The Blockchain Transformation, with James Basnett from Softvision
This week on The Tech Cat Show…
Ringing in Part Two of our month of Blockchain is James Basnett, Blockchain Practice Lead at Softvision.
During our time with James, we explored how blockchain is revamping our economic systems, taking out the middle layer of operation and bringing transparency to the markets! From their insightful conversation, here are our top four takeaways on what James had to say:
1) Softvision and Blockchain Today
James: We’re really taking a deep look at economic systems and how they impact the people around us and how we can use technology to improve those situations. Blockchain comes into the mix because it’s just that next emerging technology that might be able to solve some of these human problems that we’re looking at.
2) Cryptocurrencies
James: Well, the first one was Bitcoin and it is really, it’s kind of evolved between a store value and in a cryptocurrency that’s being used for a number of different purposes. Out of that grew a few other ones. We’ve seen Etherium and Etherium is built to focus on smart contracts. The idea being that anybody can use Blockchain technology for any kind of smart contract interaction. From there, we’ve seen some other popular ones come out including Ripple and including Stellar and there’s a tremendous number of ICOs, Initial Coin Offerings, that have blossomed out of the last 18 months as companies look for nontraditional ways to raise capital.
3) What’s a good way to define a blockchain?
James: Well, the Blockchain is a record of transactions. It’s a log of different transaction-based interactions that are occurring. In the supply chain, Blockchain really helps us create a distributed record that everyone can trust of, let’s say how Starbucks coffee beans move from a farm in Guatemala through the supply chain and to distribution centers and then to its stores in the United States. At each point along the supply chain, the Blockchain is recording where the beans were, which farm they came from, so that way we can prove the authenticity. That these were the right types of beans from the right farms at the right time.
4) What are some good influencers to follow?
I find that the Blockchain and cryptocurrency space has really exploded on Twitter and most of the thought leaders in the space are tweeting about it on a daily basis. That’s where they are connecting and teaching each other about it. There is a gentleman named Naval. That’s @N-A-V-A-L. Don Tapscott is somebody that’s written a book called “The Blockchain Revolution.” He was regular, putting valuable insights out there into the Twitter sphere. I would start with those two and then just start to follow the people that they are retweeting because through them you can grow this organic network of really, really educated, creative people that will teach you everything you need to know about Blockchain. They’re sharing the information every day.
Here, the full interview with James Basnett, and for more, find the full transcript of the episode here.
Tune in tomorrow for a recap of our conversation with Cristina Dolan, Co-Founder and COO of iXledger, covering Part Three of our monthlong dive into Blockchain!
