Let's recap Consensus 2019. For many, this event is the largest Blockchain / DLT / Crypto event in the world. Consensus is a "must-attend" technology conference organised every year by CoinDesk in Midtown NYC.
If you couldn't make it, let me share my takeaways:
1. Crypto is dead, long live to Crypto! > As Michael J. Casey stated last year, the Crypto Winter suddenly arrived to the markets, taming the crazy bubble around cryptocurrencies. During the peak of the crypto golden rush, Bitcoin reached a $19,000 record high in 2017 but fell to "just" $8,300 this May 2019. In this Consensus 2019, there were fewer crypto charlatans who had come out for saving us all with their crypto elixirs. We shouldn't get confused between the digitisation / tokenisation of assets (a very powerful tool for automation) and the crypto currencies of doubtful origin.
2. Community, community and community > One of the most powerful feelings we may feel as human beings is the sense of belonging. Technology is not alien to the powerful synergies of people cooperating with a common goal. At Consensus 2019 there was a full representation of those DLT consortia and joint initiatives (e.g. DAML, EEA, Hyperledger, Quorum, R3) . Here, the key question will be how to interoperate those disparate platforms. A possible solution for this interconnection issue is Hyperledger QuILt, a Hyperledger project hosted by The Linux Foundation based on the InterLedger Protocol. As my colleague Helena Marques shared during the Hyperledger Greenhouse Meetup, large Technology companies such as NTT DATA are launching cross DLT PoC's leveraging this interoperability framework.
3. More suits and less hoodies > This year we have had more banks, enterprise vendors and system integrations in attendance, alongside fintechs and startups. In the combination of both worlds, I foresee a balanced journey for DLT adoption. Discussing this with my everis and NTT DATA colleagues, we are all under agreement that this is a clear sign that the industry is maturing. As Warren Buffet said, "You only find out who is swimming naked when the tide goes out".
4. Eppur si muove (even in Production already) > DLT is clearly getting adoption by Financial Institutions, even in Production environments. This year there were less DLT announcements with fanfare and more open conversations about real use cases and lessons learnt. As my colleague Jorge Lesmes summarised in his Consensus panel "2018 was the year of transition between the PoC mindset to Production mindset".
All in all, a significant shift for Consensus. Food for thought in your Digital strategy.
CoinDesk’s annual Consensus conference isn’t just about big names or well-known startups and enterprises.