The second day of Consensus 2021 saw top thinkers and innovators from around the world convene to discuss the latest developments in blockchain and cryptocurrency, and share their brightest ideas. This year’s Consensus was held virtually, but it still managed to attract a large audience of industry experts and enthusiasts.
Here are three of the most exciting and thought-provoking ideas presented on day two of the event.
1. The Decentralization of Supply Chains
One of the highlights of day two was a panel discussion on the decentralization of supply chains. The panelists – supply chain experts from major corporations like IBM, UPS, and Samsung – discussed ways in which blockchain and distributed ledger technology could be used to improve supply chain efficiency, transparency, and sustainability.
One of the most intriguing ideas discussed was the use of blockchain to create a decentralized supply chain. This would involve decentralizing the control and ownership of supply chain data, so that it is no longer controlled by any single entity. Instead, data would be shared across a network of participants, each of whom would have equal access to the information.
The benefits of such a system would be numerous. For starters, it would make it easier to trace the origin of products and ensure their authenticity, which would be particularly useful in the case of high-end luxury goods or pharmaceuticals. Additionally, a decentralized supply chain would be more resilient in the face of disruption, as no single point of failure would bring down the entire system.
Of course, there are challenges to be overcome in implementing a decentralized supply chain. For one, there needs to be a mechanism for ensuring that all participants in the network are trustworthy and can be relied upon to share accurate information. However, the potential benefits of such a system are so great that it’s definitely an idea worth pursuing further.
2. Decentralized AI
Another topic that garnered a lot of attention on day two was the intersection of blockchain and artificial intelligence (AI). One of the main challenges with AI is that it requires an enormous amount of data to function properly. This data is typically controlled by a handful of large tech companies, which gives them significant power over the development and deployment of AI systems.
This is where blockchain comes in. By decentralizing the control and ownership of data, it would be possible to create a more equitable system in which anyone could contribute data to AI systems. This, in turn, would make AI more diverse and less biased, as it would be drawing on a wider range of perspectives and experiences.
However, the decentralization of AI also poses some interesting technical challenges. For example, how do you ensure that the data being used in AI systems is accurate and reliable? One solution might be to use blockchain to create a system of incentives for participants to contribute high-quality data, which could then be verified and validated by the network.
Overall, the concept of decentralized AI is a fascinating one that could have far-reaching implications for the future of technology.
3. Personal Data Sovereignty
The final idea that caught our attention on day two was the concept of personal data sovereignty. As the world becomes increasingly digitized, we are generating more and more data about ourselves every day. This data is incredibly valuable, and is often used by corporations and governments for a variety of purposes.
However, the issue of who owns this data and who has the right to use it is still up for debate. One proposed solution is to give individuals more control over their own data – in other words, to create a system of personal data sovereignty.
This would involve giving individuals the ability to decide who has access to their data, and how that data can be used. For example, you might choose to allow a healthcare provider to access your medical records, but not a marketing company. Additionally, personal data sovereignty would also give individuals the ability to monetize their data, which could potentially create a new revenue stream for individuals.
There are, of course, challenges with the implementation of personal data sovereignty. For one, there would need to be a system in place for verifying the accuracy and authenticity of the data being shared. Additionally, there may be privacy concerns to address, particularly in the case of sensitive data like medical records.
Despite these challenges, the concept of personal data sovereignty is an intriguing one that could potentially give individuals greater control over their digital lives.
In conclusion, Consensus 2021 day two was full of thought-provoking ideas that highlight the potential of blockchain and cryptocurrency to fundamentally transform many aspects of our lives. From the decentralization of supply chains to the concept of personal data sovereignty, the future of technology looks incredibly exciting.
Crypto has long been associated with heterodox thinkers and revolutionary ideas, attracting individuals who are eager to explore and develop radically new ways to build code-based systems. However, after covering the industry for nearly four years, it can often feel as if we are repeatedly hearing the same ideas. Nevertheless, Consensus 2023 was alive with exciting new thought experiments that could shake up the industry.
One person with a new approach was Ethan Buchman, the founder of Informal Systems, who wants to resurrect the old banking model of the 16th century. Buchman is building Cosmos-based smart contracts and algorithms that allow communities to balance their debts without necessarily injecting extra liquidity into the system. Known as “collaborative finance,” the concept may not work, but the alternative it proposes is worth considering.
Another idea that was explored was the use of crypto blockchains for artificial intelligence (AI). According to Tarun Chitra, the founder of Gauntlet, as more information is produced by machines, it will become increasingly important to know where all data is sourced from. Zero-knowledge proofs allow people to check whether someone else’s statement is true without revealing all their cards, making it helpful in verifying the authenticity of data. Blockchain can also provide immutable records of data provenance, which could be powerful in an increasingly trustless age.
Finally, the NEAR Foundation announced a new project called Horizons, which offers a start-up accelerator mixed with Uber. The system utilizes a “reputation graph” that allows start-ups to rate the level of support they receive from advisers while the advisers rate the founding team. Horizons demonstrates how smart contracts can be used to inject visibility and provide a learning experience for all involved.
Despite the challenges that the crypto industry faces, it remains a hotbed of innovation and experimentation. By attracting heterodox thinkers and offering radically new ways to build code-based systems, the crypto industry continues to evolve and present exciting possibilities for the future.