Blockchain’s Future: Beyond Bitcoin and Towards Real-World Adoption

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Blockchain’s Future: Beyond Bitcoin and Towards Real-World Adoption

At Web Summit 2024, industry leaders Ms. Kathleen Breitman (Co-founder of Tezos), Mr. Marcelo Sampaio (Co-founder and CEO of Hashtags), and Mr. Anthony Day (of Midnight project) discussed the future of blockchain technology and its potential beyond cryptocurrency speculation.

The panel agreed that while blockchain has been over-capitalized and primarily associated with speculative investments, its true potential lies in its ability to facilitate secure, transparent, and efficient transactions across various sectors.

Ms. Breitman highlighted the success of prediction markets like Polymarket, which accurately predicted the 2024 US election outcome, and stablecoins as examples of blockchain’s real-world applications. She emphasized the importance of the recent regulatory clarity in the US, particularly regarding cryptocurrencies, paving the way for broader adoption and the integration of real-world assets.

Mr. Sampaio stressed that the industry is still in its early stages, comparing it to the development of infrastructure like roads and gas stations in the early days of automobiles. He expressed optimism about the increasing engagement of traditional finance with digital assets and the potential for blockchain to revolutionize identity management in the digital age.

Mr. Day emphasized the transformative potential of zero-knowledge proofs, a cryptographic technology that allows for the verification of information without revealing the data itself. He argued that this technology could revolutionize data privacy and security by eliminating the need for applications to store and manage sensitive user data.

Looking ahead, the panelists were optimistic about the future of blockchain. Mr. Sampaio expressed hope for clearer regulations to foster innovation and adoption. Ms. Breitman called for a greater focus on the technical underpinnings of blockchain projects and a shift away from speculative trading. Mr. Day advocated for increased awareness and understanding of the potential of zero-knowledge proofs to enhance data privacy and security.

The panel concluded with a call to action for the audience to explore the diverse applications of blockchain technology and engage with projects like Tezos, Hashtags, and Midnight that are building the future of decentralized technologies.