iOlite, industry leaders gathered in Zug to push for widescale blockchain adoption
The July 5 event, organized by iOlite — developers of a platform empowering mainstream users with blockchain technology — marked the establishment of the first ecosystem to facilitate mass adoption.
ZUG, July 9, 2018 — Industry leaders met in Zug, Switzerland’s “Crypto Valley,” last week, July 5, at iOlite’s “Blockchain Adoption Meetup” to discuss the challenges of mass adoption of the technology and propose a plan of action. The event, hosted by the iOlite Foundation — developers of a crowd intelligence platform enabling anyone to write smart contracts and blockchain applications in their natural language — brought together professionals from a number of sectors, including financial, legal, logistics, IT, and others.
A topic of focus was the many fears and misconceptions surrounding blockchain as an obstacle for mass adoption. According to Luca Ecari, co-founder and president of the Crypto World Zug (CWZ) Association and veteran enterprise executive, lack of general awareness about the technology and its value have played a major role. Ecari stressed the need to increase knowledge and understanding of blockchain as the first step to radically influencing how the workforce perceives and interacts with the technology. The CWZ Association has been working to educate professionals about blockchain though live discussions, weekly workshops, and networking events.
Representing the financial sector, Yassine Ben Hamida, founder of Alprockz Ltd — the first regulated and legally enforceable cryptocurrency — noted that blockchain would eventually turn banking into a utility and commodity, with less banks and more fintech providers. Ben Hamida added, “The winners of the current transformation in the financial industry will be those building bridges between the two worlds.”
Nick Chong, head of North America at the leading fintech and cryptocurrency enterprise Quoine, presented the company’s sustainable token economics model based on a solid community in order to maintain token value post-ICO and over time. Chong emphasized the importance of developing communities to rally behind a company product — as opposed to simply placing the product on an exchange — as a way to promote mainstream blockchain adoption.
Thomas Kofler, VP of Strategic Relations at Olam Foundation, a blockchain-based logistics infrastructure, discussed the challenges of the growing global logistics market, which stood at $10 trillion in 2017. According to Kofler, in an industry in which there has been no innovation in 60 years, the solution for blockchain adoption is to create a plan that is not completely disruptive. Olam has created an open-source decentralized platform that provides the logistic stakeholders in a supply chain the possibility to transfer information through a standard protocol. It is a non-profit, neutral provider that aims to become the communication platform of the global logistics industry.
iOlite CMO Yael Tamar addressed usability and scalability as obstacles to widescale adoption across industries. To this end, iOlite’s software is creating a bridge between blockchain and the mainstream. The iOlite plugin allows programmers as well as those with no technical background to write smart contracts and design blockchain applications using any programming or natural (spoken) language. iOlite’s Fast Adaptation Engine (FAE) then translates it into blockchain code — publishing what it doesn’t recognize to Iolite’s community of experts, who then generate knowledge back.
Usability and scalability were also hot topics at the TechCrunch sessions, which iOlite’s team participated in the following day, where Ethereum founder and inventor Vitalik Buterin spoke on a panel about the challenges of scaling Ethereum.
Through its software and the blockchain adoption acceleration event, iOlite is working to enable accessibility and provide the tools needed for companies to incorporate the technology into their businesses. Commenting on the success of the event Tamar said, “The fast pace at which blockchain technology itself has developed in the past decade has not matched the rate of adoption, which has been slow. These issues need to be addressed. This event and the establishment of an ecosystem to tackle this problem bring us one step closer to mass adoption.”
About iOlite
Founded in 2017, iOlite’s original mission was to address the challenges of bringing blockchain technology to the mainstream by bridging the language gap. The idea was to empower anyone — mainstream programmers, business professionals with no coding expertise, even your grandma — to write smart contracts using any language, programming or natural. This soon grew into a broader vision of creating an “AI-human” engine, accessed through software plugins installed in mainstream IDEs (e.g. Visual Studio), that would constantly learn how to communicate with any machine (e.g. blockchain), using any language required and supported by the community. The benefits of the iOlite technology are far-reaching. Signing a rental contract, filing an insurance claim, even streaming music securely and efficiently through smart contracts can become a reality for any business or individual. iOlite makes blockchain accessible to all. It allows for cost-effective ICOs, meaning higher returns and much lower risks for investors. Blockchain has the potential to transform and simplify our daily lives. iOlite brings the blockchain revolution to your doorstep.
Contacts:
Yael Tamar (CMO)
Yael@iolite
