Davos Blockchain discussions: Was the « S » word on everyone’s lips?
By: Fab Info
Tags: Blockchain, Bitcoin, Scalability, Fast Access Blockchain, Articles

Blockchain technology was one of the hot topics this year at the World Economic Forum in Davos. World leaders, C-Level executives and academics gathered to discuss policies, global business context and technologies trends with the goal to promote economic prosperity and social cohesion.

According to The Globe and Mail, in one session, a commenter who had analyzed conversations at Davos said the word “blockchain” was the second-most uttered theme, after the word “Trump.”

In several events I’ve attended on Blockchain technology in today’s economy recently with leaders from well-renowned organisations in the space, it has been mentioned that the “B” word was on everyone’s lips in Davos.

It’s a good sign that world leaders show interest in one of the technologies set to change the way we trust each other and there is no doubt on the tremendous added-value Blockchain technology can generate. In addition, the numbers show more than ever how big the opportunity ig; in fact, according to the Bank of England, blockchain tech could increase GDP by 3%. Furthermore, a Gartner report predicts that the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030 to the extent that by 2020 the banking industry will derive $1 billion in business value from the use of blockchain.

However, the “how” can be as important as the “what”. The next most important question is: “Was the S word on everyone’s lips in Davos?”. If you are involved with large scale industry in 2018 you know what the “S” stands for: scalability.

Scalability is the major topic in the blockchain community around the world, more specifically “Would the existing Blockchains support my business idea?”. A Certified Blockchain Professional at The BlockchainHub — York University, where I lead strategic initiatives, recently asked if I “think that Blockchain can replace ERP solutions?”

The time comes more than ever to focus on the fundamental challenges instead of just building applications on top of the existing networks, a reality that the recent Deloitte report highlighted loud and clear. In their analysis, they discovered that out of the Blockchain projects launched during the last three years only 8% are still active.

The Fast Access Blockchain project is one of the few initiatives trying to solve this dilemma and enable highly scalable enterprise Blockchain solutions by introducing a unique architecture based on three components:

These three components are designed with a unified protocol and streamlined logic process. They integrate with each other to create a complete ecosystem with features of powerful scalability, strong reliability and true decentralization.

Foundational infrastructure: Composed of three key components, the foundation blockchain, the annex chain and the open storage architecture.

Middleware universal frameworks: These cross chain unified frameworks make the platform streamlined for easier implementation and wider adaptation, therefore reducing substantially time to market of Blockchain solutions.

Upper applications: The interoperability that the Fast Access Blockchain architecture provide will allow the creation of native applications easily deployed and available for monetization in the FAB Application Marketplace, FAB will do to the Blockchain applications what iPhone did to the smartphone applications industry.

Blockchain is set to bring back value and power to end users, but we have a big responsibility in building the foundation for successful enterprise applications and highly scalable Blockchain implementations, so this is a call to action to everyone genuinely interested in joining the revolution of economic prosperity.

Mohamed EL KANDRI

CEO

Fast Access Blockchain

m.elkandri@fa.biz

References

https://fa.biz/download/fab-en.pdf