MJAC Summit: blockchain to change everything

“Blockchain has come to revolutionise the internet, adding a layer to it of incorruptibility,” said Circle’s Europe Director of Legal and Business Affairs, Claire Wells.

Atlas Nueu Co-founder Cassius Kiani commented: “We would be naive to believe big firms aren’t looking into blockchain to make their businesses more efficient and increase their profits. Decentralisation through blockchain technology has major benefits for everybody and it returns the power to the people.” However, he admitted “there will always be some level of centralisation.”

The audience heard how everyone from farmers, artisans and small producers in far away and marginated regions to those in multi-nationals, will benefit from blockchain and the transparency it brings to all transactions, contracts and payments as well as ensuring fair practices and equality in a globalised economy.

The panellists also agreed it will incentivise economic growth around the world by making businesses of all levels more efficient, more profitable and therefore enabling the creation of more and better jobs.

However, for now, implementation comes at a high cost, which means it may not be right for everybody. “Each business will have to consider when it’s the right time for them and I don’t believe they will fall behind if they don’t start using it now,” said CEX.IO Executive Director Vitaliy Kedyk.

Genesis Mining Marketing Director Paulo Fiori agreed: “The time for blockchain is now, although it is still at a very high cost, so if you already have a bulletproof system in place, you don’t need blockchain yet.”

Atlas Neue Founder Stephan Tual stated: “In the long run all businesses should consider blockchain,” but warned that, “In the meantime, beware of fraudsters who say are they experts but are not.”