A team from Kerala Blockchain Academy including research scientists, research engineers, research fellows and some of our alumni members met Mr. Paul Brody, Global Blockchain Innovation Leader – Ernst & Young, during the recent SME Connect Session organized by NASSCOM at Malabar Hall, Technopark Trivandrum on 31 January 2019.
Mr. Brody is responsible for driving EY’s initiatives and investments in blockchain technology across consulting, audit, and tax business lines. He was optimistic about the potential of blockchain to replace existing ERP ecosystem and inventory control using smart contracts which can cut down the processing time and cost to a great extent. He also mentioned both public and private blockchains, privacy conflicts and scalability. Mr. Brody added that blockchains are not going to replace a bunch of technology, even if it is old and imperfect which includes centralized systems which is always faster and cheaper.
Mr. Brody was keen to showcase the work EY has done in developing Zero Knowledge proof systems for blockchain interactions. According to him, EY has a dedicated team of researchers working on ZKP (zero Knowledge Proof) technology and the organization was the first in the market to have developed a working system that leverages zero-knowledge proof. Mr. Brody although rubbished the future of cryptocurrency frenzy and was highly critical on the ICO models, he was very much excited about the future prospectus of Blockchain as a technology that can drive changes in the IT industry.