Blockchain: Societal Impact

I think non-financial use cases of

blockchain are just emerging the biggest

such application currently are nfts or

non-fungible tokens which represent

unique assets things like Collectibles

primarily today but there's been an

explosion of representing other types of

assets things like carbon credits real

estate Securities and those kinds of

things fundamentally you can think of

blockchain as creating more efficient

usage or exchanges in almost any Arena

one way to use blockchain is to track

energy and and how it's used throughout

a grid and being able to then help

people figure out how to use it much

more efficiently

any time where there's like a contract

the participants they need some level of

trust right and usually we bring in

lawyers to do that and it's great

lawyers are an awesome solution to that

they're also an expensive solution to

that blockchains can create situations

they can't solve every problem but they

can create situations where we don't

necessarily need a lawyer to be involved

because things that the lawyer would

take care of can happen on the

blockchain in a way that everyone can

trust currently when we upload photos or

videos we don't actually have ownership

over that data so there's a huge

opportunity in terms of how do we

communicate with people that we love but

also how do we create online

what excites me most about blockchain is

the opportunity to deal with the wealth

Gap blockchain enables opportunity

because in this space we get to

de-identify ourselves and now I'm able

to interact with people anonymously or

pseudo anonymously with just as a series

of numbers my public key and I can

participate in any type of use cases

that I want without having that

regulation preventing me simply because

you know I'm of a particular demographic

or a particular gender My Hope for the

future of blockchain is that we find

ways to solve problems that we haven't

been very good at solving Financial

inclusions an obvious one blockchain

technology either by itself will solve

this problem or it will push governments

to put in more sensible regulation to

have more sensible policies on access

that'll solve the problem the thing that

keeps me up at night that I'm really

worried about is that we will wind up

whether accidentally or deliberately

rebuilding the same biases that we have

in our existing system

foreign

there definitely are environmental

impacts when it comes to blockchain

technology with Bitcoin it's proof of

work and proof of work requires energy

consumption but the value that Bitcoin

brings is much higher than that energy

consumption the environmental impacts

are disastrous in the case of the proof

of work Technologies that's Bitcoin as

an example so proof of stake is another

form of consensus system we have

stakeholders that stake on a on a

blockchain to say that this block is

valid so using proof of stake we're

actually not expending any electricity

usage a lot of people believe that it's

it's less decentralized so I think

you're going to see blockchain reducing

its own carbon footprint meanwhile

providing Technologies and abilities

that will help improve things outside of

the blockchain space

I believe that crypto currency in

blockchain are going to continue to grow

and be widely adopted it's true that it

goes through Cycles so sometimes we'll

see a massive run-up and then a

correction but if you zoom out over

these from one cycle to the next it

continues to grow at a really rapid Pace

my biggest concern with blockchain

technology is that it's developing very

fast but the regulators and governments

don't really understand it they don't

know how to regulate it they will

eventually but short term they don't and

it's important to agree across countries

not just in one country it's already

become a an underlying layer for lots of

systems and applications worldwide and

so it's pretty difficult to at this

point stop using blockchains do I think

decentralized permissionless open

networks are here to say I certainly

hope so and I think Bitcoin demonstrated

that they are at least that one seems to

be over a decade in existence will the

new one survive it's really anybody's

guess it's impossible to know for any

new thing we need a lot of evidence to

believe that it's really going to be the

next big thing and in the case of

blockchain we just don't have that

evidence yet blockchain's helping push

the technology it's pushing ideas it's

pushing competition but sometimes the

first mover isn't the one who wins