#cloudchat Recap: Blockchain – Looking Beyond Bitcoin

Throughout the month of December, we’ll be exploring the future of the cloud on #cloudchat. First up: blockchain! With Bitcoin values currently surging, the time is now to talk about what we can expect, and the potential ramifications of this technology.

Cloud chatters came to the table with various opinions on blockchain, fostering a lively, fast-paced discussion. Joining this week was our Chief Evangelist, John Engates who participated along with Cybric’s mike d. kail and Co-Founder of Feedback Networks, Dana Love. Rounding out the group, we heard insights from Co-Founder & CTO of FoxyCart, Luke Stokes and Senior Director of CSC, Todd DeCapua.

Miss a #cloudchat? We have all the #cloudchat recaps here on the blog!

Together, our participants discussed the following:

  • Q1: Beyond Bitcoin, what is blockchain? How would you describe it to an average person? #cloudchat
  • Q2: What are the broader implications of blockchain? What are people looking to solve beyond cryptocurrency? #cloudchat
  • Q3: Are we judging blockchain technology by the value of Bitcoin? Should we be doing this? #cloudchat
  • Q4: As blockchain matures in the technology space, who stands to gain the most? Who stands to lose? #cloudchat
  • Q5: What’s the biggest gaps around blockchain? Security, expertise, reputation, awareness? Anything else? #cloudchat
  • Q6: Looking towards the future, what do you find yourself most hopeful about blockchain? How can it positively impact society? #cloudchat

We kicked off the discussion by asking cloud chatters how they would explain blockchain to the average person. Dana Love said he usually describes it as “a database, or a spreadsheet, like Excel” but also acknowledged that “it’s more than that.” Chatters agreed with Dana that “blockchain is an emerging ecosystem of solutions.”

The experts didn’t, however, see eye-to-eye when discussing blockchain technology by the value of Bitcoin. John Engates and Ed Featherson agreed Bitcoin could disappear and blockchain would still prevail. While Luke Stokes noted that “You cannot separate the value of the token from the value of the blockchain. If the token has no value, the blockchain will not be secure.”

 

One subject participants could agree on was who stood to gain the most from Blockchain technology. mike d. kail stated innovative startups that are solving complex problems are the best candidates to benefit from blockchain.

Dana Love said the biggest gaps around blockchain are expertise, followed closely by reputation. Luke Stokes also weighed in, explaining that most people struggle conceptualizing money already, much less understanding how Bitcoin has exploded in value in the past seven years.

In the wake of Bitcoin’s latest rise, chatters were surprised with a bonus question to wrap up the discussion. Can it sustain the pace? John Engates and Ed Featherson agreed what goes up, must come down. Dana Love made a daring prediction: “#bitcoin25k before year’s end.”

Enjoy this week’s future looking #cloudchat? Explore our Twitter Moment to read more of the conversation and catch us next Thursday as we explore the Internet of Things at 11 a.m. Central.

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