Simon Callaghan, CEO & Board Director of Blockchain Australia, who spoke at Identity Week Asia in November, justifies why he thinks blockchain is “not the answer for everything”, but recognises the technology holds “huge potential”.
He spoke to our editor, Evie Kim Sing, about the journey of blockchain, from spurring initial excitement around how a powerful, new technology can upcycle existing security tools.
The technology embeds many immutable benefits, such as decentralised identity and tokenisation, into numerous use cases – especially financial services.
Blockchain capabilities are also contributing to safer verification and authentication processes with central bank digital currencies. This provides “huge potential for the technology infrastructure of financial services”, he says.
This interview also contemplates blockchain verification leveraged in Web 3.0 for the next generation of web users, which could attempt to tighten security controls in the online space. Both “align well” for placing rewards and power around data control back on users.
