What we learned from Charles Hoskinson about tokenization of brands and blockchain in banks
The Crypto ICO Summit is an event that brings together global influencers, policy makers, investors and participants to lead an open dialog and shape the future of crypto. It is a huge and successful event that gathers together over 2,500 people from 30 countries that are sharing their experience in crypto and ICO projects. This summit took place on 27th and 28th March in Zurich, Switzerland.
We were participating in the summit as a sponsor and the Energy Premier project was presented in front of many crypto and ICO participants and leaders. This event offers the participants to learn how the industry leaders invest in crypto. On the other side, the start-ups can learn what it takes to conduct a successful and compliant ICO on the Crypto ICO Summit Zurich.
What attracted our attention the most on the summit was the speech of Charles Hoskinson. Charles Hoskinson is a Colorado-based technology entrepreneur and mathematician. He is the founder of three cryptocurrency start-ups: Invictus Innovations, Ethereum, and IOHK. Moreover, he was the founding chairman of the Bitcoin Foundation’s education committee, and he established the Cryptocurrency Research Group.
On the Crypto Summit, Charles Hoskinson was talking about tokenization of brands.
“Tokens are coming”, he says. Charles believes that any brand can tokenize, there is just a question about should they tokenize or should they use other people’s tokens. They can still offer their products and services in US dollars or some other currency.
We already know how to issue tokens and how to put them into the decentralized global market. Charles thinks that the biggest disruption is going to be how these tokens will be unified into one global nature, because they are specialized in some particular market. It is no longer a case where you have different stocks, commodities, currencies, and they live in different changes and different markets. Instead, now we have tokens that can turn into other types of things. We are moving into a universal wallet, where the customer no longer cares where they live. They can live anywhere they want, and they will own a personal portfolio assets which is not connected with the geography.
Charles says that consumers will be able to use the same token for anything in the world and for any supplier in the world. “Imagine you are a lawyer and you create your own 40 tokens that represent your services, you presale them, and people just buy your tokens in the open market. You can presale any of your services in the open market.”
He believes that there will be some high-priced consultants that will convince companies that it is a good idea to tokenize and that by 2020 we will probably see that everyone will have some form of token. He thinks that more brands are already going down with tokens because there are standards created for tokenization and it is getting cheaper and cheaper for having transactions everywhere in the world.
“There is always a token somewhere at the end of the rainbow”, he says.
Moreover, Charles Hoskinson told us something more about blockchain in banks.
When it comes to blockchain in banks, Charles told us what he would advise the executives if he was in the board of directors of some bank. The reality of banking is the customers, and the banks provide services to the customers, such as settlement systems, payment systems, custodial services, balances amongst each other, etc.
So, the question is which one of the bank services are going to be disrupted in some way by the blockchain technology. The blockchain offers us a better way of privacy, custodianship, safety, and that can be either be done on an open ledger or on a private ledger.
According to Charles Hoskinson, banks will have to ask themselves how their customer experience is changing over the years. This process of changing has been done once before, when the banks went in the digital world. There are a lot of things changed in the banking procedures — banks were once talking to their customers on person or on phone, than it changed over mail, text messages, or websites, and it looks like that they don’t even need to have a branches. There are even banks that don’t have branches, they just live in what they need for physical connection.
So, the banks had this kind of conversation once before, and they have the identical conversation again. Banks have to break it down and say which one of their services will get a lot cheaper, a lot more reliable, which one of their services will become a lot more absolute or no longer necessary.
Today, we have this new type of technology — the blockchain technology. “With having this technology, maybe you can put the entire bank on a cellphone, and all payments will be in the decentralized stores”, Charles says. He thinks that if that happens, you will still be able to create financial products, you will still be able to manage those products, issue them, sell them, but you will have a new customer access to those products from a cellphone.
Charles thinks that the blockchain technology will transform the banks. Like every revolution of the banks, there will be some winners and losers. Now, we will go from digital to blockchain revolution, and it will have winners and losers too. “The winners are the ones who are still fighting to maintain good relationships with customers and to offer better services to the customers”, he says.
Energy Premier is joining the revolution of tokens and blockchain technology. We are utilizing blockchain with our EPC tokens. Our company is building a strong ICO with great team, and we already have lead users and live & working product. As a sponsor of such event, we have learned a lot of useful things that will help our community to grow and revolutionize the current energy trading environment. Join our journey!
Thank you for reading.
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