Blockchain has been the latest technological innovation that is talked about across various industries in India. However, small and medium enterprises despite it's potential see a huge risk of investments in technology.
The fourth panel discussion at the BW Businessworld Growth Leadership Conclave 2018 discussed the opportunities and challenges for SMEs in order to adapt blockchain. The panel was moderated by Sangram Aglave, Consulting Editor, BW CIO World and included the panelists Prasad Ajgaonkar, CEO, iRealties and Akhil Gupta, Co-Founder, NoBroker.com.
"Let's assume blockchain as a record holder for transactions. We will then see a lot of transactions and data where everything will be secured and listed down which could make organizations a lot more transparent," said Akhil Gupta while discussing the transparency in blockchain.
Prasad Ajgaonkar while discussing the opportunities involved with blockchain stated that it is important for SMEs to adapt to this technology in order to grow and keep up with new consumer trends in the market.
"We generally look at the problems faced by our customers while using our innovative products. Today SMEs are aware of the new technologies coming in but larger businesses are taking more advantage of it. More than larger businesses the smaller businesses need to look at technologies. I think SMEs must come on blockchain," said Prasad.
"It is good to know about new technologies but I wouldn't rely my businesses on it. We need all the records to be digitized in order to take things forward. Sometimes you have to wait for the technology to sink into the system. If we invest high amounts in technology, then as SMEs we face a larger risk in losing the money compared to large enterprises," said Akhil Gupta during the discussion on the challenges related to blockchain for SMEs.
The discussion brought out the crucial facts about blockchain and also how effective will it be for small organizations.