this year’s world economic forum (WEF) has come to an end. It is time that we the Meet — the from the 22. up to the age of 25. January was held in the Swiss city of Davos — Revüe happen.
Similar to last year, were Crypto-currency one of the hot topics in Davos. In General, only to realize that the „Blockchain goes beyond Bitcoin“ Mantra was the prevailing opinion. The popularity of the technology went hand in hand, as it were, crypto-criticism.
WEF founded the world-Blockchain-Council, BitPesa’s founder, assumes the Vice-chairmanship
arguably One of the most important events on the world economic forum was the election of Elizabeth Rossiello, CEO and founder of BitPesa, the Vice-Chairman of the world-Blockchain-Council. BitPesa is a Kenyan Blockchain Startup, which specialises in remittances from migrants, and mainly in the UK, Kenya and other African and European countries operates. In addition, the company could receive the first-ever Blockchain-licence from the British financial Supervisory authority FCA, as it is said in the own news release.
The new Blockchain-the Council, in turn, is part of the San Francisco-headquarters centre for cyber security and the Fourth Industrial Revolution, which was launched in the year 2017, at the world economic forum. Already in the year before the Forum Blockchain was identified as an important driver of the Fourth Industrial Revolution, as the technology was call in 2016 to the „pioneering technology“ of the event, an honor which was before Google and Wikimedia.
On the recent conference in Davos, Rossiello with the experts in the industry, as well as the rest of the thirteen members of the Council — including representatives of various Supervisory authorities and from the Fintech industry-the Agenda of the Council is outlined.
In may 2019 the Council of Ministers for the first time in San Francisco, to his Advisory role for the world economic forum. The bar seems to be from the beginning to the high-placed, because according to Rossiello „is 2019, a decisive year for the Blockchain-industry“.
Sheila Warren, the Blockchain-Chairman of the forum, explains why the choice fell on Rossiello, „not only because of their multi-faceted knowledge of the industry, both in technical as well as legal Expertise, but because of their ability to the different factions of the industry together.“
In the framework of the conference was Warren from ConsenSys interviewed and said that the wide acceptance of the Blockchain could be, if governments decide to use technology. So you said in the text:
„Whether it’s us or not, governments are a good distributor with a great platform. If we find a way that governments use Blockchain actually use, then we make a big step in the direction of acceptance.“
In this context, Warren sees the Asian countries Singapore, Japan, China and India as the Central Player driving the Blockchain in the near future.
Blockchain-a trade Association reported on a great interest of institutional investors
The international trade Association of the Global Blockchain Business Council (GBBC) has Numbers on the Forum from a public opinion survey among the Blockchain investors. It should be come out that around 40% of institutional investors view the Blockchain as the most important Innovation since the Internet.
The GBBC has interviewed in the past two months, 71 investors, of which 40% of the Blockchain as a technology with the „greatest transformative power“ for the Internet to see. In addition, a third of the Respondents expects that in the next five years, the Position of the Blockchain-Chairman in the Supervisory boards will be introduced. Furthermore, 38% said that large companies have to create a Blockchain-Plan to communicate to the Public in its dealings with the technology.
„There is little doubt as to the potential impact of the Blockchain on a variety of industries and daily life can have,“ as GBBC Director Sandra Ro said on the Forum. In addition, she added:
„more and more, that in the future those companies will be successful that can have a sophisticated Blockchain-strategy […].“
Circle CEO Jeremy Allaire holds a fiery plea for crypto
Jeremy Allaire, CEO and co-founder of the crypto-financial services provider Circle, participated in a panel discussion on the theme „building a sustainable crypto-landscape“, in the compulsory crypto-criticism (see below) had to make. He replied, that Virtual currencies are a fundamental building block of the digital age will be, simply due to its decentralised nature:
„crypto-basic currencies are part of the future. […] We need non-tamper-proof, resilient, and decentralized infrastructure, if we want to survive as a society in the digital age.“
Allaire fought back against the stigma of Crypto. „The people around throw the word ‚crypto‘, as if it is something Evil,“ he explains. „But if you think about it, the cryptography of the mantle of the modern society, for human privacy. It is the most important defensive shield against Cyber-crime. It is the fundamental means of our daily communication and cooperation.”
furthermore, the Circle CEO, thinks that the crypto community can interact with centralized organizations, such as, for example, Central banks, together. In this context, he points to the Circle Stablecoin, which was launched in October in partnership with Coinbase on the market, his point of view. In the text he explains:
„We are big supporters of the Central Bank currencies, controlled Digital. […] However, we assume that crypto-currencies based on Central Bank money will be initially established in the private sector. Last autumn, we have the dollar Coin introduced in the market that is growing rapidly.“
Jamie Dimon is not gloating about Bitcoin crisis, showing a positive effect compared to Blockchain
JP Morgan Chase CEO Jamie Dimon, because of his saying that, for him, Bitcoin (BTC) „don’t give a shit“ is as fierce a critic has become known, was asked whether he gloating about the momentanen Bitcoin-crisis feel. This Dimon denied, however.
Instead, underscore the JP Morgan Chase managing Director, that he has a positive view of the Blockchain is set, and that, in spite of the excessive hype around the technology. He sees the Blockchain as a better Alternative to Online databases.
„the Blockchain is a technology that’s right — it is a database that anyone can access, and is always up to date,“ as Dimon in a CNBC Interview.
The American investment Bank, has been working for some time with the Blockchain. So JP Morgan Chase had announced already in October 2017, a private Blockchain System for international payment transactions, the number of involved in a transaction parties „to drastically reduce“ to reduce the duration of remittances „from weeks to hours“. In may 2018, the investment Bank had filed for a Patent for a Peer-To-Peer network based on the Blockchain.
In October 2018 published by the research group researchandmarkets.com (RM) a study of the it means that Blockchain is one of the key technologies in the future plan of JP Morgan Chase, which provides for a further development to the important digital Bank.
„Dr. Apocalypse“ and the PayPal CEO, votes Tenor of the crypto-critics
Other figures of the economic world were less forgiving compared to the Crypto. The most obvious criticism of the New York economist Nouriel Roubini, who is known in the industry as a „Dr. Apocalypse“ practiced. Roubini presented themselves to a panel discussion, which was organized by the crypto exchange LaToken, as „the greatest public critics of crypto and the Blockchain“.
The Economist went on his statements in the context of a hearing before the US Senate for banking, which were made in October 2018 and open to the public. In this he had not said that Blockchain „is much more than an Excel spreadsheet“. However, he noted at the world economic forum, that this statement was deliberately „provocative“. Furthermore, he had called crypto-currencies at the time as „the mother of all speculative bubbles“, while he called the Blockchain „is the most overrated technology of all time“.
„Dr. Apocalypse“ also provides for the use of private Distributed Ledger technology (DLT) is critical, since these would not operate on a truly decentralised and erroneously as the Blockchain is labelled. He is also of the opinion that Central Bank-driven digital currencies (CBDCs) have currencies with no connection to the Blockchain, and Crypto.
Another cause for criticism is the „tokenization of all, for Roubini,“ as he calls it. In its view, the tokenization – the packaging of assets in the digital Tokens – back to the era of barter transactions. For how absurd he is holding this idea, he stresses, is emblematic of the popular cartoon series of Flintstones in the stone age and pay the people with shells as a medium of exchange. Tokenization, he feels even worse.
The PayPal CEO Dan Schulman was also critical of Bitcoin, focused mainly on its limited usability in the retail sector, which is why the acceptance by merchants is still low. The Blockchain technology, certified Schulman, however, is potential.
„Currently there are still many traders that Cryptocurrencies as a form of payment to accept, but I think the underlying technology is interesting,“ as he says in his CNBC Interview. In that regard, he underlined the importance of the Blockchain to the supported crypto-currencies:
„I’ve always been convinced that Kryptos are more likely to be a kind of reward mechanism for the use of Blockchain and not a real currency.“
Schulman had already brought in the past, his crypto-skepticism. He said in January 2018, that Venmo, a Smartphone payment service of PayPal, no integration of crypto would provide for currencies:
„The volatility of Cryptocurrencies makes for traders as a real currency unusable.“
Huw van Steenis, a top Advisor to Mark Carney, the head of the English Central Bank, said to Bloomberg that crypto-currencies pose no threat to the financial system, especially since the transaction speed is a crucial hurdle:
„I’m not Worried about the crypto-currencies as they meet the basic requirements of a financial agent. You are not a good medium of exchange, not a good store of value and on top of that, they are slow.“
Ripple managing Director, attacks charged Joseph Lubin sharp
In the framework of the panel discussion „Where it goes with the Blockchain in the year 2019?“ were both Ripple CEO Brad Garlinghouse as well as Ethereum co-founder and ConsenSys founders, Joseph Lubin. Overall, the discussion was calm, at one point, however, it has been heated.
As a Moderator, Robert Hackett Lubin, how he managed his own fortune, did not want to Lubin comment on this, and objected only to the statement that he was one of the largest ETH-owners, what could „no data“ support.
Garlinghouse took the opportunity and threw that Ripple „is attacked for its transparency,“ which referred to the recent XRP annual report, a short time later it was published. So Garlinghouse said in the text:
„We publish reports on our business and not be attacked for it, while other platforms put your information in the first place open. So you can close yourself off from criticism. This is not the Definition of Hypocrisy, I am 100% sure, but it’s pretty close.“
The presenter hooked on it to and Lubin asked if ConsenSys wool in the future, provide for more transparency. This said, however, that his company was a private company, he also made the theme of still no thought. „Ripple is a private company,“ a pushed garlinghouse, to let this statement does not apply.
Blockchains potential in the healthcare sector will be highlighted
One of the discussion panels was devoted to the topic of Blockchain health. On the round called the „Blockchain“ in the health sector increased, among other things, Lata Verghese, Blockchain-head of the American IT company Cognizant, and Zia Zaman, head for innovations in the Asian region, the insurance company MetLife.
The output destination of the round was to put a focus on actual areas of application of the Blockchain and „the other Hype is to omit“. Accordingly, Vitana came as an alternate example, are responsible to talk to, a Blockchain-based insurance quote for Diabetes patients developed by the Singapore headquarters company Lumenlab.
in addition, other potential benefits were discussed, the Blockchain technology in health care may have, including, for example, a faster access to patient records or a faster assertion of any claims.
the stock exchange of Hong Kong comments on alleged Bitmain IPO
the Chairman of The Hong Kong stock exchange (HKEX) went on the tricky situation to the possible Bitmain initial public offering (IPO). The Chinese Bitcoin Mining group to have submitted an application, however, uncertainty about the current state prevails in the industry.
Bitmain has in the past year, the majority of its revenue from the sale of Mining devices. In may 2018, it was announced, however, that the company wants to change to Artificial intelligence, as the Chinese government is going increasingly against the local crypto industry.
For the second half of 2018 had planned to Bitmain for a possible IPO after the business figures, however, suggested that the company is facing financial difficulties, came rumors that the Chinese stock exchange supervision would hesitate, therefore, to the acceptance of the application.
At the world economic forum, HKEX CEO Charles Li Xiaojia said that applicants would have to have a certain consistency in your business model.
„When a company enters several billion US dollars of business model A, but all of a sudden on a business model B wants to shift, then it is assumed that in the application presented business model A has no sustainability and more,“ he said to the English-speaking news magazine, the South China Morning Post (SCMP). More Xiaojia:
says „in addition, if the regulatory authorities have previously established business model A is ignored, this want to regulate in the future, however, you can achieve the same sales?“
Xiaojia mentioned Bitmain but not explicitly by name, even though the journalists had directly asked for it.