Business

an interview with Karen Ottoni from HyperLedger

“Cryptocurrency is just one use case for blockchain,” Karen Ottoni, director of ecosystem at Hyperledger, told Cointelegraph in an interview during Paris Blockchain Week.

From “supply chain and trade, financial and capital markets, green bond tokenization, real estate tokenization” the list of ideas applicable to blockchain is numerous and growing.

HyperLedger’s bread and butter is sorting and then supporting enterprise blockchain software projects. From “managing food, fish, diamonds, minerals — the supply chain,” Ottoni told Cointelegraph.

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The interview took place during the Paris Blockchain Week Summit. Source: Cointelegraph

While HyperLedger works in every industry, for Ottoni personally it is the impact on climate and climate protection that inspires her the most.

“To know if the minerals that go into our cell phones, the tungsten that goes into our cell phones or computers or cars are sustainably produced.”

Blockchain technology has long been touted as a powerful tool to combat climate change, while a new Bitcoin (BTC) school of thought is valuing Bitcoin mining as a way to incentivize the expansion of renewable energy assets.

The long-standing discussion “do you need a blockchain for this?” emerges. Ottoni cites the aforementioned Rwanda tungsten mining operation as a successful implementation of blockchain technology that is more effective than a database.

“With a database, you have to trust whoever is managing it. There are a number of different actors in the space: the companies, the refiners, the governments – and most importantly, these are all actors who don’t necessarily trust each other.”

Ottoni explains that, for better or worse, these actors would “benefit from visibility of shared data and shared transactions that wasn’t so visible before.”

However, disadvantages remain. “Bad data in is bad data out,” Ottoni concedes. To date, HyperLedger has attracted interest from IBM, among others.

Regarding CBDCs, which most banks are now considering, Ottoni explains that CBDCs are the “evolution of digitizing assets”. Ottoni extended:

“I think it is [CBDCs] will be part of the mix. There will be cryptocurrencies because there is a value proposition there; There will still be stablecoins and a central bank.”

For example, CBDCs make sense after a natural disaster: “After a hurricane, CBDCs allow funds to be distributed quickly.”

Regarding the future of blockchain, Ottoni states that “interoperability” is their most pressing concern. Not necessarily between blockchains, but in terms of developers, thinkers, and teams sharing ideas and collaborating more effectively.

Ultimately, there just needs to be more examples of “testing, proving, and showing that these tools work.”