At the recent CC Forum in London, Lord Waverly welcomed blockchain to the Queen Elizabeth II centre and to London. Lord Waverly is already a paid up member of the blockchain community and is an adviser to Smarter Contracts, a blockchain consultancy.
Referencing the crypto winter that appears to have stalled, Lord Waverley pointed out that it had the effect of focussing minds and maturing the market dynamics of the industry as a whole, while improving the quality of the blockchain projects and teams in place.
He argued that blockchain was blurring the lines between the centralised and decentralised world saying that the value of blockchain is more crucial than ever before in this every changing world.
“Many here will have enjoyed early successes that this technology has had to offer but we have a long way to go before arriving at the blockchain utopia that we want to see.
“What is clear, however, is that a slow awakening is upon us. From a business point of view, this new reality should provide leaders, whether business or public policy, with the incentive to embrace a blockchain strategy,” he said.
Lord Waverley has recently published articles on this topic and invariable finds his opening sentence encapsulates the challenge – “Blockchain is little understood.”
More encouragingly, he quoted a recent study from Coinbase which claims 56% of the top 50 universities globally are now offering at least one course in cryptocurrencies or blockchain. This is a 25% increased from 2018.
“More importantly, there is a growing demand for blockchain knowledge as 34% of the students surveyed expressed an interest in taking such a course – up from 28% last year.
“Today’s business leaders take note.”
According to Lord Waverly the simultaneous challenge of increasing blockchain awareness while at the same time as increasing consumer and business understanding of decentralisation is a chasm that can only be crossed with interest from government leadership and more direction from industry regulators.
“There also needs to be recognition from industry bodies that there is a profound, shifting nature in consumer behaviours gravitating towards wanting to take part in a decentralised economy.”
Lord Waverley argued that it may not be a single company that is successful in a decentralised world, but a group of companies. He quoted the mantra ‘best network wins’ and argued for greater education across the board. Once a company has identified the relevant blockchain technology for its purpose, then Lord Waverley encouraged business leaders to invest in their people through courses or bringing in consultants.
“This would be the best investment your company ever makes.”
Lord Waverly also argued for educating people across the organisation to eliminate the prospect of siloes where lack of cross functionality and the presence of borders could cause the blockchain advantage to be extinguished.