Blockchain roundup: Invaluable advice from top blockchain experts [Infographic]
Is the blockchain just a hype? Can it offer an exponential benefit above other existing technologies? It’s safe to say that blockchain is not going away, so people working in tech should have (at least) a base-level understanding of how this technology works. This infographic sums up the findings on blockchain’s importance and future.
Why the industries that make the world go round see tremendous potential in blockchain
Can blockchain transform the world? It is already doing that and, according to Chitra Ragavan, the Chief Communications Officer at Gem, a Los Angeles-based blockchain startup and one of our influencers, “blockchain technology has the potential to be transformative not only in the EU but throughout the world in coming years.” What does that mean for us?
We invited nine influencers to weigh in on the facets of the blockchain and explain why the industries that make the world go round see tremendous potential in this technology.
It all started with one innocent question: Can blockchain transform the world? Although the answer is much more complex than a simple “yes/no”, one cannot ignore the fact that this technology is changing (some might say disrupting) countless industries. Our influencers believe that blockchain will significantly change people’s lives and improve citizen-government integration. Pain points are unlikely to go away but they are being addressed.
What about regulation? According to Perianne Boring, founder and president of the Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry, “it is very important that we don’t try to regulate this technology too early because it’s still developing – we don’t really know what it’s going to be when it grows up yet.” Meanwhile, Conor Svensson, founder of blk.io, a provider of enterprise blockchain platform based on Ethereum, states that “the need for support via law will not go away.” In the end, it’s just a matter of perspective.
Our influencers talked about their concerns (hype, complexity and our inability to understand the consequences of what we use it for, to name a few), the technology’s advantages and obstacles and named a few industries that cannot be disrupted by the technology behind Bitcoin — Is it too vague to predict that all the industries where there are regulations can potentially benefit from blockchain in the long run? We don’t think so.
Can/will/should blockchain eliminate the middleman? According to Chitra Ragavan, middlemen should watch their backs — “once the seismic shift settles, these intermediaries will end up offering other services that complement the new economic world order.” Although blockchain could indeed eliminate the middleman, in some cases, there will be a place for them — one way or the other. Or, as Eoin Woods said, “those that are eliminated are the middlemen who aren’t adding any inherent value to a transaction and are just keeping records and mediating in the transaction.”
Finally, we asked: What can the IT world learn from the blockchain technology? Chitra Ravagan believes that disruption cannot be avoided and that “the winners will be the ones who can change their thinking towards this radical new way of approaching decentralized enterprise systems.” Kathryn Harrison claims that “blockchain challenges the IT world to learn how to collaborate in new ways” and Conor Svensson opines that “as with any new or emerging technology, it’s important for technologists to understand these technologies to ensure they are not taken by surprise when they become the new status quo.”
Tired already? We’ve only scratched the surface – this interview series contains nine names, all carefully chosen to make sure you learn from the best.
Interview series with blockchain influencers
- Can blockchain transform the world? 8 influencers weigh in on its value
- Is blockchain the land of milk and honey? 9 experts share their concerns
- Setting the course for a world without middlemen? 9 Blockchain influencers weigh in on this possibility
- Disruption may be an unavoidable reality: Is blockchain the new status quo?
If you’re only here for the conclusion, have a look at this infographic:
If you’d like to know more about the blockchain and meet the top movers and shakers in the global blockchain scene, join us in London in October.