The first killer app was reckoned to be Apple’s Visicalc software. A product so good that people went out to buy Apple computers for thousands of dollars, just so they could run the software program that only cost $100. Will the blockchain have a killer app, or does it have one already?
Pindar Wong, chairman of VeriFi (Hong Kong) was speaking at Consensus 2018 about imminent trade wars between China and the USA, when he explained that the blockchain had the potential to make these kinds of threats over tariffs between Donald Trump and Xi Jinping a thing of the past.
He said: “A confluence of technologies is poised to dramatically reshape the world of manufacturing and, in the process, render obsolete the existing international trade regime.” He mentioned AI and 3D printing, but he then said that it would be the blockchain that has the most potential to disrupt international trade and reshape it.
Wong defined the way it might work as : “It provides the enabling platform on which a new dynamic, highly fluid global system for exchanging value will emerge, one that’s far outside the purview of the World Trade Organization’s current “rules of origin” model.”
And he believes that governments “should apply blockchain’s ‘Don’t Trust, Verify’ approach to trade arrangements, using it to reduce trade friction and improve cross-border relations to the betterment of their societies.”
He concluded his talk by saying: “There is certainly a risk of a US-China trade war, with Hong Kong possibly caught in any crossfire. Yet there is also an opportunity for leadership and for a grand bargain between the world’s two great trading powers to identify a common interest in establishing new rules for trading in Intangible Property using a global blockchain-based trade architecture.
So, the blockchain may well be the killer app that stops global trade wars. That’s good news!