#ElevateFinTech says the future of the internet lies in blockchain
Discussions from “Elevate Toronto” reveal that the city’s future in technology and businesses is very promising. Toronto has a diverse platform for growth. It is strongly driven by communities and collaborations.
A tech-centered festival was organized in Toronto between the 12th and 14th of September. This festival showcased Toronto as a world-class destination for businesses and technology. Toronto is a great venue for innovations.
The FinTech and Blockchain tracks were completely full. These tracks were loaded with investors, startups and corporate investors. The professionals gathered to rejoice over Toronto’s tech ecosystem.
Don Tapscott, a Technology Leader and the co-Founder of Blockchain Research Institute, believes that we should connect together in this city, country, and theplanet to create value and build prosperity. Tapscott focuses on distributed growth, businesses and transactions!
Internet – A New Meaning?
In the past few years, the internet has been used to satisfy our need for information. Tapscott says that the future requires an internet of improved value. He strongly believes that the future depends on Blockchain and the internet.
Many cities are increasing in wealth but declining in prosperity. The country’s economy is growing and the percentage of middle-class is reducing. A majority of these changes are caused by an internet of information. What would happen if we have an internet of value?
Tapscott puts forward a ledger that is globally distributed. This ledger can be used to store, handle and transact things with value! All operations will be performed in a private and secure fashion.
The beginning & the challenges
The SVP of Digital at RBC, Peter Tilton identifies “Elevate Toronto” as a stepping stone into technologies like FinTech.
A lot of banks are experimenting 100s (if not 200s) of technical things! Unfortunately, banks are doing great! They are unable to get their technology right. FinTech focuses on only one thing. And, it has been able to get its goals right.
What makes technology difficult would be its paralyzing range of options. To make a wise choice, you should explore all your options.
Resembling the Silicon Valley
According to Tapscott, Canada’s technological transformations are better than the Silicon Valley’s. He considers Canada as a market leader.
Tapscott says, “The internet is entering into itssecond era”.
The internet’s second era brings many changes to the financial sector. When the right things are done, Canada’s technological transformation will be at a better level. Soon, Canada can become a global leader. Its growth will not be restricted to financial services.
Tapscott’s dream for Canada is big! He dreams of Canada as a global leader in building an innovation economy. According to Tapscott, two major Canadian assets are:
- A stable government that is committed to technological innovations
- The market’s biggest incubators
Digital Age and Its Identities
In this digital age, our identities have plenty of data! As we move forward, we are leaving behind digital crumbs.
These crumbs will act as active trails to our life.
Tapscott believes that all our identities should be retrieved. They must be managed responsibly. Soon, we will be able to make good use of our identities. There are many projects to create virtual identities. These identities will be created on Blockchain.
By definition, virtual identities are black boxes that can be personally owned. The identities are created using digital crumbs.
Trust? Can it be distributed?
Tapscott and Alex (son) are studying nature. They wish to understand distributed trust in corporate industries and businesses. Currently, they have studied the Moors of England and understood the behavior of starlings.
Starlings gather together in murmurations. Together, they have the power to protect themselves from hawks.
Tapscott believes that magic will happen when the moment is apt. Starlings showcase leadership, but they don’t have a single leader. This metaphor describes the way Blockchain works. The blockchain is a distributed entity. It is governed by rules and promotes massive collaboration. “Dependence” is an important quality of Blockchain.
The Future
More than 70 projects are planned to resolve the issues in Blockchain. Tapscott has created an institute to handle these issues. He is working on CarbonX too! CarbonX is his first carbon credit for thepublic trade. Through CarbonX, Tapscott encourages families and individuals to go green. His reach definitely doesn’t stop with companies.
Tapscott puts forward the following question:
“How will your organization find leadership to bring about change?”
The Verdict
Hundreds of companies, innovators and providers like Acanac are exploring into the promise of this digital age. They are working hard to make the world a better place!
