Consensus 2019 was big, but now that it’s over, and if you didn’t visit, you probably want to know what happened.
These are the five main trends that you can see from the discussions that happened at the event, which lasted three days from May 13 to 15.
Amazon Entering the Crypto World
Amazon is probably our most obvious highlight. The company offers blockchain-as-a-service Amazon Web Services (AWS) recently, so it used the conference to showcase a new offering, a Managed Blockchain Service, which will use the Hyperledger Fabric as a basis.
Another important offering of the company was the Quantum Ledger Database (QLDB), which will be a centralized blockchain that will be used for enterprises that want a distributed ledger without losing control.
The focus of this platform will be on the idea of a immutable system of record. Many companies simply don’t care for tokenization or consensus mechanisms, so they may as well use a streamlined product that will only offer them what they really need.
According to the team, many projects which originally used the blockchain technology will end up using only an immutable centralized ledger as this is the only aspect that interests some companies. Rahul Pathak, the general manager of the program, affirmed that QLDB started as a permissioned ledger but it was developed in a different way after they perceived the need in the market.
Central securities depositories (CSDs) were also another point of interest during the conference. CSDs, in case you do not know, are relative to, how to bank securities. The world is starting to understand that CSDs can be tokenized, so they certainly gained the interest of the crowds.
The financial market will certainly change a lot in the future and players like the London Stock Exchange Group (LSEG) and the Depository Trust & Clearing Corporation (DTCC) were around to discuss the future.
A member from the DTCC affirmed that the company is ready to use blockchain technology while highlighting that it can be used to create a post-trade environment that is more reconciliatory and fragmented. With the current technology, it is possible to automate record-keeping and create a system that will be considerably more efficient than it is now.
Kaleido, a company backed by ConsenSys, was also offering more tools for B2B tech stack and a blockchain cloud to be used for business. The idea was to make trading easier and more integrated with the platforms.
The company already has clients like Kroger, Heineken, Fox, Citi Bank, Sony, Union Bank, ING, Shell, T-Mobile and MUFG, a sizeable portfolio.
According to the CEO of the company, Steve Cerveny, the idea of creating a single and yet integrated B2B stack was perfect for the project and helped to create something very unique.
Security Tokens Versus Tokenized Securities
Another panel discussed the differences and similarities between security tokens and tokenized securities. Michael Coleta, the blockchain architect of the LSEG, affirmed that he wanted to be clear about the regulation.
He affirmed that there was a lot of semantics involved and that people should remember that what actually matters are legal definitions and the technology. It was also discussed how to regulate these kinds of assets since they have characteristics which are fairly common to traditional securities and yet they are not exactly the same.
Ajit Tripathi, which works on ConsenSys, affirmed that securities will be eventually all registered on the blockchain and affirmed that innovation was important for the decentralization of the financial system.
The final highlight was a panel called Herding Cats, which was created in order to gather several companies together to talk about the industry’s subject of blockchain consortiums.
According to Brian Behlendorf, the executive director of Hyperledger, there are three specific types of consortiums. For instance, there are companies like Hyperledger which are focused purely on technology and others like the Enterprise Ethereum Alliance, which are more standard-type consortiums. Finally, there are very particular ones as we.trade.
They discussed consortiums and got to a conclusion: governance and how to deal with it are questions that really have to be taken into account when creating your own consortium or maintaining one.