We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Cristina Dolan, co-founder and chief operating officer of InsureX Technologies, an alternative insurance marketplace based on blockchain, and CEO of InsideChains, which builds large consortia and marketplaces with economic token layers to facilitate the global exchange of data and transactions.
Cristina is an engineer, entrepreneur and author who has successfully embraced advanced technologies to build and grow disruptive businesses throughout her career in media, telecommunications, e-commerce and, more recently, fintech. As an early adopter of crypto and blockchain technologies, she co-founded and advised blockchain-enabled companies in climate tech, insurtech, healthtech and crypto trading. As a veteran of evolving networked technologies, she is currently focused on cybersecurity, which has become the most immediate financial material ESG and sustainability risk organizations face today, and co-authored a recently published book: Transparency in ESG and the Circular Economy, Capturing Opportunities Through Data (available at ESGdataBook.com).
1 — What has been the toughest challenge you’ve faced in our industry so far?
In the early days of crypto and blockchain, I would speak on panels where people would say things like, “Crypto and blockchain are only used by bad actors.” Unfortunately there are still “leaders” that talk about the criminal activities that are enabled by crypto and blockchain that “need to be stopped.” It is amazing that they haven’t learned from the radical transformation of media and e-commerce through the evolution of connected technologies.
It is unfortunate that some “leaders” just don’t understand that the evolution of new technologies also aligns with the changing needs of communities. Technology adoption is one of the most important pillars of corporate sustainability! (Look at Blockbuster or Kodak!) When companies fail, it impacts the communities, partners and even the local tax base that pays for services like education. We live in a world that is evolving faster and faster, and regulators want more and more data and transparency — you can’t stay in business without adopting new technologies.
The beauty of the hyper-innovation that has evolved from the interest in crypto and blockchain is unparalleled by any other disruptive technology. It has influenced innovation from cybersecurity, which utilizes cryptography, to supply chain, which needs transparency more than ever before!
Lack of understanding is probably the toughest challenge. It is hard to keep up with the accelerating evolution of technology in the context of social needs, like improved sustainability data tracking or improved controlled access to healthcare data.
Today, there is a requirement to be a self-learner just to keep up, and it takes up a lot of time. Even for those of us who are curious and love to learn and focus on solving problems with technology, the avalanche of evolving technologies can feel overwhelming.
2 — Does it matter if we ever figure out who Satoshi really is or was?
I hope that Satoshi Nakamoto remains a mystery forever! While there has been a lot of detailed speculation around who was working on the foundational building blocks and who was influential in the public-key cryptography and decentralized architectures, it is important to keep the technology separate from the behavior or personal activities or an individual. Our “networked” culture is full of “celebrity” figures who have large social media followings and endorse products. This kind of celebrity would be a distraction to the impact and evolution.
Bitcoin is the grandfather of an incredible age of hyper-innovation which is hard to understand with all the complex interrelated layers, like economics, technology, politics, or simply how to transact with Bitcoin. Adding a celebrity layer to Bitcoin would just add more polarization and misunderstanding than what already exists, creating an unnecessary distraction or excuses to ignore the transformation that is coming quickly. Celebrity figures like Elon Musk have moved the crypto markets.
Organizations that don’t embrace technology will not be sustainable. We have seen many examples of this over the past few decades. Moving from a figurative representation to an actual human who will be depicted as having possible political or economic interests will only become an excuse for some leaders to ignore the requirement to transform to meet the needs of a changing society.
3 — When you tell people you’re in the blockchain industry, how do they react?
Years ago I would publish social media posts about blockchain and crypto, and people would say “block-what?” At the time, I was working in the fintech space, where some peers in the institutional financial…
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