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Lorange / IMD special mini-series

Blockchain

‘A room full of people with quill pens sits at the heart of crypto’

1 April 2022 • by Arturo Bris in Lorange / IMD special mini-series

Finance experts debunk myths surrounding crypto’s complexity and energy efficiency, and predict the specific ways in which it is likely to coexist alongside rival currencies. ...

From Ethereum to meme coins, non-fungible tokens (NFTs), stable coins and central bank digital currencies, the crypto world, as painted by a panel of experts hosted by Dr Peter Lorange, Honorary President of IMD, is a colorful one.

It is also a world that can seem daunting to enter, yet it is quite simple in essence, explained Giles Keating, Board Member at Bitcoin Suisse AG:

“Ultimately, the astonishing thing about crypto and blockchain is that it is really just an accounting system,” he said. “Think of a 19th century dark-paneled room in which a lot of people with quill pens fill out entries into paper ledgers. In a sense, that’s all blockchain and crypto really is.”

“The complexity comes from the fact you can build so much from it; an entire system with many of the characteristics we associate with money, an online computer, a decentralized system for banking and the same for governance.”

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