Here are some of my key learnings and reflections from this conference:
There is a Need for a Blockchain Paradigm Shift
The first conference topic introduced the concept of the “blockchain paradigm shift”. Whereas organisations have generally adopted a tactical approach to focus on improving the technical efficiency of systems through blockchain technology, this conference signals the start of a new movement where diverse, socially-minded leaders are banding together to form future strategies on a more holistic and constitutional level.
And yet, how can we best collaborate in practice? And how can we ensure that these conversations will produce valuable and sustainable frameworks for future collaboration?
With a mission to develop a collaboration model that would help members of the blockchain community maximise their social impact, this summit sought to discuss these ideas and create cross-sectorial feedback loops. These activities stressed the importance of working together within the blockchain community to not only learn from each other, but also support each other in educating external parties and pushing legislation that will allow healthy experimentation within the blockchain for social impact economy.
Current Barriers to Blockchain Adoption
A main theme that continued to appear over the 2 days was the problems that we commonly faced as blockchain innovators and leaders. Firstly, we agreed that education awareness was a primary issue that threatened to prohibit our entrepreneurial progress. More specifically, it made it difficult for us, as organisation leaders, to get the necessary approval and funding to roll out our projects.
This directly ties in with another huge challenge — collaborating with policy-makers and regulators in developing clear guidelines on blockchain use. From my personal experience, our state government here in Melbourne is extremely supportive towards social entrepreneurship in the blockchain space. In addition, our regulatory offices such as the ATO are very helpful in answering organisational questions and in clearing up any cryptocurrency tax-related issues. However, upon discussing the various problems that other organisations faced, it soon became evident that many other governments around the world don’t share this same crypto-friendly approach. Consequently, many of the delegates mentioned that they would ideally like more assistance from regulators in clarifying legal compliance policies. It is important that we find ways to collaborate with policy-makers in creating economic safe zones (i.e. “sand boxes”) where we could safely experiment with social impact projects without penalty, before rolling these out into broader society.
On reflection, this has made me appreciate Melbourne’s crypto-friendly policy approach so much more. In fact, this might explain why Melbourne currently has such a strong fintech and blockchain social entrepreneurial community, with many successful pilots being based in Melbourne.
Blockchain Misconceptions Still Fuel Distrust in Blockchain Solutions
There were also a number of misconceptions that we, as organisational managers, faced as a collective. Particularly, there seemed to be a huge unease amongst charities in adopting blockchain regarding disintermediation. In other words, many feared that there would be a huge downsizing phenomenon, whereby many of their employees and volunteers would lose their jobs, or their entire operations would be made redundant due to technology. In some ways, this is not necessarily untrue, but this problem may need to be reframed. For example, when Oxfam International recently deployed a cryptocurrency donation solution in the Pacific region, they reported a huge reduction in intermediary steps that they would normally have to undertake to collect, distribute and send donations to the beneficiary. By increasing organisational leanness, this structural change ultimately led to greater social impact being delivered to victims.Additionally, this created new and exciting jobs for people in the education, consulting, research and technological spaces. As such, the main lesson to take away from this experience is to embrace this technology as a tool for developing new jobs and social impact outcomes for the future.