South African companies need to take a step back and ‘de-hype’ their plans to include everything on a blockchain.<\/p>\n
This is according to the CEO of Centbee, Lorien Gamaroff, who was speaking at the BusinessTech Fintech conference on Wednesday (11 September).<\/p>\n
“When building products you usually find what people need and then determine how to service that need. Blockchain, meanwhile, has always been a solution looking for a problem,” he said.<\/p>\n
Gamaroff said that there are now thousands of blockchains created by companies, making it very difficult to grasp what is actually being offered by the technology.<\/p>\n
He added that everyone who is pushing their flavour of blockchain has their own agenda and politics.<\/p>\n
“I believe strongly that there will only be one blockchain at the end of the day. Similar to a singular internet, we will have a blockchain that incorporates the best parts of each offering.”<\/p>\n
The blockchain that becomes de facto will be used for all sorts of things. “In many respects it will replace the internet in terms of how people store information and monetise data.”<\/p>\n
If something is useful and “scarce” then it will be valuable, he said.<\/p>\n
What to look for in a blockchain<\/strong><\/p>\n Gamaroff said that there are a number of factors to consider when looking at a blockchain:<\/p>\n Gamaroff said that he believes that once the single blockchain is established along these four main factors, it will become the base on which many different technologies will emerge.<\/p>\n He said that even national currencies will eventually be launched on top of such a blockchain.<\/p>\n\n
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