CONFERENCE OF CONSENSUS 2017: THE GOVERNMENT OF THE EU COUNTRIES, INDIA CONSIDERING THE BLOCKCHAIN GLOBAL ACCEPTANCE ROAD
Speakers at the opening of the Consensus 2017 agree that blockchain is set to become globalized - but different in how, exactly, technology will do it.
Vincent Wang, director of innovation research at Wanxiang Group in China, demonstrates that the path to success means reaching out to businesses and industry that have not yet started any trials.
He said, "If the blockchain succeeds, and I believe it will, we need to address the silence of the unmotivated masses, which are the industries we see that will be of value. ",.
He supports technology-driven startups that create bold solutions that only blockchain can deliver - and urge newcomers to work more closely with local managers. Wanxiang launched its own dedicated accelerator, focusing on applications such as connectivity devices and next-generation cities, in March.
"Great value obtained that in many cases is only triggered by blockchain," he insisted.
Not all panelists agree on views on regulations. Nick Giurietto, general manager of the Australian Digital Currency Trading Association (ADCCA), said reducing legal barriers would encourage wider adoption of blockchain.
"Investment decisions will not be made in an uncertain regulatory environment," he said, adding that the slow process of updating regulations was creating other barriers.
Collaborate together
Cooperation was the main theme of the conference, with attendees discussing governmental solutions and legal changes - and how they thought they could not. Act alone
N.T. Arunkumar, a special representative for IT & Innovation of the government of Andhra Pradesh, a state in India, says expanding cross-border communication is key.
He said, "There needs to be more cross-national coordination," he added. "We are confident that after the internet, this next big thing will change every aspect of human life."
However, that change may take time - the view is recognized by the jury.
"China is known for its strategic patience with its economic policies," Wang said, confident that China's interest in blockchain will soon be met.