Last week Digital Jersey Business Development Director Andy Jarrett attended The Bitcoin and Blockchain Leadership Forum in London, gaining and sharing insights into the provenance of items sold using blockchain.
Launched in May 2015, the Bitcoin and Blockchain Leadership Forum’s purpose is to help societies navigate the transition to the world of virtual currencies. With a membership comprising leading figures in finance, digital and law, the forum’s monthly collaborative meetings are an opportunity for experts to share insights into the most recent developments in Bitcoin and blockchain technology. Membership of the BBLF is shared between Digital Jersey, Jersey Finance, The Jersey Financial Services Commission and Government, constituting a multi department initiative from the Island.
The latest forum focussed on the provenance of items using blockchain, and how the ledger can be used to help prevent forgery. Topics of discussion included the work of Everledger in recording new diamonds on the blockchain to tackle the traffic of unethically mined diamonds.
More broadly, the forum raised significant legal questions concerning permissionless blockchain, that is, blockchain that enables transactions unmediated by a third party, and the potential of future technology to descramble the information that is currently encrypted on the ledger. Delegates also discussed the development in permissionless chains to firewall certain countries, enabling jurisdictionally focused blockchains.
Andy Jarrett, Business Development Director of Digital Jersey, commented:
“The Bitcoin and Blockchain Leadership forum is an excellent opportunity to gain insights into the major trends in Bitcoin and Blockchain and explore how these developments can benefit Jersey’s growing cryptocurrency and distributed ledger technology spheres. We saw particular opportunities for Jersey in terms of the growing legislative questions surrounding Blockchain, which our excellent regulatory and legal services here could seize to develop a unique service offering.”