Realising the potential of the Internet of Value

Overview

• The panel discussion focused on the potential of the Internet of Value 
and driving its adoption.

• The discussion highlighted the need to shift focus from price to the 
functionality and scalability of blockchain technology.

• Strong leadership, vision, and the ability to solve real-world problems 
were identified as crucial factors for blockchain adoption.

• Craig Wright shared his personal experience with the Internet's 
evolution and emphasised the gradual realisation of innovation.

• Lessons from the standardisation of TCP/IP were discussed, emphasising 
practical steps, widespread adoption, and training programs for 
blockchain.

• The panel explored opportunities for Mallorca, such as forming 
an IPv6 Council and leveraging blockchain for government processes and 
transparency.

• The potential of blockchain in sustainable tourism tax and the creation 
of a digital Euro for Mallorca was briefly discussed.

• Overall, there was a sense of increasing momentum and continued 
evolution in the adoption of digital currencies and blockchain 
technology.

In a recent panel discussion moderated by Joe Holles de Peyer, founder of Gate2Chain in Palma de Mallorca, participants discussed how tomorrow’s Internet of Value will shape up and what needs to happen to drive adoption.

The panel included:

What is needed to realise the Internet of Value?

De Peyer starts the discussion off by asking about the factors necessary for the maturity and widespread adoption of blockchain. Brown emphasises the need to shift focus away from price and concentrate on the technology’s functionality and scalability. She compares the current situation to the Internet, where users don’t obsess over IP addresses but instead simply use them.

Prof Ladid highlights the importance of having a vision and strong leadership to overcome economic challenges and attract investment. He suggests leveraging technologies like blockchain to enhance tourism and solve real-world problems. The participants agree that blockchain will come of age when it can deliver specific services and benefits to communities and economies.

Craig Wright shares his personal experience with the Internet’s evolution through a personal anecdote. He founded his own ISP (Internet Service Provider) company in Brisbane, Australia, in 1991. During that time, the value of the Internet was not yet clear to everyone. He recalls receiving a lot of opposition at the time, as dealing with the Internet was considered a waste of time.

Wright eventually sold his business and continued to work as an employee for the company that had bought his business. Early on, the company sold automated products through EDI (what would now be called smart contracts). Years later, the company he had continued to work for evolved into the internationally known office supplier Staples, without Wright having a share in the earnings. All he got out of the deal was a resume. The lesson is that time is needed to gradually realise innovation.

Lessons from the past – TCP/IP and standardisation

As the panel already had moved to past experiences, de Peyer led the discussion to other experiences from the past in particular about TCP/IP, the network and communication protocol was developed in the 70s and is still in use today. De Peyer asked the panel. what lessons could be derived from the standardisation of TCP/IP, that can be applied to IPv6 and blockchain.

Ladid emphasises the importance of practical steps and widespread adoption to accelerate the deployment of blockchain technology. He mentions the need for an ISP (Internet Service Provider) and suggests working with a local company to achieve initial adoption and encourage larger ISPs to follow suit. The goal is to make the technology invisible and focus on making it work seamlessly for end users. He also notes the importance of knowledge and training in blockchain technology, suggesting the establishment of training programs and hackathons to foster collaboration and innovation.

The inventor of Bitcoin, Dr Wright, adds that most people don’t care about the technology itself, as long as it functions smoothly. He compares it to the example of Akamai, a global company providing caching services for faster content delivery, which most people are unaware of but heavily rely on.

Exploring opportunities for Mallorca

Towards the end of the discussion, the panel discusses possible opportunities for Mallorca. Ladid suggests forming an IPv6 Council in Mallorca, while Wright emphasises the creation of solutions and services. He mentions the importance of efficiency and savings that can be achieved through blockchain technology. He explains the benefits of using blockchain for government processes such as delivering bills, proving document delivery, and providing transparent records.

De Peyer suggests a concrete example for Mallorca, addressing the transparency of the sustainable tourism tax on the island using blockchain. Wright explains how blockchain can automate tax collection and provide transparency in government spending. Brown expresses concerns about other blockchains that force them to implement off-chain processes due to insufficient scale. In contrast, she emphasises the transparency and security of on-chain solutions.

Another topic, the panel briefly touches on is the creation of a digital Euro for Mallorca, which Dr Wright elaborates on in more detail. The conversation concludes with a sense that the adoption of digital currencies and blockchain technology is gaining momentum and will continue to evolve in the coming years.