Overview:
• Laws developed by people over centuries cannot be easily replaced by technology
like blockchain.
• Legislation is needed for data ownership and privacy about the scalability
of Bitcoin.
• Private/sector partnerships are important, but caution is needed against the
centralisation of power among big tech companies.
• A universal blockchain is necessary to establish a universally-accepted ledger
of truth and enable effective arbitration and dispute resolution.
• Having multiple blockchains or copied versions of the same chain won't work.
• The first day of the event had presentations on confidentiality, anonymity,
and privacy, and a recap can be found in the provided link.Dr Craig S. Wright, Chief Scientist at nChain, held the first edition of his Bitcoin Masterclass series at an exclusive venue in London in January. The two-day immersive course forms part of a monthly series aimed at helping attendees understand the fundamentals of Bitcoin and the technology behind it.
The Bitcoin Masterclass series will give you a comprehensive overview of Bitcoin’s history, theory and design. Wright discussed the future of Bitcoin and the unbounded scalability of nChain’s blockchain solutions with potential use cases across several industries.
In the first session on the second day, Wright reviewed some of the most important topics discussed on the first day. He also responded to a Q&A with audience members, with the discussion focusing on everything from the technicalities of blockchain to politics.
People and laws are still important
One of the main points of discussion related to the role of blockchain, and technology in general, in broader society. Wright noted that while Bitcoin and blockchain are set to change the world, laws have been developed by people over centuries and cannot be easily replaced.
He added that the law will still play an important role in regulating technology such as Bitcoin, and there needs to be legislation on data ownership and privacy about the scalability of Bitcoin.
Wright also pointed to the importance of private/sector partnerships but cautioned against the centralisation of power among big Silicon Valley companies such as Meta and Google.
Why a single blockchain will triumph
Wright also discussed the necessity of having a universally-accepted ledger of truth and why having multiple blockchains is problematic. A universal blockchain is necessary to establish a universally-accepted ledger of truth.
Without a single recognised blockchain, multiple blockchains and copied versions of the same original chain will not work. This means that for blockchain technology to realise its full potential in providing secure and transparent record-keeping across various industries, there needs to be a single blockchain that is recognised as the official one.
Having a universal blockchain can also enable effective arbitration and dispute resolution. When disputes arise, it is essential to have a universally-accepted blockchain as a reference point to settle disputes and provide clarity. This can help to avoid costly and time-consuming legal battles.
A recap of Day 1:
You can find a more detailed recap of the first day’s presentations here: