An Interview with Xiaochen Zhang- The Domination of the Blockchain- Where will we see it in 5 Years time?

A Blockchain and FinTech thought leader, board of adviser, keynote speaker, incubator, investor, Host and +20000 followers he was the perfect guy to interview. Thanks Xiaochen.

One to read- and one to defnitely not miss.

Question 1-

Xiaochen it is a great privilege to interview you, as you are my first Blockchain interviewee, I have seen your work in this space and you have really gained a reputation for yourself with the brands you now work for, where I am a massive believer in the area. My first question to you is a simple one that can tell our readers? Where do you see Blockchain in 5 years’ time, how will this space evolve particularly in Crypto?

At the G20 summit, the member nations present agreed that cryptocurrencies needed to be examined. But that more information was needed before any regulations could be proposed. Regulatory uncertainty is a factor to be considered for the blockchain technology evolution. As of now, the blockchain technology is still at its infancy. We will see a growing number of blockchain based innovations in all sectors in the next few years. Many of such innovations disrupt how the existing systems work. Many new cyopto projects will emerge and most of them will disappear. In 5 years, the crypto market will become more stable with a reduced number of crypto projects. Each crypto project will have much bigger impact in our daily life than any crypto projects’ current impact we have seen. 

 Question 2-

As Blockchain gets more sophisticated all the time, and new ICO projects are coming out, diversifying the space in different areas, what do you think Blockchain will do for us? What will be its purpose in our society and how will it diversify smart contracts?

Blockchain enabled p2p payment system will completely change how we receive financial and other basic services. 1.5 billion people will be able to effectively participate in the world economy thanks to blockchain based digital economic identity solutions. 50% of the physical assets owned by the poor are not used in any productive capacity every year. Blockchain based digital asset solution will potentially be able to completely change this situation. All in all, blockchain technology is a key for all of us to open the door to our new future.

Question 3-

Talking about smart contracts, Blockchain in terms of the Ethereum network is very interesting on how they will penetrate the space. Can you explain to our readers who don’t know about this and is still wondering what a smart contract does- What is a smart contract and what does it do in the Blockchain space? 

I like Ameer Rosic’s definition. Smart contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations. The use of smart contracts cannot only increase efficiency through automated execution when certain conditions are met, but also can avoid human related mistakes and increase accuracy. $100 trillion would be saved for SDGs M&E related activities if smart contacts can be adopted in SDGs related projects . 

Question 4-

In the Blockchain, Satoshi Nakamoto who invented Bitcoin made transactions easy without using a middleman, that was the whole invention to send it from party A to party B without interference. Do you think what he has done has created something unique? Do we really need this innovation? Does it help us? 

The peer to peer structure in transaction is not his invention. What is the most important contribution for Nakamoto is the consensus mechanism which provides the incentives for the nodes in the network to contribute to the system. It is extremely important innovation. According to Immanuel Wallerstein, the key factor which results in the potential collapse of the world system is the rising costs in the system. To take intermediaries out of the transactions can dramatically reduce trust related transaction costs and sustain the world system.

Question 5-

And my last question to you is Blockchain is very integrated with Cryptocurrency. Do you believe in Cryptocurrency in the Blockchain network will survive in the future? Will the Blockchain network be used to pay for things through crypto? How will this change in 5 years’ time?

We are transiting from a centralized society to a decentralized society which will be built on blockchain technology. In a decentralized society, crypto currency will become the means for us to pay our bills, store our wealth and create incentives for people to take actions. It will also help to redefine who we are and what we want to be. We are in the transition. In the next 5 years, we will see an increasing adoption of digital currency in both our personal life and business setting. But will it be a domination of bitcoin or Ether or a combination of a few or many crypto currencies, we still have to wait and see.

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Who is Nazareth Qarbozian?

Nazareth is a person who is a disruptor, realist and thought provoker. He has interviewed the brightest brains in top-tier companies, such as Sony, Inc, PWC, Atos, Blockchain LinkedIn and many more. Nazareth grew from 0 to 20,000 followers in 12 months. He has a passion to share real informative content to his readers in real time, and loves to work in the digital scene. He has over 20 interviews to date and it seems it is not stopping there as 2018 is going to be a great year of growth. Nazareth will continue to disrupt and interview the best brains around the world and draw in more growth as people realise the content he is sharing that can prove to be valuable in the tech, blockchain and digital sectors.

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