Blockchain has been one of the most prevalent hot-button topics of the last few years. As we all learn increasingly more about blockchain, we have fewer questions about what it is and more questions about what it means for the future, so it’s important to stay up to date on the most current understanding of how and who this technology will impact.
On December 5, 2018, Paul Perry, Member and Leader of Warren Averett’s Risk and Controls Practice, had the opportunity to speak as a panelist at Chattanooga Technology Council’s (ChaTech) December Connect event. ChaTech connects the technology community across industries, platforms, disciplines and departments to help drive economic growth across the region. ChaTech programs 1) connect professionals in education and networking programs and peer-oriented forums, 2) invest in the current and emerging tech workforce by offering professional development and scholarships to college students in computer science and IT majors and 3) promote Chattanooga as a hub for technology and innovation.
Paul has been with Warren Averett since 2004 and leads general consulting projects for the Firm. He is an expert on internal controls, industry-specific compliance and technology and risk solutions. Paul has extensive experience serving businesses in multiple industries with data analysis solutions and information technology expertise, and he is an accomplished author and speaker on such topics.
The main topic for the recent panel discussion was The Real Value of Blockchain, and the three panelists discussed various aspects of blockchain, including a layman’s definition, key features, current challenges/obstacles to blockchain implementation and some real use cases for blockchain.
Click here to listen to the podcast, or you can search “ChaTech” wherever you access podcasts.
Some highlights from the panelists are listed below:
When asked about a layman’s definition of blockchain:
“Think of it as DNA for data. It is a way to store information that is incredibly hard to fake…The next parallel is that there’s this notion of lineage. I have my parents’ DNA, and my children have my DNA…this lineage is retained in every new piece of information. Finally, there are multiple copies. In me, there are billions of copies of my DNA, and that makes it really resilient to something going wrong in one copy.” – Daniel Pickett, Chief Data Scientist at FreightWaves
When asked about industries that blockchain is projected to impact the most:
“Imagine in healthcare if somebody could affect everybody’s blood type in the system of all healthcare systems. Healthcare systems have already started to exchange information about their patients. If somebody could affect that, we could have a huge mass murder or genocide.” – Paul Perry, Risk and Controls Practice Leader at Warren Averett
When asked what the challenges of blockchain adoption are today:
“The biggest thing holding back any sort of adoption or utilization or investment of blockchain…is that there aren’t established standards.“ – Tyler Jenks, Senior Vice President of Solutions Architecture at Very
Warren Averett is dedicated to staying at the forefront of this technology so that we can best advise and serve our clients in all industries. In the panel, Paul notes, “Our Firm…has a group of us that think about how blockchain and the new technologies are going to affect what we do and what our auditors do and what our tax folks do, so we’re always meeting to try and come up with ‘How are we going to respond to this?,’ ‘How are we going to implement?,’ ‘How are we going to make sure that it’s still secure?’ even though most people think it’s completely secure.” Warren Averett even recently announced that our Firm joined the Accounting Blockchain Coalition, an association dedicated to educating organizations on topics such as blockchain. Our Firm’s attention to blockchain and emerging technologies comes as part of a larger commitment that the Firm has made to prioritizing innovation and implementing it for our own operations and our clients wherever possible.