In a recent interview at the Milken Institute Asia Summit 2018, Cory Johnson, Chief Marketing Strategist, Ripple Labs Inc., and Lara Wozniak, Growth Markets Media Relations Head, Accenture discussed the happenings at the blockchain panel. The two also spoke about the prospect of future innovations in the blockchain field, the regulatory bodies and more.
Speaking of blockchain and future innovations in the field and what industry could transform the most with blockchain, Cory stated that it is going to be financial services.
“I really do think that finance is the place where there was the most friction in our global economy. And the solutions presented by blockchain are so obvious that they’re really going to change the way money and value move in our society. “
Moreover, Johnson said that the people were ready for this change and have begun questioning why a cross-border payment takes 3 days or more when it can be done through a text message in 5 seconds.
Furthermore, they discussed if the regulators were ready to accept this change. To this, Johnson said the regulators are currently trying to figure out the speculation on the cryptocurrencies. He added that this particular subject has scared the regulators on what blockchain might be in certain cases.
However, his recent meeting with regulators has taken Cory by surprise as they come bearing the thought of really wanting to know more without housing the notion of doubt and fear. In his words:
“When we meet with regulators, I have personally been really surprised by how much they know, and how much they really want to know. They don’t seem to walk into this, with sort of this notion of fear and doubt, they actually want to listen and learn.”
He then spoke about entrepreneurs all over the world developing solutions using blockchain and digital assets. He also cited examples of entrepreneurs using the digital asset ‘XRP’. Despite the hostility of the regulators towards cryptocurrencies and blockchain, the entrepreneurs were continuing to use the solutions, he further added.
Giving examples of places like Singapore, Malta, Switzerland, Liechtenstein, and Estonia where the government has made the decision of embracing blockchain technology, he stated that the entrepreneurs would pick those, as opposed to the ‘Silicon Valley’ if the regulators remained hostile to these technologies.
He concluded by saying:
“The world is more global than ever before. And, entrepreneurs are going to pick up and leave and go to the places where those technologies …and you don’t have to be in Silicon Valley to develop technology where I still think it’s the best place, but there are more options now.”