The second day of the Paris Blockchain Week Summit (PBWS) featured unique panel discussions on industry trends and the keynote speech of the French Secretary of State for Digital Affairs, Cédric O. The BBHQ Media team is excited to provide you with an outline of the topics involving blockchain technology. For your convenience, we are providing highlights of those presentations as they occur:
Why blockchain organizations should move to France?
Moderator: Samantha Yap (Yap Global)
Domitille Dessertine (AMF), Kat Borlongan (French Tech), Michael Amar (Chain Accelerator), Nadia Filali (Caisse des Dépôts et Consignations)
This conference started with the question: Why blockchain organizations should move to France?
Michael Amar, Director of Chain Accelerator recommends that France is very attractive for two main reasons: Regulations and talents. To illustrate his point, he promotes that 50% of the applicants to the startup program Chain Accelerator are from USA.
Globally, France has put a lot of efforts in promoting entrepreneurship. It has a main goal of trying to take a leading position in European blockchain developments. By acting on the regulation and tax field, France is creating a comprehensive framework suitable for the growth of startups to nourish the blockchain ecosystem.
Notably, one of the best examples is the “FrenchTech Visa”, which allows foreign tech workers to come and be recruited on a French project without any difficulties. This Visa facilitates the employment and makes France more attractive.
PoW vs. PoS: recent advances in consensus algorithms
Moderator: Zahreddine Touag (Woorton)
Nigel Clark (Hedera Hashgraph), Monica Quaintance (Kadena), Edward Tale (Nomadic Labs), Patrick Dai (Qtum Foundation)
The Proof of Work (PoW) is the classic consensus mechanism that has been deployed with Bitcoin. Its efficiency is known and proven. However, there are some drawbacks to this mechanism, especially its massive consumption of power. Above all, the promise of Proof of Stake (PoS) is to be able to get rid of those drawbacks and guarantee the same level of security.
One of the key questions raised concerns about anonymity. With PoW, there is no knowledge of the user’s identity. With PoS, stakeholders have the mining power and need to be identified. Thus, there is a desire for balance between the efficiency and the need for anonymity.
Enhance customer relationship with blockchain
Moderator: Pauline Adam-Kalfon (PwC)
Emmanuel Delerm (Carrefour), Simon Woollard (Fantastec), Vidal Chriqui (BTU Protocol), Mathieu Friedberg (CMA CGM)
Vidal Chriqui, CEO of the BTU Protocol explains that Blockchain allows customers to be rewarded for the transactions they make for the first time. Besides, blockchain provides an excellent payment platform.
Speakers put forward blockchain’s ability to facilitate transactions, secure them and bring more transparency at a lower overall cost.
Emmanuel Delerm from Carrefour Group adds that retail business is based on the same values as blockchain: community, transparency and accuracy, which allow all parties involved to build a relationship of trust. He then demonstrated Carrefour Apps that allows customer to get information about a product origin. Likewise, the idea is to develop transparency in the whole supply chain.
However, despite the benefits of Blockchain in improving the customer experience, the complexity of its understanding is often a hindrance to its adoption. Thus, systems should be designed to give users an easy access to blockchain and cryptocurrency.
Privacy: real world applications for Zero Knowledge Proof
Moderator: Samantha Yap (Yap Global)
Dmitry Khovratovich (Dusk Network), Reuben Yap (ZCoin), Stephanie Vaughan (Elixxir), Jack Gavigan (Zcash)
Zero Knowledge Proof is a mechanism that allows the network to validate a transaction without revealing the content of a transaction. Most noteworthy, it means that crypto miners can validate a transaction without knowing the amount, the sender and the receiver of the transaction.
This technology can be useful in different use cases:
- KYC to enhance the customer experience by certifying the personal information without revealing them to every stakeholder
- Voting to prove that a vote happened, without revealing the person you voted for
Above all, the overarching idea is to guarantee privacy in every kind of transactions.
Zero knowledge Proof is not completely mature and many researchers are continually improving the existing algorithm performances in the blockchain.
Keynote Speech by Cédric O, French Secretary of State for Digital Affairs
Cédric O, the newly appointed French Secretary of State for Digital Affairs, gave a keynote speech to wrap up the Paris Blockchain Week Summit. He explained clearly the view of the French government concerning blockchain. Furthermore, it was understood by attendees that France is one of the main actors in the international blockchain ecosystem. Likewise, he demonstrated how France is creating a favorable environment allowing start-ups, and especially blockchain companies to flourish.
A press conference followed with Cédric O and a small group of media contacts. During the press event, it was made clear that French regulation and legal frameworks are advancing for companies seeking to invest and experiment in blockchain.