context of what we do, principally because it confuses people and ultimately what we're looking to do within the context of insurance is really quite basic, and we're really picking the low-hanging fruit and looking for efficiencies. There's a lot more to come beyond that, but let's just do something easy first.
“The first thing that we in B3i are doing is removing a lot of the manual effort in the context of reinsurance to insurance. That's very specific, but just to prove that this stuff can really help.
“If you can imagine that you can eliminate 30% of your admin from that element of the value chain, you know, then you're doing something good. One you deliver that, people start to become convinced. I mean, coming back to the hype and so on and so forth, people really need to understand the basics and start thinking of the solutions themselves to their problems.
“That’s what we're trying to do, is also educate the insurance market as to how Blockchain can help.”