International venture and capital advisory firm BlockchainArmy, has recently participated in the UNSPED Annual Meeting. The Chairman & Co-founder of BlockchainArmy, Erol User, graced the event with a keynote speech. He opened up about various burning questions and wonderful insights on the blockchain technology. He walked the listeners through how the blockchain technology is the future of the digital economy. Erol User is otherwise too very active in philanthropic initiatives, that relate to environmental causes, rights of the children, ethic in the economy and so on. So, his keynote speech was rather rich and connected to various intriguing points, which otherwise are not observed.
User touched upon various important elements about the blockchain technology such as:
- Needs of Blockchain technology: blockchain technology is needed at the core level of the internet, in order to make full use of the potential of the internet. He highlighted the need of “a secure, low-latency digital infrastructure” for the internet, which blockchain can very much provide, despite being in its formative years.
- Good things time: Further User explained, that transformation in itself is a time taking process. Mass adoption of TCP/IP (transmission control protocol/internet protocol), for instance, took around 30 years to be fully embraced. The benefits this transformation brought about can’t be denied. In a similar light, blockchain technology too can dramatically raise the society, by several notches in sectors such as lowering the transaction costs, and be the “system of record for all transactions.” He further added,
Blockchain is not a “disruptive” technology — it is a foundational technology. Blockchain has the potential to create new foundations for our economic and social systems.
- The four areas where the digital transformation is required: As per User, the digital transformation can bring about a massive transformation in:
- Customer experience
- Supply networks
- Internet applications
User emphasized the need to have a “dynamic ecosystem” for the business, to grow fully and allow employees, to connect on the global level.
- Governments all over the world are embracing Blockchain: User quoted that many governments around the globe are embracing the great potential of blockchain technology. The technology is especially helpful in areas such as, “healthcare, national identity management systems, tax and internal revenue monitoring, voting and secure banking services.”
He further cleared up the notion, that cryptocurrency is not the only parameter through which the blockchain technology should be gauged, as it is just one of the application of the technology. He explained, that even the countries with the strictest regulations around blockchain technology, do address the massive potential of blockchain technology.
Overall in his keynote speech, he urged how the blockchain technology can be highly beneficial, and even went ahead to call it “Unicorn of masses.” He summed up his views as,
Blockchain could validate and prove the exact time an action took place, like the birth or death of a person… [It] shows enormous potential for governments to deliver its services more effectively. […] Many governments of third-world-countries are open to the emerging technology and are betting on blockchain-based solutions to help them achieve their policy goals.