The Global Media Blockchain Summit was held at Korn Conovocation Hall at UCLA this weekend. It was led by the Secretary – General for BIMG (Daniel Ding) which is the worlds largest media consortium in the blockchain industry. Daniel described technology “as the soil for the future and that now is the time to nurture the soil for a long winter” OK… the conference was done in about 70% Chinese, translators were worn for those that are not fluent in Chinese.

California State Senator Robert M Hertzberg was also in attendance, he is responsible for the California Uniform Electronic Transactions Act he spoke to how it takes the government a long while to react to change, he used the post office as an example to explain how slow the government will sometimes take to adopt; in other words, we need to have modest expectations of the system. There was plenty of talk about the crytocoins, tokenization , app devs, white pages,  pitches for next Uber of the blockchain, but the most exciting thing that I found about the blockchain is the potential it has to make peoples lives easier,  less complicated and a fuller life experience. The token driven economy can help provide security to all individuals. The data that is collected will be kept and shared by you, the individual is responsible for their own information.

The delivery and transparency that blockchain technology will do for the global supply chain will benefit all that participate in global food and trade. The intermediaries will be reduced which  may increase profits, you will be able to track loss and waste in the food supply chain.

There were pitches from company’s such as Girl X, which wants to connect girls around the world through the blockchain in order to provide opportunities to all the female population; this is a revolutionary idea for some parts of the world where woman/girls are literally not allowed to enter a library.

The panel which was titled “Blockchain at the intersection of the old and new world” provided insight as to what legacy enterprises are doing to embrace this technology, which if executed correctly could be a disruption for their respective industries, the consensus between Bennett Pozil V.P Head Of Corporte Banking East West Bank and Vishal Garg Senior Architect for Farmers Insurance was that they have to build a team to support blockchain technology “no CEO wants to be the one who misses the opportunity” Vishal Garg.

There is a huge amount of interest in the blockchain, applications and laws are being written right now, as I type this blog, so this is happening, in my opinion the blockchain has a tremendous opportunity to improve business and personal lives. I am most excited about a permission based blockchain applications, which will allow individuals the authority to share their data with whom they allow. There is also a tremendous opportunity in the media side, where through blockchain technology artists will be able to be compensated for their contribution in a film, tv, radio, stream, etc..through micro payments, which basically pays you through your contribution to a particular project.

This is a very exciting time to work in technology. Here at Cognitive Computer Solutions we are looking forward to working on some of these applications that will change the world.