"We will know the blockchain has really made it when we stop talking about blockchain." So said Ron Quaranta, founder of the Wall Street Block Chain Alliance, during his last appearance on The Soul of Enterprise.
This time Ron was joined by Sean Stein Smith, professor at Lehman College, to share their insights into the latest news and use cases of the blockchain. Sadly, Ron Baker is working through a medical situation and was unable to be on the show.
But first…a bit more about Sean Stein Smith
Dr. Stein Smith is an Assistant Professor in the Business and Economics department. Before transitioning to academia full time, beginning with his appointment to a faculty position at Rutgers University, he worked in several corporate financial planning and accounting roles in both the for-profit and non-profit sectors. Dr. Stein Smith is actively engaged in the accounting community, having been awarded the NJCPA 30 under 30 in 2015, the Institute of Management Accountants Young Professional of the Year Award in 2016, and currently serves on the Fairleigh Dickinson University Alumni Association Board of Governors. Sean is also a member of the 2017 Class of the AICPA Leadership Academy.
Also, here is a bit more about Ron Quaranta
Ron possesses almost three decades of experience in the global financial services and technology industries. He currently serves as Chairman and Chief Executive Officer of the Wall Street Blockchain Alliance, the world’s leading non-profit trade association promoting the comprehensive adoption of blockchain technology and cryptoassets across global financial markets. Prior to this, Ron served as CEO of DerivaTrust Technologies, a pioneering software and technology firm for financial market participants. Ron is the editor and contributing author of the book “Blockchain in Financial Markets and Beyond: Challenges and Applications”, published Risk Books, as well as contributor to “Blockchain & Cryptocurrency Regulation 2019”, published by Global Legal Insights.
Segment One Questions
To Ron Q: You were last on our show in October of 2018 which in COVID years is a decade ago, but even in crypto world, that's a long time. Talk a little bit of what what's happened for you specifically at the Wall Street Blockchain Alliance in the last 18 months.
To Sean: You have spent a lot of time thinking about or concerned with blockchain as well as Bitcoin even and the integration into the accounting market space. Talk a little bit about your journey through that process.
To both: But what are some of the newer use cases that we're seeing that you're working on right now?
To both: What I'm hearing from both of you is that the possible small business use case will be that if you want to sell your product to these guys [big box retailers], you're going to be have to be on a system capable of doing that [using their blockchain]. And whether that's appified on their iPhone, or whether that's an accounting system that ties into blockchain, that's going to be the place where that's going to connect. Did I get that about right?
Segment Two Questions
To Sean: You just were completed, I believe last summer, a fellowship with AIER up in Massachusetts and would love to hear the about the connections that you made when you were up there last summer.
To Sean: Did you get a chance to talk with one of our favorite people on the planet here at The Soul of Enterprise George Gilder?
To Sean: I attended the Acton Institute's online on Acton University this week, and George Gilder was one of the speakers there. He thinks people are crazy and nuts about the privacy issues as they exist today. He just dismisses it as a total non issue because he truly believes that the blockchain is going to replace the internet as it is right now with an internet where security and individuality is baked into the system. Do you think that George has that right?
To Ron Q: What are your thoughts on that security and the blockchain being an answer to some of the security holes that we see now?
Segment Three Questions
To Ron Q: What if you connect via blockchain, your 23andme result, the DNA ,the essence of who you are in some kind of a blockchain technology and that goes with your profile, not only to the first doctor, but to all doctors [on your case].
To Sean: The [killer] application from an accounting perspective might be something more along the lines of preventing identity theft or income tax filing, or even perhaps voting. What about thoughts on that?
To Ron Q: When you were on last with Eric Assgeirson [of CPA.com], we talked about the interplay and interchange between private blockchains and public blockchains. And how we saw that that might be something that emerges. Have you started to see that at the at the Wall Street level?
To Ron Q: How about with respect to COVID-19 and or any other future pandemic or disease that comes down the pike and using blockchain for contact tracing?
Segment Four Questions
To both: I want to talk to you a little bit more about the most famous use case and that is Bitcoin. Using the date of Ron's last appearance it was just after the Bitcoin Cash split when Bitcoin Cash split it was about 10% of the price of current of what Bitcoin was at. Bitcoin was at $3,300 and Bitcoin cash was at $330, that's a 10% ratio. Well, I checked today and Bitcoin Cash is now 2.5% of the value with Bitcoin being at $9,333 versus $230 for Bitcoin Cash today. What's up with that?
To both: Bitcoin is not classified by the government as a currency, it’s property, but I think we are headed for a time when there's good where there's going to be a challenge. I don't know if it's going to happen at the Supreme Court level, but, it's going to have to be dealt with and perhaps recognized to a certain extent as a currency.
To both: I believe it was about a month ago, the Chinese government has released a fiat currency based on blockchain. And it's a major state trial of this with transactions flowing through, so is China ahead of us on this?
To Ron Q: What do you think Facebook pulled back on that [Libra]?
To both: What is BitCoin going to be priced at in one year, five years, and ten years from now?
Bonus Content is Available As Well
Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.
Click the “FANATIC” image to learn more about pricing and member benefits.