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  • APAC CIO Outlook


Unlocking Blockchain’s Potential with Custom Solutions

A steady diet of core modernization is necessary to drive claims innovation and better loss control.

Randy Knutson, President & CEO

There’s more to the technology underlying bitcoins (blockchain) than meets the eye! A disruptive and transformative force, blockchain has the potential to upturn traditional business models and create a new paradigm for modern enterprises. Having understood this, today, a plethora of companies are jumping on the blockchain bandwagon with the intent of becoming future-ready. That said, not all blockchain initiatives turn into successful business transformation stories. Many a time, such ventures fail when a company is unclear about the exact business use case of the blockchain technology or is unable to procure the necessary resources for the transformation. The journey of a blockchain-led business transformation has its own set of risks and pitfalls, “and that’s where you require a blockchain expert like us to help navigate the uncharted territory of a nascent technology with ease,” says Randy Knutson, president and CEO of DynaQuest. “Our mission is to maximize the benefits of blockchain and minimize its risks.” Spearheading the mission, Knutson has seen numerous technology waves over the years. Working with information systems in the Americas, Europe, and Asia-Pacific for more than 30 years, he is certain that the blockchain technology is here to stay. “However, while identifying the opportunities that come with this disruptive technology, it is also important to separate the hype from reality and evaluate the actual business returns that a company would receive through the implementation of blockchain,” informs Knutson. This is precisely how DynaQuest is able to constantly deliver successful outcomes for its clients. Explaining the methodology further, Knutson notes that the fundamental aspect of blockchain migration must answer one profound question: how can blockchain not only improve the business but also transform it? DynaQuest attempts to decipher this by digging deeper into understanding an enterprise’s strengths when it comes to information processing, business processes, and the areas where it incurs the most cost in completing a transaction.

Once the workflow and challenges are assessed, DynaQuest comes up with a blueprint that not only identifies the opportunities but also highlights the constraints and risks to the enterprise. Based on this blueprint, DynaQuest builds different business use cases and proof of value. Only after the client is convinced with the proof of value, DynaQuest goes ahead and deploys a customized blockchain solution that aims to streamline business practices and information processing, and bring greater value to the company in terms of cost efficiency, secured verification capacities, and workgroup permissions.

"Our mission is to maximize the benefits of blockchain and minimize its risks."

- Randy Knutson, President & CEO

“Through a distributed record system that allows parallel transactions to execute simultaneously, coupled with synchronous information processing capabilities, our tailored blockchain solution can dramatically remove human dependencies on the information processing system,” points out Knutson. The company’s engagement with the client, however, does not end there. After the implementation process, DynaQuest guides its clients through the operations process, and also ensure timely maintenance of the solution. Today, DynaQuest has emerged as a go-to name in the Philippines for its exceptional blockchain projects, coupled with its initiative to launch various innovative blockchain strategies that cater to several industries. “We are also proud to be one of the founding members of the Philippine Blockchain Association (PBA) and a principal member of the Bacolod Blockchain Initiative (B2CI),” highlights Knutson. DynaQuest is also an active sponsor and participant in the local blockchain hackathons to help unlock the country’s digital economy of the future. Driven by this fervor, DynaQuest’s future endeavors lie in boosting the growth and development of the blockchain community in the Philippines and positioning the country as a global hub for blockchain, cryptocurrency, and digital currencies.

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