Distributed Ledger Technology (DLT), blockchain, tokenization. These technologies and more are changing how the world functions and promises to make life simpler and more efficient…….or does it? ‘Experts’ at a blockchain conference earlier this year differed with that thought process, arguing instead that the new technology may actually be making society more complex. Well, maybe. If you don’t keep up with the daily innovation it all can be a bit overwhelming, but that is no reason to downplay the incredible advantages. Read more to learn how even ‘experts’ in the blockchain ecosystem can feel overwhelmed.
(Bill Taylor/Fintek Capital)
“Even if the USD 13.7 billion earnings figure reported for initial coin offerings (ICOs) this year shows that public interest in ICOs hasn’t quite yet died down, signs have recently been emerging of a low-level backlash against promises that blockchains and tokenization are going to make the world a simpler, more efficient place.
At the Distributed blockchain conference in July, a number of speakers railed against unrealistic hype. Hyperledger’s Brian Behlendorf declared, “Blockchains are not a faster way to do anything,” while Oracle’s Emmanuel Abiodun argued that tokenization isn’t solving any fundamental problems and is “actually creating a more complex society than I can envisage.”
But while their concerns about the indiscriminate application of blockchains are well founded, there are constructive use cases for blockchains in certain clearly specified sectors, as argued by other figures within the blockchain industry.
Interoperability and a focus on finance
“Any industry which goes through rapid expansion as it opens up to new possibilities, goes through a phase when numerous players dive into the market with the hope of making it big without adequately researching on the industry.”
Sankalp Shangari is the founder and CEO at LALA World, a Singapore-based startup that’s building a global decentralized financial ecosystem focused on the un- and underbanked. He agrees that there’s currently a glut of companies promising too much, but as he tells Cryptonews.com, he’s confident that a process of natural selection will bring the most valuable projects to the fore…”