Prof. Sunny Speaks Out on Blockchain: More Than a Fad, But It Won't Change the World
March 22, 2021
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Sanwar Sunny, assistant professor of entrepreneurship and innovation in The University of Baltimore's Merrick School of Business, weighs in on the myths vs. the reality of blockchain, as part of a panel of experts invited by the website ZyCrypto to clear the air about this elusive piece of technology.
Basically, blockchain is a database, in which the data entered cannot be removed, and all users, such as those who invest in Bitcoin, can view all activity.
Prof. Sunny, who is also a co-founder and the CEO of Dynamhex, a company that provides energy data for the public and private sectors, offers several insights into blockchain:
- Blockchain is real, and its decentralized nature is a manifestation of a long-term trend. "Decentralization has characterized much of the last decades of innovations in business models and software," Sunny says.
- Blockchain is not illicit. "There is no evidence that suggests, accounting for a proportion of volume, that blockchain-based transactions controlling for other factors have been used at higher rates than traditional currency. Also, most people confuse blockchain for cryptocurrency, which is only a very specific use case," he tells ZyCrypto.
- Blockchain is not going to change the world. "Similar to the HTTPS protocol, blockchain's future will be on the 'application' layer, and not the 'protocol' layer," Prof. Sunny says. "It will be in the background changing the way we conduct business, and not be on the forefront. It will be so ubiquitous, we won't know how we lived without it (like the internet)."
- Finally, Prof. Sunny says that blockchain is more than a fad. "Large corporations and influencers like KPMG and Citibank are already bullish" on the technology, he says.
Read the article about the truth about blockchain on ZyCrypto.
Learn more about Prof. Sunny.