What do you think of the current applications of blockchain technology?

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Theoretically, there are things that we could do but as I've talked to the co-founders, it seems like saying we're using blockchain is just adding one more buzzword. If you're already doing AI and you already have big data, etc., do you really need to add that? Or is it just chasing the latest buzzword rather than proving that there's going to be additional value in the solution? You have to distinguish the marketing hype from the real potential to add value.

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As somebody who's a big advocate of both distributed ledger technology (DLT) as well as cryptocurrency in general, I find blockchain fascinating. But my question to everybody is: what are you trying to do with blockchain that you can't do with a database? What are you trying to do that actually needs an immutable ledger? Because there are very few use cases that make sense. A lot of people are trying to add blockchain like hot sauce. They're trying to put it on everything because they think they will get funding if it's a blockchain thing. But in most cases you could be much more effective if you used a different technology.

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Today we talk a lot about blockchain about what it could do for us. The technology is not new; it's been around since 1999. But the fact is we are just seeing the first wave of simple applications. We’re still in the process of discovering the future applications of blockchain, but also the behavioral, cultural and ethical implications as well. In 20 years from now, we might end up with something similar to what social media is today, in terms of the privacy implications of tracking capabilities.

I have been in the AI industry since 2001, when AI was just image and character recognition. In 2014 I was intrigued by blockchain and how it could be used in my venture at that time. We built the first smart inhaler based in Montreal for asthma and COPD. When we did our acquisition post mortem, we learned that we could have had a 30X multiplier if we had implemented a blockchain in our IoT device.

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Not bad, but the best is yet to come 🙂 I am sure everyone has a favorite, mine is decentralized identity. But I think Blockchain is a kind of technology that is going to blend in and disappear from the direct view while underpinning many things.

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Unlike AI, Blockchain advantages have not yet reached consumers. Maybe it's too early.

For instance, Alexa like applications have reached consumers to have first-hand experience themselves. On the other hand, AI-based diagnostics help reduce cost and improve treatment helping the consumers, though they may not directly connect the benefit to AI.

Beyond hype, I do feel a lot of activity in permissioned blockchain space is happening.
Ways in which a consumer will see the fruits of blockchain are when he sees financial/insurance settlements are happening fast, disputes are addressed fairly and over all trust in the system (private or public) has increased.

We will reach there one day if we keep pushing it today.

What do you think of the current applications of blockchain technology?

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