Bangladesh can benefit from blockchain technology

Business entities in Bangladesh can benefit immensely from the emerging blockchain technology, a leading technology expert has said recently.

"Loyalty point systems built on blockchain are poised to be a currency of the future," said François Lançon who heads the Asia-Pacific operations of the global hitech giant Oracle.

"This is particularly relevant to businesses in the Asia-Pacific where 92 per cent of consumers surveyed by Nielsen said they are more likely to shop at a retailer that offers a loyalty programme - the highest percentage anywhere in the world," Mr Lancon told a group of journalists across the region during an online briefing last week.

The Oracle regional head observed that early adopters of blockchain loyalty programmes will have the unique opportunity to put their own company at the heart of an expansive loyalty ecosystem.

"So, it's no surprise that airlines, online retailers and more are moving quickly to capitalise on the possibilities."

"I think countries like Bangladesh can benefit from blockchain technology. It is a technology that secures transaction and it has a burgeoning role in building new loyalty systems which give consumers a faster, easier, safer way to earn points and make purchases via globally integrated, secure networks," he said.

The Oracle top boss also observed that apart from blockchain, two other key technology trends emerging in Asia are the adoption of autonomous technology and effective use of machine learning.

"Autonomous database technology will be the key to Asia-Pacific businesses in 2018 - from enabling retailers to improve order fulfillment while also expanding their supply chains; to supporting manufacturers to take on higher value projects from new regional partners; to managing the flow of sensitive data in financial services."

The ongoing data explosion represents both opportunity and peril, and autonomous technology which is self-managing, self-securing and self-repairing is key to harnessing the data for revolutionary business benefits, he observed.

"Already, Oracle has seen a flood of interest from JAPAC businesses eager to become early autonomous adopters," said Mr Lancon whose company has presence in 25 countries across the Asia-Pacific region.

"We have already launched our first product in autonomous cloud which is a self-guiding, self-preparing database while we are also planning to launch autonomous analytics, autonomous mobility and autonomous application development in the near future," he added.

Mr Lancon, who brings with him 30 years' experience of working across the globe in various industries, said the world has already entered the era of "machine learning" where the ability to make the right decision at the right time, often in the face of a very tight deadline, can mean the difference between success and failure.

"It could be a purchasing move that keeps supermarket shelves stocked while avoiding waste, or a quick choice in the face of abrupt changes in the stock market," he pointed out.

"In the past, such decisions were left to people alone - but now, technology can partner with humans to ensure the best choice is made," he added.

Headquartered in California, USA, Oracle specialises, among other things, in developing and marketing database software and technology, cloud engineered systems and enterprise software products.

The company has been operating in Bangladesh since 1999 though a local partner and its commitment extends to its extensive network of alliances, channel partners and resellers in the country, who are members of the Oracle Partner Network.

[email protected]