Thread by @paddykcl

Markets engineering with blockchain by @roman_beck

This talk is more to do with the application of blockchains to change institutions. He means like banks, settle banks, invoice (used in daily tx).

We must consider path dependency with lots of legacy systems.

We like to have a top down system with strategy and accountable, if we look at blockchain, a peer to peer technology, we can fault someone if it goes wrong. Hard concept to grasp for many.

He is talking about activities globally and some conferences / delegations he has been too.

He also shows an article title to highlight Russians influence over blockchain. Narrative: internet belongs to America, single point of failure. blockchain will be equal or moe

Important so it'll belong to Russia. Problem is that other countries have a blockchain strategy to design the future. He isn't afraid of Russian spies, but ignorance of other countries.

He is talking about the YAP currency and how it challenges nature of money.

What is the value of bitcoin, national currencies, etc. Belief systems. That remain unquestioned.

Apparently Jens Weidmann compared the usefulness of Bitcoin to a butter stick for toast and shoe umbrellas.

He mentioned the European Central Bank in 2017 have no intention to issue a digital coin. It isn't needed etc. Separate ECB issued a report that the only thing increasing is non-cash payments.

The people's Bank of china is the biggest owner of parents on blockchain. They have a digital currency research lab. They strongly believe a state-backed cryptocurrency is simply technologically inevitable.

Essentially in 2917, the story is the stark ck ready between the ECB prep for digital currency and the Chinese central bank. He is pretty angry that the ECB has ignored it completed to the Chinese. Very smart to get prepared.

He has swifted topic to chat about architectures.

He hasn't seen a lot of discussion around terminating a DLT system. This is where the regulators are having a hard time.

The cube of blockchain governance. @VladZamfir you might like it. Paper reference in slide.

Need to consider all stake holders and they are all well incrntivised for it to work. There is no central authority to force us to do it. There are no work around that typically exist in real life (boss telling me to stay longer) for a blockchain governance (deterministic)

Institutions like an invoice might disappear. A smart contract can deterministically execute the payments as all the evidence is already on the blockchain. Self billing may become a big thing. No need to request payment or send invoices.

He is talking about how blockchain will impact other industries. It looks for like the supply chain function it isn't just about audits, but they like self billing. There has a bunch of use cases they popped up with internal discussions at @VW

He believes blockchains provides a market to roll out public goods, something that only government's could really get right.

We are mostly fighting with how to build business models for public goods.

Paddy: while a lot of ICOs are sammy, they have funded some cool OS projects

He is also talking about B2B micropayments based on blockchain . Ie drones hovering around and delivering parcels.

Paddy: this is where offchain protocols will shine. Optimistic fair exchange between robots.

He is talking about blockchain against climate change and lowering the CO2 emission.

Paddy: I'm not entirely excited about these type of blockchain projects, but perhaps it shows an irony that a tool to stop global surveillance can actually be used for that purpose