Alex Tapscott, CEO of Blockchain consulting firm Northwest Passage Ventures, urges both businesses and regulators in Thailand to adopt Blockchain to cope with the Internet’s rapidly growing user base and startups.
At the “Blockchain Revolution” seminar hosted by Total Access Communication in Bangkok, Tapscott emphasized the potential of Blockchain within the conventional financial industry, which could save banks and financial institutions blns of dollars in annual expenditures, such as maintenance fees.
“There are things you can do with Blockchain technology that was not possible during the first decade of the Internet when we could only use it to contain information, search for information and share information.”
Thailand to lead Blockchain industry with Singapore & Hong Kong
Based on the rapidly growing industries in Thailand revolving around Internet users and consumers, Tapscott noted that if enough capital and talent are allocated in the development, implementation and distribution of Blockchain-based systems, the country could lead the global Blockchain industry with other leaders like Singapore, Hong Kong, Berlin and China.
One of the important recent events which Tapscott failed to mention at the seminar is the increasing interests of Thai banks towards Blockchain and the establishment of the Thai Digital Currency and Blockchain Technology Association.
Large-scale banks and regulators are already being educated on the benefits and advantages Blockchain provides in comparison to other data management and cryptographic systems.
"Bangkok can channel disruptive technology in a manner similar to Singapore, Hong Kong, Berlin and London in order to survive in the second era of the Internet."
Further solidifying his stance on Blockchain and its impact on the current global financial ecosystem, Tapscott noted that Blockchain is a technology that could massively alter the global economic environment. He explained that Blockchain is being tested, utilized and implemented by corporations and conglomerates outside the realm of finance, which is optimistic for the development of the technology.
“This is a technology that will have the greatest impact on the world, both economically and socially. We will also see changes across industries, not just in the financial sector, but also in governments, manufacturing supply-chains and power generation,” added Tapscott.
While the Blockchain industry is attracting the interests of high-profile investors, banks and organizations, it is also important to note that the market is failing to demonstrate commercial success and growth. Billions of dollars are being allocated for the development of Blockchain yet banks and financial institutions are struggling to enhance existing systems using the technology.