It is not clear to me that Bitcoin needs to recover, says Blockchain pioneer Scott Stornetta
Prof. Scott Stornetta gave a keynote during the AIBC Europe Summit, covering the development of Blockchain in the face of the recent turmoil in the Blockchain/Crypto space.
The Blockchain pioneer’s insights on the future of Blockchain.
The recent bear market and other hardships or controversies suffered by the Blockchain/Crypto space have set off a series of difficult questions. Is crypto technology truly revolutionary, or is it a scam artist’s dream? Is Bitcoin ever going to surpass, or even recover its 65K plus peak value? For a darker thought, is this the end of crypto?
Scott Stornetta feels confident that the recent turmoil is a nudge for the space to grow up and mature towards stability, rather than an omen for doom. Turning to Blockchain, the space has what it takes to outlive Bitcoin and crypto, and also reset the globe’s perception of the innovative tech.
As I look at the new startups we’re investing in and the growth of the infrastructure, we’re starting to see indicators of a decoupling beginning. Blockchain can move on and prosper without it having to be in lockstep with Bitcoin.
What is the lesson in the FTX collapse? There is insight into the power and limits of idealism. While not a cynic of the Crypto space, Scott is sceptical of the transparency ideal espoused by such KOLs, with such turmoil proving that there is a complete lack of transparency integrated after all.
Scandals such as the FTX fiasco prove there is a collision between the ideals of what Blockchain can accomplish and how it ends up being used in the real world.
People were more than happy to put billions and billions of dollars into something lacking the basic premises of decentralisation and transparency. The ideals of Blockchain are oriented towards a long-term win, but that does not constrain the space in where people decide to place their money or not.
Scott addressed the advent of the Metaverse and people’s belief in the tech being real. A trip to a football match is enough to prove not only its existence, but how humanity has been living in a Metaverse more than in the real world, for a really long time. When the match is stopped to prioritise a three-minute commercial break, it becomes more evident that life is what’s happening on people’s TV screens.
Scott left the audience with a final thought on self-sovereign identity.
There is an enormous opportunity in flipping the discussion about privacy to self-sovereign identity. Individuals will gain so much power as more of their information becomes publicly available, under their own control.
AIBC Europe Awards
Prof. Scott Stornetta was awarded the Outstanding Contribution of the Year award during the luxurious AIBC Europe Awards Night held on the 17th of November.
A visionary ahead of his time, Scott Stornetta has dedicated his life not just to the pursuit of knowledge and wisdom, but to sharing it with others. An integral cog in the Industrial Revolution 4.0, Stornetta has set the foundation for a new era of technology that has disrupted the modern world.
This award was generously sponsored by Sheesha Finance.
Who’s who? Prof. Scott Stornetta
Known worldwide as the ‘father of Blockchain’, no emerging tech summit is truly complete without the presence of Prof. Scott Stornetta. He kickstarted the dream for Blockchain as a pursuit for a digital hierarchy system with digital time stamps, an integral solution against the manipulation of digital records. Stornetta debuted the oldest running blockchain in 1995. He will be returning to AIBC this year as a VIP speaker.
AIBC Europe is back bolder than ever!
2022 has been a bustling year. Following major success in Dubai, Toronto and Belgrade, Malta Week has returned to rock the island awake from its Autumn-blues stupor. KOL-led conferences, luxurious nightly festivities and a gripping pitch competition, Malta Week is the location to be for the latest developments from the major emerging tech industries. Benefit from all this and premium networking opportunities by hopping onto the bandwagon and getting your ticket now!
The AIBC Europe Summit is taking place between the 16th and 19th of November at the Hilton Hotel, Saint Julians, Malta.
