What You Can't Do on Blockchain

Is There Anything You Can’t Do On Blockchain?

2018’s trade shows that cryptocurrency and blockchain were all about ICOs. This year, ICOs are out of the stadium, says Richard Kastelein from Blockchain News. Rather, there’s a new collection of financial products that may or may not suffer the deteriorating reputation of ICOs.

Today, there are real use-cases of Blockchain that are being taken up by the prestigious businesses. Richard says, “We are witnessing Wall Street meets Main Street.” He also points to Walmart’s requiring adoption of a blockchain system by all its lettuce suppliers.

Other retailers are following fast, which is proof that this blockchain stuff works. Also, there are projects to track timber and diamonds to prove the claimed provenance of individual items. Supply chains are becoming the most valid use-cases by far.

Richard predicts ‘tokenising’ is going to be the next year’s trend. He notes that Singapore Airlines have tokenised their air miles system already. And, there’s potential for more tokenisation related to loyalty programmes and brands. Tokenomics is all about trying to achieve a result.

Richard says –

“This is what Satoshi did with Bitcoin as well: he created a way for people to be honest in the mining process and have a surefire way to let people create ledgers that can’t be challenged.”

According to him, it is a natural development for Bitcoin blockchain because it’s the same principle that Satoshi used at the time of devising the network.

Richard Kastelein was talking like one of the exhibitors at the London Blockchain Expo that recently took place. Another exhibitor was nChain, that also traces a direct line back to Satoshi’s Bitcoin Vision, as a strong proponent of Bitcoin SV (Satoshi Vision).

Osmin Callis, nChain’s Professional Services department, was pleased to find many of the big consultancies represented at the show. She said –

“We’ve been talking to PWC. We’d already had discussions with the blockchain strategic lead at Dell-we saw her again. I think we’ve got some amazing possibilities open.”

But it was not all the mainstream stuff at Blockchain Expo. Gingr’s Sergio Rigert explained what his company is planning to do on the blockchain –

“My business is revolutionising the oldest industry in the world, which is the prostitution industry. Gingr will be the Uber or Airbnb of prostitution. Bookings will be made using the Gingr Coin.”

In case you are wondering whether the idea of an immutable ledger would be a selling point to Gingr’s clients, Sergio has the reassurance to offer –

“Your data won’t be exploited …we just have it in our system, which is separate, in a separate server, so when you actually do a transaction, you are just getting a number.”