I was invited to Canada to discuss my blockchain technology paper. Here are my opening remarks at the panel organized by Government Affairs and IDRC.
Speaking about a seemingly complex subject such as blockchains poses a challenge not only for me but also for you, the audience. More so when the time is scarce. It is probably not the same challenge, however. So perhaps the best way to start this conversation is to take a step back and start with technological innovation. Technological innovation has been around longer than you and me, for sure. But what has changed nowadays is the frequency in which innovation is happening, especially since the dawn of digital computing and electronics.
The Internet is no doubt the best example here. Initially conceived with government support and public
Were 19th-century slaves working in the US Southern plantations more efficient than the free farmers of the Northern states? This was one of the critical questions two economists, one being a pioneer of cliometrics, studied in a book published in 1974. Based on extensive empirical research and data available at the time, their conclusion was positive and, at least initially, beyond any doubt.
While first reactions to the book were overwhelmingly favorable, criticism soon started to proliferate. Economic historians were the first ones to speak up, going after the definition of efficiency and the way it was calculated. Some argued that efficiency could not be computed adequately in such context. But perhaps the most fundamental issue was the link the book established between the alleged high
Recent events seem to suggest the cryptocurrency bubble is finally starting to deflate. Bitcoin, Ethereum and most of their crypto cousins are significantly down while regulators in several countries are finally beginning to take action on the ground. Nobel laureate economists are also speaking up against the digital currency, arguing that the new currency is not capable of fulfilling the three core functions that define money.
Does this mean that ICOs are on the way out?
If we look at the latest ICO data,((Data was obtained from tokendata.io. Sample size includes 1032 ICOs completed by the end of 31 January 2018. 485 or 47% percent did not report any funding. The total number of successful ICOs is thus 547. The DAO ICO is not included as it is considered a failure. Hdac, quoted by some
Like previous digital technologies, such as the Internet, for example, blockchain technology (BCT) has been driven by a high degree of techno-optimism not yet backed by on the ground impact or reliable evidence. Undoubtedly, the technology, which is still in its infancy, has enormous potential in many sectors and could promote human development if harnessed strategically.
One of the many BCT innovative traits is the use of sophisticated cryptographic tools to generate unique identities for individuals interacting within its distributed network. In general, such identities are pseudo-anonymous, immutable, secure and directly created and managed by the individual. This in principle makes BCT an ideal candidate to propel further innovation in the digital identity sector. The critical question
Disruptive, transformative and revolutionary are some of the adjectives commonly used to describe the potential impact of new and emerging technologies on society. Joblessness, human decay, and the Singularity sit on the opposite side constantly reminding us of the darker side of technologies.
Indeed, there are two traditional approaches to the social impact of technology which, despite their very divergent predictions, share a common trait.
The first and most commonly accepted approach is the instrumental approach. Here, technology is a tool: A hammer is a hammer; the Internet is the Internet, ready to be used by people – but lacking any intrinsic social value. In this perspective, technology is neutral meaning 1. Technology can be used in any social environment and can thus be easily
While not the only cryptocurrency around, Bitcoin was the first to solve the well-known double-spending problem that characterizes digital currencies. Tackling the issue demanded the creation of blockchain technology (BCT) combined with the use of a brute force algorithm known as proof of work.
Created in 2009, Bitcoin is now one of the largest (and most unstable) currency in the world (Says & Says, 2017). Launched in the fringes of the Internet and initially used only by computer geeks, the cryptocurrency has now become a hot financial asset attracting both traditional and new investors. Word out there is that Bitcoin billionaires do not spend because they fear losing money as Bitcoin rapidly appreciates over time and ad infinitum (Tucker, 2017).
Bitcoin and its crypto-cousins have
The weather forecast indicated that heavy rain will commence overnight, lasting close to 36 hours and, in the process, dumping from 1 to 3 inches (2.5 to 7.5 centimeters) on the ground. Yes, a lot of rain was expected. But I had to find a break in the rain to be able to go out and complete my planned running session.
The night before the local weather person told the audience a two-hour rain break in the early morning was in the works. With this in mind, the first thing I did when I woke up the next morning was to check the cool radar option on the mobile app that shows the future path of the incoming rain. Indeed, the radar showed that between 7:45am and 9:15, more or less, the storm will be missing in action in my location.
I started my session at around 7:55am. It was drizzling. Fifteen
After remittances and land titles, refugees are perhaps one of the primary targets of blockchain technology (BCT) initiatives promoting development or social impact. Bitnation, Aid:Tech and the UN World Food Programme, among many others, are good examples. Last month, at a BCT meeting in New York, UN Women shared its plans to launch a blockchain lab in early 2017. And women refugees are a top priority in the lab’s agenda.
No doubt refugees have become a critical issue of global scope, especially after the forced displacement of hundreds of thousands of Syrians in the last few years. Syrians escaping civil war had no choice but to leave their homes, belongings, and country seeking more peaceful and secure lands. What is different today is the scale of this forced migration which seems unprecedented
Identity access and management (IAM) is perhaps one of the areas where Blockchain Technology (BCT) could make a real difference. Research I am currently undertaken indicates that over one hundred BCT startups around the globe are focusing on this area. Add to this number the many other startups and organizations who have been engaged with digital identity for many years now but do not use BCT.
Also, factor in target 16.9 of the UN Sustainable Development Goals (SDGs) that explicitly calls for universal legal identity provision, including birth registration for all children around the globe. The ID2020 global public-private partnership is now spearheading these efforts.
I was invited to the Social Innovation – Driving Force for Social Change (SI-DRIVE) final conference which took place earlier this week in Brussels. SI-DRIVE is a four-year project funded by the EU and launched in 2014. The project has undertaken comprehensive research on the topic. It has also managed to create a network of European social innovators as well as selected representatives from developing countries.
After a few years of closely following the topic, I must admit social innovation fell off my radar screen around 2015. Partly to blame are new technologies such as blockchains and the rebirth of older ones such as Artificial Intelligence (AI) – now propelled by machine learning. Both could be used to foster social innovation. But this is still in the works.