Recently at the MI Global Asia Summit held at the Milken Institute of California, Cory Johnson the Chief Marketing Strategist at Ripple Labs Inc appeared as a speaker along with some of the prominent speakers in the blockchain industry.
The discussion began with the speakers introducing the concept of blockchain to novices present in the audience. They went on to speak about the current state in the blockchain sphere and also spoke about the trust factor.
Katie Russell, CEO, and Founder of Funderbeam stated that it was not really necessary to understand the underlying process of the blockchain technology. She stated that people must instead concentrate on the “implications” of the technology.
Katie said that blockchain was a technology that provides trust to customers by exchanging, recording, and transacting assets on the technology. According to her, people were used to institutions being instilling a factor of trust. She further stated that now there was a new technology that acted as a factor of trust. She concluded by stating that it depended on people’s openmindedness to accept a technology that offers this trust.
The Fintech Monetary Authority of Singapore, Sapnendu Mohanty stated that people have misunderstood the concept of blockchains and cryptocurrencies. In his view, blockchain and cryptocurrencies, by design were together.
He went on to say:
“You can’t build a trust without incentive structure. And the incentive comes from the tokenization of asset.”
He also stated that separating the two was a trick to get vendors to sell blockchain better. The Fintech officer was candid in stating that regulators and policymakers were “scared” of cryptocurrencies. Mohanty said that the regulators may have thought it is best to separate blockchain as a technology solution and let the “crypto-guys fight their own battle”. The officer further argues that the two were started together, and said that people cannot just remove a “historical discovery”.
Cory Johnson also presented his view on the matter. On the contrary, he stated that those were not the kind of words one will get to hear from a regulator in a lot of other countries. Disagreeing with the officer, he said one of the approaches that Ripple had taken was to have a product that doesn’t use a digital asset or cryptocurrency.
He spoke about Ripple’s first product that launched in the market, that uses a blockchain to allow communication between banks for cross-border payments. He drew attention to the point that the product does not “specifically” require the use of a cryptocurrency. In his words:
“But it very specifically doesn’t require the use of a cryptocurrency because we know that banks, and regulators who look at those banks, are nervous about this.”
He further explained that the product had sold all over the world. He also pointed out that in the previous year Ripple was able to sign one customer a month, and at present, they were signing one, every six days. He concluded by stating that customers were beginning to get comfortable with such products.
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