Blockchain Revolution

Xiaochen Zhang, Founding Partner of FinTech4Good and a Contributor to CCTV-America participates in Risk Roundup to discuss Blockchain Revolution. Overview The blockchain revolution is here. The blockchain technology brings forward a potential to provide individuals and entities across nations: its government, industries, organizations and academia (NGIOA) a trustable digital infrastructure for a fair and balanced economic ecosystem that is based on shared information and distributed trust that is transparent and trackable. The blockchain driven transformation seems to have blurred the boundaries between cyberspace, geospace and space (CGS). As the blockchain driven digital infrastructure provides digital security and brings forward a barrier against socioeconomic instability, it becomes a driving force of the digital global age, where the rules for competition and collaboration are just beginning to be re-written. The question is no longer whether the digital disruption, transformation and revolution that we are witnessing today on the backbone of blockchain will transform industries and economies, but, rather, how will they do so. As blockchain promises the digital infrastructure of a digital global age, what is the nature of transformation possible in cyberspace, geospace and space? It is important to evaluate – * How are nations responding to the blockchain driven revolution that would bring transparency, trackability, trust and accountability in the decisions that are made across nations? * How are blockchain technology leaders and visionaries concerned about this lack of collaboration and cooperation. How do they plan to address the concerns in context with poor connectivity, weak governmental institutions and ill-defined or unstable policy environments? * As the role of middleman diminishes, how will blockchain bring back trust, transparency and accountability in blockchain based systems at all levels? * How serious are the NGIOA decision makers and institutions about the blockchain technology? * How will we be able to solve big problems on the back of blockchain technology? When it comes to re-designing, and re-defining systems at all levels, how will we use blockchain technology effectively? * Are there any problems or issues that needs to be resolved for using blockchain technology across nations? Where is a need for more effort? * How does blockchain change course for emerging markets? * What challenges are facing global currency as cryptocurrencies provide people across nations with instant, secure, and frictionless money. What is the future of cryptocurrency? * What are the most promising blockchain use cases and initiatives taken across nations? * How many blockchains are in use or development? While there are many blockchains in development across nations, which blockchain excites nation’s most? * What type of applications are being built using blockchain technologies across industries? * Since blockchain seems to be becoming appealing for alternative systems that are fit for a digital global age, what is the timeframe of commercialization of applications? * How to effectively scale blockchains across nations geographical boundaries while maintaining the national security? * How to ensure NGIOA cooperation and collaboration? * How to effectively manage the concerns about privacy and security of data? * What are the obstacles that needs to be overcome for the adoption of blockchain technology? Blockchain seems to be a much-needed digital infrastructure for socio- economic development across nations.  While blockchains are causing a technology revolution across nations, it is important to evaluate what else is necessary for the technology transformation to succeed. Now is a time to talk about risks and rewards!