Since 2015, Consensus , the annual gathering of the cryptocurrency and Blockchain technology worlds organized by CoinDesk , has attracted academics, policymakers, major companies, developers, founders and investors across the cryptocurrency and Blockchain business to explore, collaborate and debate the future of the industry under one roof.
As the most influential annual Blockchain event in the industry, Consensus 2019 brings together founders and experts in Blockchain, as well as Wall Street giants, Fortune 500 companies and leaders in finance, technology and politics.
Spark Blockchain is a Blockchain consulting and incubation service provider in the U.S. with developer relations at its core. Their conference event—“China and the U.S.” —was the only session focused specifically on a comparison of two major international players in the Blockchain industry while looking to the opportunities and challenges of Blockchain for China and the U.S. over the next five years.
There were 6 industrial leaders in the special session, including Maggie Wu, CEO & Founder of Krypital Group; Chunru Cherie Liu, Head of MOAC Foundation in the U.S.; Yubo Ruan, Founder of 8 Decimal Capital; Elon Huang, Co-founder of MatrixONE; Yunpeng Ding, Director of International BD from GXChain; and Tong Shen, Co-founder of Block Kingdom & Spark Blockchain.
One of the highlights raised by speakers was mass adoption of Blockchain. Maggie Wu identified mass adoption of Blockchain in her speech as both a pressing challenge and an opportunity.
“Mass adoption of dApps which consumers will actually use is one of the critical opportunities, and there will be a dark horse that bridges Blockchain to mass adoption,” Wu predicted.
At the same time, Yubo Ruan from 8 Decimal Capital, and Yunpeng Ding from GXChain were optimistic about the adoption of the crypto world in the future. Ruan likened the Blockchain industry in 2017 to the Internet era in 1999. According to Ruan, based on the Action Curve for new technology, Blockchain technologies and cryptocurrencies are still in their early adoption stage, with a group of innovative users taking only 2.5% of the total population of the world. In 1999, there were only 250 million Internet users during the “dot-com” bubble, whereas 4 billion people surf the Internet today. Ding also mentioned in his speech:
“China and the U.S. are leading the global Blockchain industry, and it wouldn’t take much time for the Chinese and American markets to adopt Blockchain nationally.”
Speakers also looked forward to more actual use cases appearing in the future. Cherie Liu’s summary on top use-cases reflected other speakers’ opinions:
“Payment, shared trading, online ID, loyalty rewards and transactions are the top use cases in the U.S.”
Yunpeng Ding identified GXChain’s mission of building a trusted data Internet of value is a good use case of Blockchain. Quote from Ding:
“GXChain is a public Blockchain for the global data economy. It provides data transaction and exchange services for enterprises, businesses and individuals. It also provides a solution for the data economy by developing multiple trusted data modules.”
At the same time, Huang from MatrixONE mentioned that there is an urgent need in Blockchain for the participation of huge brands from traditional industries. Huang believed that institution-grade financing and its platform-based tools will play an important role in Blockchain.
Furthermore, Tong Shen from Block Kingdom & Spark Blockchain proposed that Blockchain + Game will be the most valuable dApp category for mass adoption in the next five years. According to Shen, Blockchain technology is expected to solve the conflicts between the lifecycle of games and the players’ assets, change the distribution of games and rebuild the form of game assets exchanges in a fundamental way.
Regulations and compliance of Blockchain were also what speakers cared most about. Wu from Krypital Group believed that:
“…favorable regulations such as ETF approvals will ignite the next bull market”. “Compliance, auditability and privacy come before profitability—three elements which are necessary for the future of cryptocurrency”, Elon Huang from MatrixONE identified.
In regards to the differences between Blockchain in China and the U.S., speakers talked about regulations and business models. Yubo Ruan thought that compared to China’s focus on business model innovations, people in the U.S. may pay more attention to infrastructure models.
At the same time, Liu from MOAC identified Blockchain development in the U.S. emphasizes more on financial technology, like payments or transaction, whereas people in China focus more on innovations, and how to combine the use cases in the traditional world with the Blockchain world. A quote from Liu’s presentation:
“For Americans Blockchain is a technology or a philosophical practice. But for Chinese, Blockchain is an opportunity for China to change lanes and surpass competitors.”
Speakers held an optimistic opinion on the long-term interest of Bitcoin, believing that great opportunities do arise from challenges. The session was live-streamed on CoinDesk’s official platform and attracted special attention from industry leaders, Blockchain enthusiasts and reporters from Jinse Finance, Mars Finance and more.
For more information, please visit:
- Spark Blockchain: https://sparkincu.com
- Krypital Group: http://krypital.com
- MOAC Foundation: https://www.moac.io
- 8 Decimal Capital： http://8dcapital.com
- MatrixONE: https://mat.one/#/index/en
- GXChain: https://www.gxchain.org/en/
- Block Kingdom: https://www.blockpirate.io
- Automated Software Crypto Genius Creates Advantage - February 18, 2020
- 5 Important Risks to Watch in the Cryptocurrency Market - February 17, 2020
- Effective Trading Robot can Help Users to Trade in Crypto Currency - February 10, 2020
- Bitcoin Era Pro 2020 – Trading Cryptocurrency on Autopilot - February 5, 2020
- Bitcoin Circuit: Automated Algorithm Trading Alerts Users when Trading is Profitable - February 5, 2020
- Algo-Affiliates: Affiliate Marketing in The Cryptocurrency Industry - February 5, 2020
- How Blockchain Technology Is Changing The Online Gambling Industry - January 13, 2020
- Mintdice – Playing it Fair with Blockchain - December 9, 2019
- Revain Blockchain-based Review Platform’s Advantages Over Existing Review Sites - November 27, 2019
- Blockchain Startup Global Funeral Care Cut New Deals at LATOKEN Blockchain Forum in London - September 25, 2019
- Blockchain is the New and Improved ID Verification - September 24, 2019
- Crypto payments for Small and Medium Business are Becoming a New Reality - August 30, 2019
- Cryptocurrency Education Company Cryptowisser Now Lists More Than 500 Exchanges - August 22, 2019
- Consensus 2019: Opportunities and Challenges of Blockchain in China & the U.S. - June 13, 2019
- What do Banks Need to Know About Virtual Currencies Right Now? - April 4, 2019
- Why Bitcoin Surged 20% In A Day, And What This Means For Its Future Price - April 4, 2019
- Japanese USDDex – New ERC-20 Stablecoin Claims up to 45% Profit to Crypto Investors - March 19, 2019
- Will Increased Decentralization Give Bitcoin its Second Life? - March 18, 2019
- Cryptocurrencies and crowdfunding: The road from the Statue of Liberty to tokenisation - March 13, 2019
- An Overview of the Best Bitcoin Exchange Apps - March 7, 2019