The co-founder of the British Blockchain Association explains how they cut through fake news and hype to get to the truth in blockchain
Among the biggest challenges in blockchain, is the “fake news, noise and hype,” according to the co-founder and president of the British Blockchain Association.
In an interview with Coin Rivet, Dr Naseem Naqvi goes on to say: “The challenge is how can you separate the fact from the fiction and the truth from the noise?”
He adds: “The single most effective strategy in the hype created surrounding the technology is the search for the truth and in doing that you have to establish the facts.”
But how? This is where the principles of academia come in to play.
He says there are those who have “a vested interest in blockchain” – such as the investors and developers who have stakes in the ecosystem. Their opinions are “not going to be unbiased,” he points out.
Then there is the “very large community that do not understand the technology very well, but are just following the crowd.”
The truth, he believes, lies somewhere in the middle of the “sceptical observer who has been sitting on the fence and the maximalists who firmly hold their own version of the truth.”
It is up to educationalists, researchers and ambassadors to “find the truth,” he adds.
The British Blockchain Association exists to promote the comprehensive adoption of blockchain technology and it is an advocate for education on blockchain adoption within profession.
It aims to build a close-knit network of experts and organisations connecting policymakers, blockchain engineers, venture capitalists and visionaries.
It calls for national adoption of Distributed Ledger Technologies to bring tangible, real world impact with economic sustainability and a vision to make Britain “one of the leading nations in blockchain arena by benchmarking exemplary standards.”
Dr Naqvi says in order to learn about the space, it’s important to attend workshops and seminars, to read books and watch videos to “try and figure out” the truth.
When it comes to asking experts, he says: “The problem is, who are the experts?”
“In research, Malcolm Gladwell says it takes 10,000 hours of practice to become an expert. Assuming you put three hours a day for a month that would be 1,000 hours a year. The technology has been around for the 10 years it would take to become an expert.
“There are not very many experts in blockchain and there are so many different types of blockchain.”
In order to become more knowledgeable, he says it’s important to look at evidence-based research in order to make decisions and it’s important to “decide on the best available evidence.”
He says if the CEO or person in charge of a company or institution is looking to implement blockchain technology, it’s important to consider three questions – “Is there a clearly defined problem that currently exists, Can blockchain solve this problem or is the existing solution better and if so, where is the evidence from research?”