Bring your challenge to blockchain: Day 1 Q&A at the London Blockchain Conference 2023
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Should businesses turn to public or peer-to-peer blockchains for their needs? How can companies leverage generative artificial intelligence (AI) and blockchain to generate revenue? Are digital assets changing the game for wealth managers? These were some of the questions asked by the audience during Day 1’s Q&A session at the London Blockchain Conference.
The Q&A session allows attendees to have some of the industry’s thought leaders answer their burning questions about blockchain technology. Bitcoin expert Joshua Henslee, Bain Norway senior partner Lars Jacob Boe and presentation coach Neve Taylor took the stage during the opening session.
The first question was why businesses should build on a public blockchain and not a private ledger. Henslee noted that public networks like the BSV blockchain are immutable, giving companies confidence that the data has not been altered or manipulated.
With a public blockchain, “you have a single source of truth vs. multiple servers [with private ledgers] it shall be the truth.”
AI has grabbed all the headlines recently, and how businesses can integrate generative AI and blockchain were among the questions asked. Boe noted that the two technologies are a perfect fit as one, AI, relies on large amounts of data while the other, blockchain, ensures the data can be trusted. On how to monetize this, “that book is being written as we speak,” he said.
AI models rely on data and continue to mine users’ data in the same way that the big tech platforms like Google (NASDAQ: GOOGL ) and Facebook (NASDAQ: META ) have been doing for years. With Bitcoin micropayments, users can pay the AI models a minimal amount of money per use instead of handing over their data, Henslee added.
Micropayments will be crucial for the digital future. Users can charge to use their data, while platforms can charge per use, scrapping the flawed subscription model. This future is already here with us, with platforms like Twetch allowing users to leverage micropayments in social media.
“Those things are here, but nobody knows about it because they think Bitcoin is not capable,” Henslee said.
While technology is making leaps and bounds, investors have been slow to jump on the opportunities. Blockchain innovators have in some cases struggled to raise funding for revolutionary products; How do entrepreneurs navigate this environment?
According to Henslee, these investors will soon be absorbed. “You have to show them, not tell,” he told the crowd.
“If it grows to be that big, they just come in; they don’t need to be convinced,” he added, several questions centered on CBDCs and the use of blockchain in wealth management.
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