S5 E23 - 5th June 2024 Digital Bytes ft: Martin Watkins CEO of Montis Group with Jonny Fry and James Tylee
Description
Jack Dorsey’s love of Bitcoin - in 2018, Jack Dorsey predicted that Bitcoin would be the world’s single currency in ten years. Although, back then, he acknowledged that Bitcoin currently lacked the capability to be an effective currency, he hoped that advancements in technology would solve these problems. Ten years from then would be 2028, a mere four years away from now. And, despite criticisms and his alternative vision of Web5, Dorsey's bold bets on Bitcoin reshaping tech and finance so are you brave enough to bet against him?
What can be done to address the challenges that potential impact quantum computing may have on blockchains? - quantum computing's arrival threatens blockchain security by compromising encryption, digital signatures and private keys. Various strategies to help address quantum computing threats to blockchain security exist - quantum-resistant cryptography, post-quantum cryptography and hybrid techniques are potential solutions, but what will be required is collaboration between governments and organisations. Undoubtedly, there is an opportunity to unlock significant transformative potential for quantum computing so as to actually enhance cybersecurity in blockchain systems.
E-voting: blockchain-powered voting - traditional voting methods are mostly unchanged and, although paper-based processes are plagued by high costs, inefficiency and susceptibility to corruption, paper systems remain. Whilst more than 37 countries have explored or adopted e-voting, blockchain's features (such as immutability and decentralization) ensure votes remain unaltered and free from centralized manipulation, so enhancing voter privacy and reducing corruption risks. For wide scale adoption, blockchain e-voting must be trusted, scalable and user-friendly and, despite hurdles, blockchain-based e-voting remains a compelling solution for modernising the democratic process.
Digital assets: accelerating adoption under the hood - more and more jurisdictions and financial institutions are adopting the use of digital assets that are powered by blockchain technology. The deployment of these tokenized assets that can trade 24/7 offer existing infrastructure providers, such as custodians, real challenges as they have to create new systems processes and procedures to embrace these new digital assets. Whilst much work has already been done, further legal and regulatory clarity is still required for the undoubted efficiencies and cost reductions of trading digital assets to be truly realised.