How much do you know about Blockchain?
Founder and CEO of Blockchainmonk, Karthik Iyer, started the Masterclass with a sharing session about Demystifying Token-Economics. What exactly is the difference between a Coin and a Token? A token is simply an electronic representation of a bundle of rights issued by a company or group of individuals attempting raise capital. The primary purpose of a coin is to act like money, storing value over time and enabling businesses to pay and account for services. A token can serve any of the following functions:
- A currency
- A digital asset
- A means for accounting
- A share (stake) in a particular start up
- A payment for using a system
Speaking about leveraging the Blockchain Technology for businesses is Dr Ravi Chamria, a Mentor from Sofocle Technologies. Sofocle has developed products for supply chain industry and other industries which have a long global supply chain of dealers and manufacturers. Dr Ravi tells us how a Blockchain-based solution solves the issues in tracking movement of goods/raw materials in a global supply chain. The solution records the movement of goods by tagging them with RFIDs/serial numbers/bar codes and record the information whenever they enter or leave a particular section of the supply chain, on the Blockchain network. The solution incorporates security options like Smart Contracts to safeguard from fraudulent transactions.
The event ended with a panel of Distinguished Speakers with backgrounds in Hedge Funds, Digital Media and Venture Capital, discussing the lessons from the Pasts to the Future in the world of Cryptocurrencies. Saar Levi, CEO of CEDEX.COM, also states “If you are creating a valuable ecosystem, people would want to be part of it, trade that ecosystem and that digital currency will rise”. Kenrick Drijkoningen, Head of Growth from Golden Gate Ventures, also added that they are looking at starting a crypto fund.
To sum up my experience, the event provided excellent insights on how and why the Blockchain can eliminate errors with its distributed ledger that represents a network consensus of every transaction that has ever occurred. Speakers from various backgrounds came up to share about how the Blockchain can be applicable in diverse industries with the increase in transparency and clarity. Despite its complexity and regulatory implications, it is likely that innovations in the Blockchain will outstrip the drawbacks given its advantageous nature in the automation of operations.