take money due to fad and buzzwords, taking advantage of executives who do not know what technology can or cannot do, does not mean much. These projects may be raising money now, but are they sustainable?
As soon as these executives see that the projects do not give any kind of the return they are expecting (actually, they might not even be expecting anything), they will cut funding and these start ups will disappear just as quickly as they emerged.
These executives work in Mergers & Acquisition department. Their work is to take over innovative projects then sell those services to other companies and governments. There is one thing they are expert in, "cost manipulation". They know how to sell stuffs. I was reading about a startup acquired by one such big MNC in India -
The service of this startup is to bring transportation cost involved in Supply Chain on-chain. It was pretty simple idea with a little tweak that transporter has to feed expense on blockchain at the time of incurring that expense with digital footprint of bill on the network. Hence, anyone in top-level management of the company can directly verify which transporter incurred which expense unlike previous system where transporters were claiming general transportation expenses from their seniors on estimation basis.
So the executives of this MNC prepared a cost-benefit analysis statement showing the saving in transportation cost the companies would make if they adopt their service. And guess what? This MNC currently have number of customers in Europe for this transportation cost blockchain service. LoL!
~snip~
Are there no seminars or webinars conducted there explaining blockchain to these executives?
There are actually. My friend told me that industry experts come to explain the newer technologies like blockchain tech, Big Data, AI, Machine Learning, etc. to his department regularly. But I have noticed one thing when I search articles or videos on 'blockchain technology' on internet. They go like - Blockchain Technology brings Transparency, Immutability, Decentralization, bla bla without actually explaining how those things are achieved! Now imagine a middle-aged executive having management degree and limited computer knowledge sitting in one such seminar. How would he receive those words? He would surely consider blockchain as some magical database which would automatically make everything saved on it immutable, decentralized and transparent.