MIT Panelists Ponder Blockchain’s Tipping Point

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At the recent MIT Sloan CIO Symposium, one of the critical questions brought forward examined “…what use case of Blockchain will become its tipping point?” according to a post at the MIT Sloan School‘s Innovation@Work Blog. 

MIT Professor Christian Catalini, who moderated the CIO Symposium panel, “How Blockchain will Transform the Digital Economy,”  described Blockchain as “…bringing together the fields of computer science, market design, and law.”

“In some ways, the opportunities around Blockchain technology seem almost limitless—it can enable trusted micro-transactions, it is inherently auditable, and it addresses what can’t be addressed by traditional distributed databases.”

The panelists (Anders Brownworth of Circle, Peter Nichol of PA Consulting Group, Simon Peffers of Intel, and Matthew Utterback of Rex Mercury, Inc.) provided a wide range of applications where Blockchain technology can make a significant impact, such as:

  • Accounting on the fly
  • Licensing
  • Digital Rights Management (DRM) and tracking usage
  • Enabling digital financial transactions in cash-only developing economies
  • Reducing fraud associated with U.S. Medicaid and Medicare. 

“Blockchain will become a general purpose technology, like the Internet or electricity,” said Catalini.

“The Internet may be the best indicator for what Blockchain may eventually do or become; it has fundamentally changed many aspects of our lives, and it has created new markets and new ways of doing business. Another example is Facebook, which became the “killer app” that drove millions of people to go online and interact in ways far beyond basic email usage. Blockchain is waiting for its Facebook moment.”

“We’ll likely see both private and public Blockchains (similar to intranets and the Internet). We’ll almost certainly see new forms of intellectual property generated by Blockchain technologies. We hope we’ll see vast improvements in how transactions are conducted in developing economies. What we don’t know is what will actually create the tipping point. All we can predict is that the tipping point is coming.”

Read article in full here.

 

 

About Richard Kastelein

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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