Blockchain Technology is Booming
Sri Krishnan V, a senior vice president at Robert Bosch Engineering and Business Solutions Pvt. Ltd said the German company is already working with several other companies on blockchain technologies. They are working for a paid proof-of-concept in India. Krishnan referring to blockchain’s use says,
We see the adoption accelerating in 2019. All signs are there which say that crossing the chasm could happen within the next couple of years.
Krishnan also says a lot of large enterprise customers across industries understand that adoption of blockchain will reduce inefficiencies and costs. He is confident about blockchain’s adoption isn’t without reason. Companies across sectors and countries are using blockchain for a wide range of functions. While there is a general agreement that blockchain will become mainstream across sectors, the projected timeline differs.
Krishnan didn’t identify that Bosch is working because of non-disclosure agreements. But he said Bosch is working with pharmaceutical companies to identify original medicines. This helps them fight the menace of spurious drugs in the country.
Bosch also works with its own vendors and suppliers in the automotive industry to eliminate spurious components in the market. Krishnan quoted an example of the small European nation of Estonia, which moved all government functions to the blockchain. Krishnan said blockchain technology implementation can reduce time drastically in transportation. Especially across international borders, if the customs and other regulators come onboard.
The Stuttgart-based engineering giant said the main aim of the company’s innovation and incubation business unit is to identify new technologies and invest in those during the early days of the hype cycle so that it doesn’t lose out on a large opportunity.
Bosch has three main research centers – in Silicon Valley, Stuttgart, and Bengaluru. The innovation division focusses on AI, blockchain, internet of things and cloud.
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