EAE News
"Blockchain reduces costs and makes companies more efficient"
28 de May de 2019
While still in the early phase, blockchain suffers from a lack of regulation at a global level. This and other aspects were analysed in this webinar given by Marc Rocas.
The researcher and university lecturer, Marc Rocas took part in an EAE web conference entitled "Blockchain technology: confidence and the future of business", which analysed the concept of blockchain, its functionality and the challenges it poses. In the webinar, the presenter offered a different interpretation of blockchain as a technology with a general purpose.
Marc Rocas, the Co-Founder at Raay Blockchain Education & Consultancy and the Blockchain Catalonia Association, tried to clarify certain aspects related to the cryptocurrency, analysing its origins, the general principles and applications of this technology of the future. The Catalan association organizes activities to facilitate a greater understanding of the technology and whether it is necessary to apply it to certain projects.
The lecturer defined blockchain as "distributed databases and P2P networks that store a single record of transactions" and highlighted the seven principles of the system's design: network integrity, privacy, inclusion, security, value as an incentive, preservation of rights and distributed power.
In Rocas's opinion, the look and feel of blockchain is like the internet. In fact, the cryptocurrency is not just disruptive but rather it has enormous potential for creating new economic systems, because it is a general-purpose functional technology like the internet. On the internet, we talk about VPNs, companies that gather together in closed communities for specific purposes and in order to be more cost-efficient. "In blockchain, more or less the same situation is happening, with the emergence of consortiums such as Alastria in Spain", explained Marc, "organizations that join together to create a private network".
There is still some way to go before we reach the next steps: replacement and transformation. This last phase is an area of some doubt for the expert, who is still not sure where we are headed with blockchain. He emphasized the huge potential of the use of the cryptocurrency in sectors such as computing infrastructure, transaction platforms, distinguished databases, distributed registries, development platforms, open source software, the market for financial services, peer-to-peer networks and reliable service layers. He also discussed applications in identity, tracking/origin, value, transaction records and properties and smart contracts.
The three realities of blockchain are the first stage, which is where we are currently, in which the cryptocurrency enables companies to be more efficient in their processes and reduce costs, as well as being a differential feature compared to their competitors. As far as Rocas is concerned, "it makes no sense for a big company to start doing blockchain. It is better to combine competition and collaboration, and for various organizations to interact to become more efficient".
With respect to the utopian vision of the future and a better world thanks to blockchain, the expert advocated collaboration, learning from the past and being cautious of the danger of technology bubbles. "We need standards and global regulation because blockchain recognizes no borders". The third reality of blockchain points towards the tokenization of the economy in question and the digitization of assets, such as in the transportation sector, supply chain and technology.
Watch the full webinar on the following LINK