In as little as ten years, the very concept of money will have been forever changed. And the fact is, it’s happening now in real time. But it isn’t just money that is being disrupted: the blockchain concept promises to unleash a wave of innovation that parallels and exceeds the impact from the arrival of the Internet economy. Making sense of the reality is a challenge. A new vocabulary has emerged that involves radical new concepts, the decentralization of authority, and rapid hyper-innovation: blockchain, Ethereum, ASIC and currency miners, hard forks and smart contracts!
Understanding this new trend becomes becomes even more challenging when faced with opinions that are all over the map. What does it mean when when Jamie Dymon, the head of JPMorgan Chase calls Bitcoin a fraud and the people who buy it “stupid,” and yet at the same time, the head of the IMF says that Bitcoin could give existing currencies and monetary policy a run for their money? When a cryptocurrency goes from a valuation of a few hundred dollars to a multiple of thousands in just a matter of months? When 2018 will be defined by an acceleration of the acceptance of distributed ledger concepts, at the same time that a horde of fraud artists invade this fascinating new world.
The impact doesn’t stop with the arrival of the first wave of concepts as found in ‘money’ such as Bitcoin. What is emerging is the infrastructure and a foundation for the next economy: one that is reliant on distributed, digital trust, the elimination of the middleman from many business interactions, and fundamental, disruptive concepts that run up against most of the economic models of the last 100 years. These are challenging times, and difficult questions are being presented. Most important of all, what does it mean to your business and your business model? Is it a fraud, or is it a bubble? What’s real, and what’s not? Are we in the midst of the latest Tulip and dot.com phrase, or is there substantial change underway?
In this keynote, futurist and technology expert Jim Carroll peels away the layers of the world of cryptocurrency, outlining the challenges and opportunities that come with the end of the concept of money as we know it. These are truly transformative times – for the realty of blockchain goes far beyond the current hype surrounding Bitcoin. The concept of distributed ledgers will change entire industries, challenge the very nature of the legal concept of offer and acceptance, and unleash a torrent of hyper-innovation around business models.