NEXT BLOCK: IOTW Advisor Denis Lam Speaks about Unique IOTW Technology and Blockchain Mass Adoption Issues
IOTW Advisor & CEO of Infinity Group Venture Capital, Denis Lam, is speaking about the challenges of a crypto economy and critical barriers to the mass adoption of blockchain.
Mr. Lam, a serial entrepreneur, investor, product engineer, and advisor, sees regulation and legal factors as two of the biggest issues and obstacles on the way to the mass adoption of blockchain technology.
"One of the largest challenges is legal. It's like musical chairs: the laws change every month, and every lawyer will tell you different advice. Everything is different, depending on which country you are incorporated and it is not just about security law, but also a taxation law as well. So it's a minefield out there."
The United States has one of the strictest governments in the world when it comes to securities laws and taxation laws, which hampers a lot of innovation and resources and puts American projects at a disadvantage to non-American projects. These challenges had forced a lot of companies to move offshore. However, now the trend has reversed, and many of them are coming back, Mr. Lam says.
He explains this phenomenon by the bear trend on the cryptocurrency market that made utility tokens less profitable. In this environment, the companies don't want to go through the tiresome procedure of changing jurisdiction.
"I predict that as utility token performance comes down, there's going to be a rise of the security token. And if there is not enough benefit, why risk going through all the trouble trying to figure out how to go offshore, when you can issue a security token, have peace of midn and focus all your time on actually building tech?" he added.
Denis shared his take on the future of IoT and on how such projects as IOTW are impacting it.
"In order to have a mass adoption in blockchain we really need to have ways where blockchain can be used by everyday people, people like our family, not just crypto geeks and technologists. Ordinary people need to use it under the hood, meaning that we don't even know its there."
Considering that there are going to be about 50 billion IoT devices by 2020, we need to see how to leverage these devices with blockchain technologies to empower and benefit the everyday people who own them.
"Supply chain and IoT is one of the first fields other than fintech where cryptocurrencies and blockchain technologies will be used," Mr. Lam noted.
Speaking about IOTW technology, Denis Lam emphasised the high transaction speed, which is proven and advantageously compared with Bitcoin, Ethereum, IOTA and Visa, as well as a micromining feature that allows turning everyday consumer devices and consumer electronics like smart TVs, coffee makers, and cell phones into smart devices connected to an online ecosystem exchanging, storing and analysing usage data and bringing the benefits of decentralized technology to households.
Join the NEXT BLOCK conference online broadcasting to get more insights from the conference’s renowned speakers and blockchain experts.