#1 – How would you explain blockchain technology in layman’s terms?
Blockchain is an open, decentralized digital ledger that records transactions between parties on a peer-to-peer network and documents activity in a transparent, public database. Once a transaction is validated, it becomes a permanent and indisputable record on the blockchain.
In simpler terms, blockchain is a technology that makes it possible to conduct and verify transactions between parties without intermediaries or the possibility of manipulation or corruption.
#2 – Do you believe blockchain can power more than just cryptocurrencies?
Yes, blockchain and distributed ledger technologies can power more than just cryptocurrencies. In fact, there are already applications that do far more than just create digital currencies. Use cases include securely sharing medical records, land titles, supply chain logistics, etc. Given the pace of innovation so far, it is reasonable to assume that there are many unimagined applications that will change the way we interact and do business.
In the near term, blockchain will reduce transaction costs and eliminate counter-party risk and the need for a trusted third-party middleman. Blockchain technology will be the next value driver for the internet and will continue to evolve from what we know them as today; to completely new and more powerful applications.
#3 – What blockchain use-cases excite you the most?
While blockchain has the potential to transform most of our business processes, I think it will have profound effect on the wealth and economies of third-world countries. Blockchain will be able to address problems like corruption, lack of trusted institutions, proof of ownership and certainty of outcome.
For example, people without a bank account – “the unbanked”, can safely transact with a smartphone. Those who live in first world countries can generally trust – and take for granted – the caliber of our financial institutions and how easily we can transact with one another.
Blockchain has the potential to lift people out of poverty by providing a digital financial vehicle that works better than fiat currencies and complex credit systems.
#4 – What role does HIVE play in building the blockchain infrastructure?
HIVE is powering the future of blockchain computing by accelerating the development of the blockchain sector through traditional capital markets to create long-term shareholder value.
HIVE’s goal is to continue to grow the blockchain infrastructure while identifying accretive opportunities and other potential growth prospects for blockchain technology. Potential examples include graphic rendering, deep-learning artificial intelligence, and other processing-intensive tasks.
Harry Ponkradt is the founding CEO of HIVE Blockchain Technologies (TSXV:HIVE) and is responsible for the company’s overall vision. Harry has extensive contacts and experience in Canada’s capital markets. He served as Managing Director of Macquarie Capital Markets Canada Ltd. from 1985 to 2015 and as Managing Director of Espresso Capital from 2015 to 2017, investing in and advising startups in the technology and natural resources sectors.