Top 5 talks of London Blockchain Week — Day 3
Transportation, food production, energy, health, HR, insurance, security,… You name it, blockchain will change it. I attended day 3 of London Blockchain Week, a conference that assembled companies implementing the new technology, cryptocurrency exchange platforms, researchers and enthusiasts. Since there were over a dozen panels and presentations, I made a selection of the most memorable ones.
1. Supply chain
Shipping companies get thousands of emails per day which have to be read, evaluated, forwarded, discussed and responded to in different languages. Now imagine those emails being standardised by machine learning while it would use databases to interact. Technology has the power to do that. So why is it so challenging to adopt an emerging technology like blockchain in shipping?
One reason is the traditional nature of the sector, dating back to our great-grandfathers ruling the seas. Another reason is the complex international framework and diverse regulations per country. But according to Alexander Varvarenko, CEO of shipping company Varamar, the biggest concern is something else: Corruption. “Certain governments don’t want change for the better because they try to protect their obscure, personal interests. But in order for this industry to adopt blockchain, all countries and players (manufacturers, suppliers, middlemen,... ) need to understand the blockchain language. This new technology can’t live on its own”, said Varvarenko.
Jason Kelly, Blockchain specialist at IBM, also encouraged the transport sector to adopt blockchain. “End-users don’t only think about the cost of a product, but also its reputation and social responsibility. Blockchain would offer more transparency because every modification to a product can be backtracked in the supply chain, or as I call it, the value chain”.
2. Criminal records and authorising documents. And elections?
You can’t talk about blockchain without addressing legislation. In a panel discussion, two Members of European Parliament (MEP) gave their views on governing blockchain.
British MEP Ashley Fox shared with the audience a practical example of the use of blockchain, saying it could help access criminal records, thus offering reassurance to citizens and future employers. Nevertheless he admits that most politicians are very nervous about new schemes because they are fearful for things going wrong. He therefore believes we first need a successful pilot scheme in a small area. “Gibraltar drew up a principle-based approach, which is the right way to do it. I expect this will be copied in other places.”
Another example was given’ by Lithuanian MEP Antanas Guoga: authorising documents with blockchain. “Whenever you visit a doctor, this information could be added to the blockchain database. This can be used as proof for when you can’t go to work due to an illness.” On the question which role a government should play when it comes to blockchain, he said “they should NOT interfere but encourage organisations to further develop blockchain”.
Since we were in the presence of two high-profile politicians, the moderator posed the question wether or not blockchain elections could happen anytime soon. “We are still a long way from that”, they admitted.
3. “You ARE the product”
Technologist Julien Bouteloup is a strong advocate for taking personal data back into our own hands. “Corporates like Google and Facebook make tremendous amounts of money by selling our data. I’m trying to build a platform where you can sell your own data instead of them”, he said determined.
4. Blockchain in China
Bo Ji (representing Cheung Kong Graduate School of Business) set the stage for what was going to become an entertaining presentation. He warmed up the crowd with this amusing video:
He followed up by speaking vigorously about blockchain opportunities in China, a country that is widely known for its citizens’ interest in fintech. “I see Brits paying with contactless debit cards in supermarkets. In China we have been paying with smartphones for years!”, he exclaimed proudly.
Ji went on to illustrate his country had the highest amount of blockchain patent applications globally, almost twice as many compared to the US. However, Clarivate Analytics’ Overview of the Blockchain Patent Landscape says “the US still leads the way overall in patent assignees”. These contradicting statements are exactly why you must read the final paragraph of this piece!
5. Mosaic
The most interesting company of the day was the one that flew under the radar because it wasn’t launched yet. But the following week, Mosaic went public. Its decentralised market intelligence network aims for reliable research and information on cryptoassets. In a time when we are exposed to questionable reports on blockchain and cryptocurrencies, Mosaic brings news objectively, backed up by data. Without giving away too much info here, I encourage you to read this one-pager and check out the website via the link below 😉.
