Journalist: Chang | Translator: Amy Tsai
“Be bold to experiment. I feel that most people will fail. But, why should we fear? Do what you want!” Alex Tapscott inspired blockchain entrepreneurs during his recent interview with PANews.
Authority on Digital Finance, Mr. Tapscott is the Founder of the Blockchain Division under the World Economic Forum’s Global Future Council. He authored the book Blockchain Revolution (2016), covering comprehensive descriptions of blockchain theories and its applications, together with his father Don Tapscott, known as “The Father of Digital Economy” and the CEO of The Tapscott Group Inc.
Bubble Also Reflects the Market Value.
“If you do blockchain for quick money, you are certainly at the wrong place.” Since the blockchain application has not been put into practices, critics doubt that “blockchain is bubbling seriously.” Several industry professionals also complain about the instability of the blockchain market.
In this regard, Alex Tapscott thinks that the blockchain technology is still in its early phase. Bubbles do exist and will burst sooner or later. “Sometimes the burst of bubble will generate harm, but sometimes it just means technology transformation and can increase values. Historically, the automotive industry and Internet have all been in bubbles, ones that are speculative. But these bubbles represent revolutionary changes as well as the market values,” he said.
According to Tapscott, blockchain does face big challenges in its applications, such as whether or not it can satisfy the current commercial needs and if the blockchain system can be successfully established. Yet, as we can see, it still possesses significant potential from the development trends.
“In China, many cities are developing blockchain very seriously. Some financial institutions are also embracing this technology, hoping to make profits in this market. Many enterprises are using it to solve problems. The blockchain’s issues are gradually being solved through this whole process,” said Alex Tapscott.
The Mass Blockchain Adoption Is Hard to Predict.
When asked about when blockchain will be widely accepted, Mr. Tapscott said it was hard to predict.
“We need to first define what mass adoption means, whether it is 50 million or 10 billion users. Currently, we have tens of billions of users on the Internet and we consider that Internet has reached its mass adoption. But before that, we cannot define that the Internet is the mainstream. When blockchain can be generally accepted and become the mainstream is still uncertain.”
Before our interview, Mr. Tapscott delivered a speech themed “Blockchain Revolution that Redefines Internet Rules.” He brought up that blockchain is the fourth Industrial Revolution. This technology will make an enormous impact on the entire society, prompting the Information Age to enter its second phase.
Mr. Tapscott also disproved the statement that “Uber, Airbnb, and TaskRabbit are sharing economies” from blockchain’s perspectives as these companies did not realize the core idea of sharing.
“In fact, these companies are conglomerators of services. They serve as intermediaries, gathering all the services and selling them. The authentic sharing economy should be that Uber drivers do not need to have their own cars, but just provide services. Blockchain, however, can make true sharing come true. It can be a pure coordinator and run entirely on smart contracts.”
Moreover, he considers that the blockchain technology possesses significant potential for the creators, media, and suppliers of intellectual properties.
Mr. Tapscott also promoted his own book, which indicates that the blockchain technology is still unmatured, making us unable to solve social issues with it and therefore invoking uncertainties.
“Is blockchain really a bad idea? Or do we just have to overcome challenges? I think it’s the latter,” said Mr. Tapscott. Since blockchain can potentially create many opportunities and make huge impacts, we can use this brand-new technology to do more better. The premise is that we have to be willing to do it.
Translator’s Note: The quotations are directly translated from the original text in Mandarin Chinese and therefore not the exact words said by Alex Tapscott.
