This is part 3 of the feature story with R3’s Head of Asia Pacific, Amit Ghosh. ABR has discussed on various spectrums of the future technology applications to the current world pandemic, but as we progress through; we are also keen to know the adoption of Blockchain in Insurance Industry in the South East Asia region.
Amit further empathizes that R3’s Corda is enjoying success in other avenues within the insurance industry. Nonetheless, expectations are spiking up with numbers as more incumbents to begin on adopting the technology in their core service offerings.
If blockchain technology has shown measurable results in improving industries, why are large institutions in Singapore struggling to adopt the technology?
While blockchain technology has presented businesses with ways of streamlining their internal operating procedures, some incumbent business leaders have been slow to adopt the technology as replacing legacy systems can prove to be a laborious and costly effort.
Therefore, without external factors creating urgency to replace old ways of doing things, many companies will put off adoption or fail to see the many benefits which may be accrued by embracing emerging technologies proactively.
We have been seeing an apparent lethargy within the corporate sectors and circles where the future technology’s adoption became a centralized topic of all time, but there are also Internet of Things (IoT), Artificial Intelligence (AI), and other innovation solutions making the whole smart technology a reality for all.
When we asked if this would be governed wholly someday, Amit emphasizes “It’s the lack of awareness within decision-making circles when it comes to technology. Generally speaking, many members of the business community do not fully understand what blockchain is—and therefore may fail to duly conceive of the effect it is poised to have on their industry and the manner in which it could benefit their company.”
It is all about the adoption of the future technologies where work would need to be done in the area of advocacy and education of C-suite executives and decision makers.
Amit further elaborated that the Asia-Pacific and Southeast Asia regions have had a solid track record of technological innovation, and of affecting real change within their economies—with a proven history of using technology to stay ahead of the curve. To that end, Southeast Asia is well-positioned to serve as one of the leading technological adopters and innovators on an international level—with an extremely young and digitally savvy population.
Henceforth, the region is home to a large number of digital natives who expect goods and services to be delivered in a streamlined and effortless manner.
All over the world today, technological innovation has transformed the way we spend, send, and invest—making these daily transactions easier and more convenient than ever.
“Ordering food, groceries, or listening to music or watching a movie have all become wholly online experiences. As a result, consumers have come to expect intuitive, simplistic solutions and tools.” said Amit.
On that basis, companies across the countries have come up with innovative retail-facing solutions to satisfy the new demands of digitally empowered consumers — nowhere is this more true than in Southeast Asia, where 83% of consumers have ordered goods online and smartphone penetration is well moving upwards of the 70% mark.
”The same level of technological adoption cannot be said for business processes within the region. Despite enjoying substantial growth in recent years, COVID-19 has revealed the weaknesses in traditional operating models, including in Southeast Asia—where many economies are interdependent when it comes to goods, labor, and trade. As companies look ahead, trust, authentication, traceability, speed and agility will become defining traits in enterprise and operational value.” Amit concluded.
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Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.
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