Conversations in Davos — Blockchain on the Global Stage
Last month my cofounder Adam Zheng and I joined over 3,000 delegates and world leaders, and thousands of industry titans in the Swiss town of Davos for the World Economic Forum. The annual event discusses developments and ideas that aim to improve “the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.” This year, we were invited to speak at the One World Blockchain Forum to present ObEN’s adoption of Project PAI’s blockchain, bringing Personal AI for all. In the teeming Davos Village, where snow, sleet, and over-crowded hotels and transportation systems served as great equalizers, we found ourselves rubbing elbows and sharing rides with everyone from politicians and executives to financiers and researchers from every corner of the globe.
In these unguarded moments of camaraderie against the cold and frost, Adam and I were able to have some candid conversations about a topic on everyone’s mind — blockchain. Though Davos was focused on developments in AI the year prior, this year the spotlight was on the immutable, decentralized technology that has crept from fringe obscurity into the international spotlight. The WEF’s Global Future Councils featured an exploration of the blockchain’s impact on the future of society, the first time the Forum has highlighted the topic. A stroll through Davos Village served to reinforce the prominence of the topic, with blockchain-related displays and booths a common sight throughout our time there. The more people we spoke to, the more a general consensus seemed to emerge: blockchain is a fundamental technology that, much like the early days of the internet, will begin to attract the attention of leading companies and engender government regulations that will in turn help the industry mature — a maturation date that we are quickly nearing.
Respected and established institutions are entering the blockchain field. As keynote speakers at the One World Blockchain Forum, we were joined by speakers from the UNFCC’s Climate Chain Coalition, Ethereum Enterprise Alliance, Price Waterhouse Cooper’s FinTech & RegTech Department, the President of the National Retail Federation, and more. As more and more blockchain protocols are developed, both by larger companies and the startups that have ruled the field thus far, those that best serve the public need, whether it be executing smart contracts, social networking, or enabling Personal AI on the blockchain like Project PAI, will rise to the top and gain in popularity, with more people entering the blockchain ecosystem.
Which is to say the utility of the protocol itself should be the ultimate deciding factor for a blockchain’s value. Many of the industry leaders we spoke to believe that as government regulations set in, and more big-name players establish exchanges and consulting groups, the confluence of self-policing within the blockchain industry and the new regulations will have a stabilizing effect that will in turn support greater adoption and cause more established companies to enter the game. And in truth — the industry does need to get better at policing itself, with greater scrutiny of whether a public blockchain can indeed fulfill some of the value it has promised. By collectively promoting and collaborating on only the blockchains with true public utility, the blockchain community can elevate itself in the eyes of both the global industry and the individual users.
When the blockchain industry does mature (and it is really a question of when, not if) the possible utility is profound. Much as the “trustless” system touted by those familiar with blockchain may sound unappealing — “trustless” is a huge leap in the right direction. Nearly every current transaction system — from setting up an account with a bank, to business contracts, to international treaties, ultimately involve a handshake and a solemn promise to fulfill the terms of the contract. But if we learned anything from the 2008 economic crisis, handshakes mean very little, data can be compromised, and there is little recourse when a government or corporation potentially abuses that trust. What the blockchain takes away is the need for that handshake (thus trustless system), the elimination of an intermediary needed to suss out a contract between two parties. A well written digital protocol that can facilitate, enforce, and verify an interaction cannot be swayed by a cash bribe or a veiled threat. Two parties don’t even have to know each other to enter into a smart contract — reducing transactional costs and opening up greater opportunities for collaboration, trade, and the exchange of ideas. For those weary of a trust-dependent system that has so often failed, the trustless blockchain enabled system cannot mature soon enough.
For blockchain, an appearance on a global stage like the World Economic Forum is an indication that the technology is more than a trend — it’s a global movement that can drive big revolution in data, communication, and digital interaction.
P.S. We are getting reading to share some exciting news with the Project PAI and ObEN community this month — stay tuned on our social channels!
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