The Blockchain business summit for Switzerland. Corporate key players exchange ideas and experiences. Learn why Blockchains will change business dramatically. Gain your competitive edge at this most innovative Blockchain business summit.
Blockchains – mainly known as the technology behind cryptocurrencies like Bitcoin – are the biggest invention in IT since the Internet istelf. This technology does not mereley reproduce existing economic and social processes but rather enables a new form of living and working together in the digital age. Blockchains are a global digital ledger in a distributed and encrypted database. Each transaction written in this ledger is knwon at each physical point within the database in near-realtime which makes it unforgeable. Each manipulation of a transaction already donewould be uncovered immediately by the the real-time control oft he world’s largest IT infrastructure called Blockchains. Compared to classical digital transactions Privacy is better protected due to the encryption.
The story sounds technical but is in fact revolutionary because within the system of Blockchains all identities and types of legal relationships like property, contracts, martial status as well as the processing of contracts and deals are handled in a way that is of integrity, authentic, tamper-proof and therefore 100% trustworthy. No centralized or mediating authority is needed to certify identities, grant property rights or handle payments. There is an enormous strategic potential in the fact that producers can increase their share in the value chain by excluding authorities and intermediaries. Blockchains enable fast and unprecedented peer-tp-peer contracts between producers and end-customers.
A new internet of trust emerges, this time really peer-to-peer. Blockchains substitute certification and legalisation entities like public services, banks, companies, notaries etc and save the cost for certifications no longer needed. Blockchains will also make businesses more agile and dynamic bcause even complex contracts can be processed very quickly. Despite the high speed legal certainty increases becasue all contracts and legal relationships are tamper-proof. By enabling legal and compliant communication between human beings and machines as well as between machines and machines Blockchains will also become the cheap trust protocol for the Internet of Things (IoT). Contracts will become really smart. By interacting with smart products and peer-to-peer payment systems they will „process themselves“ correctly and accurately. When combined with Artificial Intelligence (AI) Blockchains built a platform for secure smart agents and virtual as well as physical robots that help humans with their work or replace human labor.
Documents and messages gain a new kind of authenticity and integrity, which helps companies to be compliant and agile at the same time. Without investing in new hardware companies can improve their identity management to an unprecedented security level. Blockchains are open-source software. Each company can start experimenting immediately.
Major risks to be considered:
- Blockchains could destroy jobs (but also create new ones by boosting peer-to-peer economy)
- Blockchains require a giant amonunt of energy.
- The lack of governance in the development of global Blockchains usage fosters a kind of wild-west business.
- Tamper-proof contracts do not protect from fraudulent minds.
Major topics to be discussed:
- Strategic impacts
- Disruption of value chains
- New business models
- Blockchain-based peer-to-peer business / some examples
- Smart markets
- Bitcoin, Ethereum & Co. – The finance revolution
- Blockchains in identity and access management
- Blockchains and IoT/m2m
- Smart contracts – how do they actually work?
- Blockchains in all certification processes (HR, Finance, Legal etc.)
- KYC chain
- Technical infrastructures
- Compliance and current legal conditions
- Legal outlook
- Strategic risks
- Technological risks