The Blockchain and Bitcoin Conference Stockholm is part of the series of Blockchain World Events held in 25 countries. Its goal is to bring the international business community together to share their experience of integrating blockchain and cryptocurrencies.
Here are some of the insights shared in Blockchain and Bitcoin Conference:
Blockchains and Cryptocurrencies can decentralize systems
Matthias Sundin, Member of the Parliament in the Tax Committee and the Finance Committee discussed the power of decentralized systems. He says a decentralized system benefits both developers and users since it makes the data more accessible and different processes to become more efficient.
An example of the use of blockchain in the property market is Landshypotek. Merete Salmeling shared that Blockchain has made customer transactions easier with the use of smart contracts.
Blockchain interconnects data which helps customers can easily track information. There is a lower risk of losing information and alteration of data with the use of Blockchain.
Blockchain will help shape the future
Mattias Hjelmstedt a serial entrepreneur and investor shared how Utopia Music uses blockchain to change the music industry. Utopia Music uses blockchain by gathering copyright information automatically and digitally to help the music industry accurately use data. With Utopia Music’s technology and analytics artists gain additional revenue by cutting out the middlemen.
The opportunity for peer trading will be possible with the use of blockchain. Resources such as energy and data can become more accessible to the public. This innovation can change the energy landscape in the future.
They say that Blockchain is a solution looking for a problem to resolve. In almost any industry and in any problem there is always an application for Blockchain.
The panel emphasized that blockchain should always fit the customer’s needs and not just to be added to seem more advanced.
Challenges of Blockchain and Bitcoin
Tanja Bivic Plankar president of the Blockchain Alliance Europe shed some light on the problems that blockchain and bitcoin are facing. Since blockchain and cryptocurrencies are in its early stages there aren’t really any laws or regulations to control its use.
Because of the lack of regulations and standards consumers are more susceptible to scams and frauds. These bad experiences have made the adaptation of blockchain and cryptocurrencies slow.
She has mentioned that the solution to this problem is to create smart regulations. She has mentioned how Slovenia created guidelines for self-regulation. It protects both the consumers but also the developers. Currently, the document is only in Slovenian, but it will soon be available in English.
Blockchain and cryptocurrencies are on the rise and have the potential to shape the future of data usage, security, and finance.
This is Swedish App Scene’s third article in our STHLM Tech Week Series. If you’ve missed the last one, you can read it here.