Key Takeaways from Consensus 2019Publish Date: June 6, 2019
YASH Technologies and C5MI are constantly seeking to harness the latest technologies to drive business value for our clients. That’s why we attended Blockchain Week 2019 in New York. The flagship event, Consensus, attracted blockchain aficionados from around the world to exchange knowledge and align their visions for the future of blockchain technology. The caliber of individuals at Consensus seems to increase each year, and in 2019, we saw a very serious enterprise and institutional presence.
Representatives from government agencies like the SEC and FinCEN gave talks addressing the legitimacy of blockchain technology as it begins to radically transform global financial systems. Fortune 100 companies from software to pharmaceuticals came together to discuss how blockchain is revolutionizing supply chains and the way that companies interact. Consortiums are forming to develop standards that will give clarity and enable interoperability that is so desperately needed to realize the true benefits of distributed ledger technology (DLT).
The majority of Fortune 100 companies now have a dedicated blockchain task force that sent representatives to attend Blockchain Week this year. Representatives from the likes of General Electric, Cargill, Bayer, Amazon, and Fidelity spoke and discussed the changing tides as several industries prepare for the first full-scale implementations in the coming year. One of the most anticipated enterprise use cases for blockchain is cross-organizational traceability for supply chains.
Pharmaceutical supply chains will be among the first to implement blockchain systems to track the chain of custody throughout the pharmaceutical life cycle. The Drug Supply Chain Security Act (DSCSA) is entering its final phase whereby 2023, all participants of a drug supply chain must have full traceability down to the item level. Regulation will force companies to comply, and blockchain is the best technology available to enable this level of cross-organizational traceability. C5MI and YASH Technologies are on the front lines by building these solutions and ensuring that our clients stay ahead of the curve.
2019 will be remembered as the year that blockchain reached the tipping point and transitioned from a hyped-up buzzword into a legitimate technology that drives real value. Find out how blockchain is transforming your industry and speak with your trusted partner at YASH Technologies.