What is blockchain? What is its effect on business, energy?

Santo Domingo.- Data blocking, known as “blockchain” is a technology that is allowing companies to execute fully guaranteed processes or transactions without the intervention of a third party.

According to Gaetan Bucher, executive director of Caelum Capital, blockchain will affect the market in the way that email did to postal services, creating quantum leap opportunities for developing countries, such as the Dominican Republic.

Interviewed by Listin Dario, Bucher stressed that the future trend for companies can be used in the country in sectors such as energy, legal, financial, banking, among others.

He said blockchain will help the energy sector to be transparent and efficient, as it is necessary in view of the effect of generating electricity on climate change. “This will allow millions of supply endpoints to interact with each other, collecting and transmitting incorruptible data, which in turn will generate a more reliable system for value chain participants and especially benefitting the consumer.”

It will also be one of the topics that will be addressed today, in the ‘Think Innovation,’ an event of the Swiss Chamber of Commerce and Tourism, which focuses on innovations that impact business. In this fifth edition, the theme is “Blockchain and its effect on business and energy.”

The main KPMG blockchain expert, Arun Ghosh, will participate in the meeting.