Bitcoin Watch – Blockchain: What It Is and Why It Matters with ConsenSys, Managing Director, Lory Kehoe

    Speaking at the CAPA Airline Leader Summit last week, ConsenSys, Managing Director, Lory Kehoe gave a clear and concise keynote describing exactly what blockchain is and more importantly why it matters. Below is a snapshot of some of the key thoughts from Lory:

    • Blockchain is about “exchanging value on a person to person or business without going through an intermediary”. There is a “huge amount of noise” around blockchain, “some is warranted, some is not”;
    • Ethereum is a “programmable blockchain” which allows creation of applications on top of the base blockchain;
    • Blockchain is “the next internet”;
    • Centralised characteristic allows a tamper proof, robust data set;
    • Millennials like things that are “free, perfect and now”. “That’s the expectations millennials have”, he said, adding it’s not always easy for business to get this right;
    • Blockchain “has not been proven to be compromised once in the past 10 years”;
    • Blockchain patents have grown 200% between 2015 and 2017, including over 9000 IBM patents and 50 Bank of America patents;
    • Blockchain business raised 20bn in funding for 2017, up from 7bn in 2016;
    • Tokenisation is set to be “one of the biggest transformations in technology”;
    • “Technology is transforming every industry”, but Blockchain is specifically going to “change the aviation industry” in the next 2 to 3 years.

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