[Fintech] The Heart and Soul of the 4th Industrial Revolution is the blockchain
The Blockshow2017 conference ended in Munich on April 7 and the presence of Russia's leading e-commerce player, Ulmart, came as a surprise to many of the participants.
"It's all about blockchain. We keep talking about the 4th Industrial Revolution as if just by saying it things will change and we will become more tech savvy. However, the heart and soul of this revolution is the blockchain," said Brian Kean, Ulmart's Chief International Officer.
The press of PRNewswire mentioned on April 12,over 500 participants from all over the world gathered at the Munich conference. The mood among the participants was as if they had uncovered a secret and were setting sail onto an uncharted path to the future.
Many participants represented fintech but discussions about the legal aspects of the Internet of Things (IoT) and using blockchain to protect the virtual identities created some heated discussions.
When asked by the organizers what Ulmart wanted to get out of the conference, Mr. Kean said the goal was to explore whether the blockchain technology can help fight the flood of counterfeit products. "Consumers complain to us about this issue and ask us to do something. The blockchain will let us join forces with major manufacturers and anyone can then merely point a bar-code or QR-code and follow the entire history of the product from production line to Ulmart's fulfillment center," explained Mr. Kean.
Can the blockchain technology end counterfeiting by shining a light on illegal manufacturers and retailers selling the goods? Will the blockchain protect consumers from mistakenly buying fake iPhones? Russia's leading e-commerce platform, Ulmart, believes it can and the company will work tirelessly with major manufacturers to end the blight that is the counterfeit market.
"It's a unique idea and speaks to the potential and excitement that blockchain brings to the world. Everything will eventually become linked in through the blockchain," commented Angie Bernstein, local Munich entrepreneur and bitcoin trader.