The recent Lux Research webinar “Blockchain: Hype vs. Reality” dove into what exactly blockchain is, its advantages and disadvantages, and why it’s such a game-changing technology. Lux Research Vice President and Group Director Shriram Ramanathan, Ph.D., Research Director Anthony Schiavo, and Research Director Josh Haslun, Ph.D., drilled down into applications as diverse as carbon trading, plastic-waste tracking, logistics, industrial Internet of Things, consumer data, and the metaverse and the outlook for these applications.
During this debate-style formatted webinar, Lux experts answered and argued their responses to the following questions:
- Why is this technology fascinating?
- What is your take on blockchain?
- What are the right use-cases for blockchain?
Ramanathan moderated the conversation between Schiavo and Haslun. While Haslun remained neutral to blockchain’s usage in the future and spoke from his research on consumer products and agrifood science, Schiavo adamantly opposed blockchain and its use-cases.
To determine whether blockchain is needed in a certain scenario, the Lux experts pointed to the Lux blockchain framework, shown in the webinar slide below:
Blogs and social media are on fire when it comes to blockchain and associated applications like nonfungible tokens and cryptocurrencies. Companies and investors have poured billions of dollars into this technology, but there is little clarity among stakeholders about what is so unique about it or what applications it’s well suited for.
Join Ramanathan, Schiavo, and Haslun as they debate the future use of blockchain and whether it is worth the hype. Register today to watch the on-demand webinar “Blockchain: Hype vs. Reality”!
Key Takeaways from the Webinar:
- Blockchain was built toward a philosophical Ending goal of decentralization and democratization and as an alternative to big institutions. Blockchain tries to achieve that goal via a platform that allows for trustworthy sharing of data across stakeholders.
- While technology has reduced inefficiencies in areas like commodity trading, it struggles to meet its core philosophical goals. Volatility in cryptocurrency value and a disconnect between the physical world and digital blockchain databases continues to plague real-world implementations.
- The Lux blockchain framework indicates that most blockchain implementations are likely to fail. There is a narrow range of use-cases where blockchain will truly offer a benefit. Clients should tread carefully when it comes to piloting blockchain within their organization.