It is fair to say that some people are die-hard Blockhain enthusiasts, whereas others are still in the process of figuring out what it means for an average consumer. Notwithstanding to which group you belong to, the 5th instalment of the NEXT events in collaboration with 0100 Campus, DECENT, EY and Blockchain Competence Center, focused on the most recent trends in Blockchain technology.
The event hosted 3 speakers, who shared their insights on the use of Blockchain and how their companies utilize this digital marvel. What can you take away from them? Here are some thoughts.
The world of decentralized disruptive technology
Mr Milan Gajdoš, the COO of DECENT, highlighted the occurring trends, market behaviour and future prospects of growth in the digital market of online content such as videos and music. He paid close attention to explaining to all the Blockchain “greenhorns” purpose and workings of this digital force. Here are some of his ideas.
Blockchain is an intellectual marvel, “an open ledger of trust among companies and people”, yet “it offers no bulletproof solutions but good propositions to solve issues”.
A truly helpful metaphor for Blockchain according to Milan goes like this: Blockchain is mostly about loading new trains onto tracks building a bigger network of lines.
When asked why should people use DECENT and neglect the popular Spotify and YouTube, Milan explained that “Spotify and YouTube are the middle men Blockchain enables to get rid of. The favourable result is that there is no central authority having power over the network.”
Network of trust and privacy
Mr Mikuláš Zálai, the Senior Manager in the Risk Transformation Department of EY, talked a lot about information security. Or rather its absence in the space of blockchain. One of the EY’s purposes is to advise companies by “proposing new solutions to not so traditional issues”. What role does Blockchain play in this equation?
During Mikuláš’s presentation, four words stood out: “completeness, integrity, availability, and non-repudiation of validity”. CIAN, as he referred to it, describes the focal ups instead of downs of Blockhain aka “the registry of anything”. It keeps data securely engraved into the integrated network turning it into a more efficient treasure holder of records put into it.
Blockchain is, without a doubt, limitless. Mikuláš provided some great examples of Blockchain use in reality. The businesses cases can range wide from “car sharing, to marine insurance (MAERSK) up to wine lovers, who care for wine’s authenticity”.
Blockchain is a game changer. To the private use by banks and enterprises, think about how big of a potential it embodies for minimizing bureaucracy, fighting corruption, public register of lands or keeping the state budget in check and balance.
A technology that will rebuild industries
The last speaker was Mr Örs Orsagh, the deputy CEO of Blockhain Competence Center. It groups fans and experts of both Blockchain and e-commerce with the main goal to “educate and inform everyone in the country that the Blockchain technology is different.” At the start of his presentation, Örs asked the audience a crucial question “What makes BC the game changer in comparison to other leading technologies?” and also provided his point of view.
The beauty of Blockchain is in the way the transactions are done, not necessarily in the cryptocurrencies themselves. Blockchain removes a 3rd party. It will not only “change many industries but also rebuild them”.
Örs illustrated the way smart contracts can be stored on Blockchain on an example that everyone could see the future potential of: imagine you want to sell a car. You will go to a Blockchain platform and create smart contract of certain value. The buyer transfers the money via a Blockchain address and sends the contract. No middle man needed!
Questioning how Bitcoin’s value is determined and how to prevent its constant fluctuation, you have to think of it as American dollars. The sole difference between them is that the “US dollar is a paper version of any cryptocurrency” and “its value will be determined by the same principles as any other currencies are”.
At the end of the NEXT Blockchain event, after all the speakers enlightened the audience with the most human brain can gather in one sitting, one of the co-founders of 0100 Ventures, Dušan Duffek, made a “raise-your-hand” pool on the spot. “Who learned something new tonight?”
Many did, yours truly included.
If you want to learn more or get to know the community, you can visit the first of five DECENT Meetups with Matej Boda, co-founder and CMO at DECENT, on November 14th. Until then, here’s a video from the NEXT event.