Blockchain Could Be a Game-Changer But Not Because It’s Cool Technology

For all the hype about blockchain technology, the distributed ledger has real potential to allow organizations to break free from the chains of bureaucracy in many industries, particularly government, banking and insurance.

Stefan Gasslitter, Head of SIAG and CIO of Bozen, Italy, will share his vision for blockchain at the upcoming SAP Next-Gen Boot Camp on Blockchain in Financial Services and Public Sector event, being held April 25-26 in Regensdorf, Switzerland. Image via SAP

 

For all the hype about blockchain technology, the distributed ledger has real potential to allow organizations to break free from the chains of bureaucracy in many industries, particularly government, banking and insurance.

I recently talked with Stefan Gasslitter, head of SIAG and CIO of Bozen, Italy, who shared his vision for blockchain.


Stefan Gasslitter, Head of SIAG and CIO of Bozen, Italy, will share his vision for blockchain at the upcoming SAP Next-Gen Boot Camp on Blockchain in Financial Services and Public Sector event, being held April 25-26 in Regensdorf, Switzerland. Image via SAP

“Blockchain could be a game-changer but not because it’s a technology. It’s an incredible new opportunity to organize businesses,” said Gasslitter. “Blockchain provides organizations with the chance to discard inefficient legacy systems, and think in new ways that will revamp operational and business models.”

According to Gasslitter, the public sector generally spends approximately 70 percent of budgets maintaining legacy systems. He told me that it’s high time for this sector and others to upgrade systems. For example, Bozen is an autonomous province in Italy with a population of approximately 500,000 people. As small as it is, Gasslitter estimates the government has about 1,000 software applications that collect and use citizen information across the system. Using blockchain, governments like Bozen can build inherently transparent systems of government that comply with regulations, dramatically simplify IT landscapes and deliver a new level of data truthfulness and security.

“Blockchain can help improve citizen services by eliminating redundant processes that often collect the same information from people who are accessing different programs. We can integrate data across applications in compliance with data sharing regulations, saving time and reducing inaccuracies because information is only entered once,” said Gasslitter. “It’s virtually impossible to change data once it’s been entered, so decision-makers can be certain the information stored in the blockchain is the real data.”