IBS Journal April 2017
09
Alex Tapscott, CEO at Northwest Passage Ventures.
Tapscott impressed that blockchain was “the second generation of the internet.” Both the answer to the double- spend problem and a removal of middle men in the bank- ing process, it can create a systematic unbundling of the
entire industry.
Bringing up the ideas of economist and theorist Richard Coase, Tapscott pondered whether, in a future where firms are continually outsourcing key elements of their busi- nesses, why they would not move to an entirely blockchain- operated system. The idea, he admitted, is pie in the sky, and one that will not see any form of implementation until well into the 2020s.
The Internet of Things will be a key enabler for the pro- liferation of blockchain and perhaps could be a keystone for a “ledger of things” to go along with it. Blockchain is no longer just a system for Bitcoin users, concluded the Northwest CEO, noting that it once propped up the buying and selling of guns and drugs and may do the same for the entire legal financial system.
Media treatment of leak “complete BS”, R3
a blog post hitting out at media outlets who covered the consortium’s “no blockchain needed” leak during February. “Over the last two weeks, a blockchain butterfly flapped its wings, and the next thing we knew, R3 was caught in the oddest of fake news hurricanes,” writes McDonald. Multiple outlets reported that blockchain was “dead” and that R3 was a vulture trying to sap away the last few figures it could from the technology. In short, says McDonald, “it was all complete BS”.
R
Publication The Merkle, which penned a piece implying the firm had wasted members’ money, was threatened with legal action by R3. The consortium has been bold and brash in coming to the defence of its strategy, asking on Twitter why the issue was even news in the first place.
David Rutter, Founder of R3, adds in a blog post: “Humans are creatures of habit. As time went on, the term blockchain came to be associated with any type of distributed ledger,
3 Co-founder Todd McDonald has penned
even as the technology matured and evolved to meet the needs of different groups of users.” In short Corda has nev- er really been about the blockchain. R3 has also changed both its Twitter bio (to “blockchain inspired”) and its logo, perhaps in an effort to shake off the criticism.
Alex Hamilton
www.ibsintelligence.com
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