Larry Bates is the CSO of Bitland Global has always been at the forefront of technology and social progress. Mass adoption of new technology is not mere child’s play, but he has always strived to be an innovator that not only creates and designs new technology but also be a pioneer who helps to bring new tech to the world.
Fintech Valley Vizag got an exclusive interview with Larry Bates in order to better gauge his opinion on blockchain technology.
In your opinion, what industry sectors do you think the blockchain will disrupt the most?
Banking, remittances, real estate, shipping, analytics, agriculture, retail, textile, automobile, and cyber-security.
What challenges do organizations face to implement the blockchain applications?
- Human error
- Luddites
- Political hurdles
- Special interest groups
- Parties heavily invested in legacy systems
Can you share a few benefits of blockchain adoption to our readers?
- Security
- Transparency
- Traceability
- Cost
- Control
Can blockchain enhance the protection of property rights? And how can it prevent copyright infringement?
Yes, but only if implemented correctly. Preventing copyright infringement is a process of cross-referencing newly available material against the source material. A web-crawler is more viable as a tool against copyright infringement on its own than ‘’blockchain technology’’, however attaching a blockchain to copyrighted material will absolutely help protect against infringement.
’Blockchain is here to stay’ is the headline everywhere. What is your take on that?
In the same way that telephones replaced telegraphs, I find it dangerous to assert what technology will be available in 5 years. Those types of speculations are not only baseless but are dangerous to lead people to think that 5 years out is “predictable”
Bitcoin did not exist 10 years ago, so I assume in 5-10 years there will be new unpredictable tech that may replace blockchain. Hedging on tech for 5 years is not a gamble I suggest anyone ever take.
Tell us a bit about your upcoming session at the ‘Blockchain Business Conference’?
I will speak on everything from how blockchain can be used to track land titles and protect land rights to implementing blockchain into supply chain tracking for the sake of making production more efficient, as well as making the taxation system more effective and efficient. If implemented correctly blockchains will give benefit to the people and the government simultaneously.
What are your expectations from the Blockchain Business Conference?
I want to be able to express that blockchain technology is not a job killer, but a job mover. Blockchains will move many jobs to ‘’quality control’’. When the middle processes of any given supply chain can be automated, it will still be necessary for a human to verify ‘’quality’’, as that is a subjective and moving metric. Whether law, banking, or real estate, I want to make sure the government understands that blockchain will not kill jobs, but actually will accelerate the growth of the economy in tandem with highly skilled positions.
