Blockchain or Bitcoin? That’s the dilemma. And it was the main topic of “Fintech & Blockchain Forum”, the event hosted last march 6th by “Le fonti”, a business web-tv, at Palazzo Mezzanotte, the Borsa Italiana headquarter. A meaningful debate with three main issue discussed by the panelists: Crypto, Blockchain, Fintech .
During the introduction, the keynote speaker Giacomo Zucco, researcher and founder of BlockchainLab, pointed out that blockchain as a word has been misused many times. “The real revolution is Bitcoin, that’s not really a revolution but an evolution- explain Zucco during his speech- it’s just a return to the old normal: that your personal data should stay private, because the way we spend our money must be confidential and currently with the ordinary bank that’s not possible anymore”. So the last 20 years has been an “historical anomaly” according to Zucco.
After this speech, two founders of SeedVenture, the CEO William Pividori and the strategist Sergio De Prisco, introduced their project, a new way of invest in innovative startup and create an innovative venture capitalism incubator: inside SeedVenture, as they said, using a crypto currency, you could act as your own bank and buying tokens, the investor is able to be rewarded in a shorter time than using ordinary money. Other than that, this free market competition could benefit the best project from the very beginning and help startups to survive the initial moment and reduce mortality.
The topic of businesses that choose crypto to do banking on their own has been widely discussed by the first roundtable of debates. Federico Tenga, cofounder of Chainside, a platform for firms that would to accept bitcoin payments, argued that “Bitcoin is not only a way to mantain control of our privacy and our funds, but it serves also as a tool for learning to be more independent in making the proper pick in investing money”. A similar goal is the purpose of Dindicash, a community that aims to spread crypto in the real economy, as explained by Fernando Tozzi, project manager of DindiCash: “On our platform members could exchange goods and services with their own money, create using our blockchain, for a better use of their assets”.
But there are also some legal and practical issue, like taxes and regulation. In the second debate, one of the participants, Massimo Simbula, of the Simbula law firm, argued that “the regulators could help us. The spreading of internet use during the ’90 has been favored by EU directives, so the use of crypto and blockchain could be helped in the very same way”. But Simona Macellari, chief operating officer of BlockchainLab swiped at the regulations, saying that “juridical instruments and definite are often totally inadequate to deal with an environment that is continuously changing”.
The last panel was focused on the practical aspect of blockchain use in business.
For example: why a firm should use a currency printed by a central bank and therefore accepted someone else conditions? Michele Ficara Manganelli, president of Assodigitale, staunchly affirmed this sentence: “Thanks to the blockchain, the company could act as its own bank and using their currency”.
He later made an example to better explain the concept: “This process is called tokenization, and it has already happened without anyone noticing it. Think about the tokens of the telephone booths of the past. These were not only used to call, but could be resold or used as a means of exchange between goods. Nothing new was invented, we simply managed to improve the technological system but on a case history that has existed for more than 40 years “. Ficara Manganelli explain his case referencing existing token currency: the Amazon Gift card, or the tokenization of the season ticket campaign of Juventus or Burger King who launched its own currency valued a single hamburger.