Making business processes faster, more effective, more comprehensible and less prone to error? Conducting and verifying transactions between individuals, companies and public institutions almost in real time? Managing and documenting supply chains? The Blockchain technology appears in so many different business contexts and may often seem like an “all-in-one”-IT-solution. However, when it comes to specific Blockchain use cases, most are still in their infancy – if at all. Not only for some people but for most, the technology is completely uncharted territory.
In order to talk about the future of distributed ledger technology, we invited four Blockchain experts to our fifth Nunatak Networking Night in the Café im Vorhoelzer Forum in Munich along with around 150 guests from automotive, finance, FMCG, information technology, marketing and journalism segments. The most relevant statements of the evening:
Dr. Stefan Hopf, Senior Consultant at The Nunatak Group
Blockchain: No future scenario but already in action.
“Decentralized transactions without intermediaries: This is the underlying concept of Blockchain”
The evening started with Nunatak Blockchain Expert and Senior Consultant Dr. Sefan Hopf giving an introduction on the topic. By presenting a few practical examples, he demonstrated how the principle of forgery-proof, digital transactions over a public ledger are already in use today. For instance, the goal of Basic Attention Token is to record users attention to online advertisements with their own web browser. The project aims to use the measured attention as a currency within an extended ecosystem for advertisers.
Sasha Borovik, Blockchain legal specialist as well as CFO & General Counsel at CloudEO AG
Blockchain: New market for investors and business angels.
“This is merely the beginning of an entire movement.”
With this message, Sasha Borovik addressed one of the most important facts in the Blockchain world: we are still at the very beginning. Blockchain created an entirely new market and offers lots of potential for investors and business angels – a pioneering spirit similar to the one at the time, when the internet had its final breakthrough at the beginning of the millennium. Through his occupation at the Cryptology Asset Group the Ukrainian lawyer and political activist deals with Blockchain companies on a daily basis. The Cryptology Asset Group invests in companies like Block.One and Galaxy Digital and supports numerous Blockchain projects in different business sectors.
Robert Crozier, Blockchain expert and head of the global center of competence for Blockchain at Allianz Technology
Blockchain: Cost reduction and chances for international companies.
“There are many companies in the field of Blockchain that think, they will disrupt the insurance business. Actually, I think we are going to do it ourselves and we will do it with scale – what most of the disruptors are missing.”
Since early 2018, Robert Crozier has managed the global center of competence for Blockchain at Allianz Technology. For him, the future of the technology lies with big companies rather than start-ups and business newcomers. The primary reason is the scalability of systems within a Blockchain. International corporations especially, have the means and experience at their disposal to take full advantage of the technology´s potential. The reduction of costs is the central benefit of the implementation of distributed ledger technology, Crozier says:
“Blockchain, at its very core, is a device for cost reduction. And if we, in insurance, reduce the cost of processing, it means we can take our products to more people – for example in developing markets.”
Felix Haas, Crypto Aficionado, Investor, Serial Entrepreneur as well as Chairman and Co-Host of Bits & Pretzels
Blockchain: Entirely new applications and universal applicability.
“I think you have to completely separate the technology around Blockchain and the potential applications from cryptocurrency trading and speculation.”
Cryptographic payment methods often dominate discussions around the technology, much to Felix Haas’ displeasure, who sees the technology as more than that. The Host of Bits & Pretzels did however find some positive words about cryptocurrencies – last year he even tried to sell an apartment for Bitcoins. Nevertheless, in his view the real potential of Blockchain technology does not exclusively come in the form of digital currency. Actually, the technology is highly universal and provides the opportunity for completely novel applications with corresponding use-cases.