Steve Lund is knowledgeable of the subjects presented. He described his career as that of an innovator and always being at the edge of technology. However, the subject matter that he has combined in the webinar is vast. Definition of the terms used would have facilitated audience understanding the terms in the context of the webinar. Smart contracts (Lakhani & Iansity, 2017) was mentioned as an important part of the technology used, yet never defined leaving the audience struggling for context.
(Lund, 2018) describes his work with the shipping company Maersk, in which he uses blockchain technology and smart contracts to keep track of 200 processes that a ship has to go through in a voyage from one harbour to another. He describes blockchain as ledger entries in an universal ledger of computers. In the same way that the ledger can be worked back, so the block chain has all its transactions since inception making it an incorruptible tool due to its built in audit trail. This streamlining increased by 15% the number of ships that can be managed as well as a reduction in costs of 15%.
These blockchain transactions are stored in the cloud and using machine learning and artificial intelligence, (Lund, 2018) is able to produce current and applicable Business Intelligence that is used to make critical decisions in the running of the Maersk shipping company.
The importance of Blockchain cannot be overstated, it is being compared to the internet revolution. Together with Big Data, Machine Learning, Artificial Intelligence and the Cloud it has come of age and is ready to be applied to problems that only these technologies combined can solve.(Karafiloski, 2017)(Lund, 2018)(Lakhani & Iansity, 2017)
The principal point critical to the survival of any business was expressed succinctly in the introduction where (Lund, 2018) used the company Toys R Us as an example of a company that allowed technology to get ahead of itself and again in his final words, he warned that companies not keeping ahead of technology will cease to exist.
Karafiloski, E. (2017). Blockchain Solutions for Big Data Challenges. IEEE EUROCON 17th International Conference, (July), 763–768. https://doi.org/10.1109/EUROCON.2017.8011213
Lakhani, K. R., & Iansity, M. (2017). the Truth About Blockchain. Harvard Business Review., 95(1), 119–127. https://doi.org/10.1016/j.annals.2005.11.001
Lund, S. (2018). The Convergence of Blockchain, Machine Learning, and the Cloud | Steve Lund | TEDxBYU – YouTube. Retrieved from https://www.youtube.com/watch?v=LSbceOWZvJg