Hi Alan, what are your thoughts regarding blockchain technology and could/would you recommend any blockchain company or companies that are listed on the ASX. I’m a livestock producer and there is talk of how blockchain technology can be used to securely store data for animal meat trackability for food security, livestock bread data for genetic valuation and other integrity systems within the livestock industry, e.g. bio-security management. Blockchain globally is starting to play an important part in securely managing data, money and personal ID information just to list a few uses.
My thoughts on blockchain are that it is going to take over the world in some form. I think it’s possible in time all data will end up on the blockchain. It’s one of those things that sounds sexy but it’s actually boring, I mean it’s just a distributed ledger and I think – not that I understand it all that well, but I think it probably is going to be the way that people start to manage data. But the question is, is anyone going to make money out of it? And it’s possible they won’t. My big concern about investing in blockchain companies to the extent that they exist, and there’s not many if there are – I mean, I couldn’t actually list any to you, I’m sure there are some, but the trouble is – and I’m probably unfairly insulting somebody here because I’m sure that there are highly ethical blockchain people around, I’m sure there are, but the trouble is that those getting involved in blockchain are often people are just looking for the next main chance. They’re carpetbaggers and spivs!
It’s a bit like marijuana, you know, marijuana is clearly a business, it’s going to be a big industry both for medicinal and recreational purposes because it’s being legalised everywhere, not yet in Australia, but also for medicinal purposes so there’s clearly going to be a business. But there’s so many companies, they’re all sort of jumping in, trying to get the next wave up, all these people trying to make a whole lot of money and you just don’t know which of them is going to get there. I’d be careful about that with blockchain, very careful investing in it. Not because it’s not real, it is real and I think it is going to become the standard way for data to be dealt with, but it’s early days, it’s a bit early at this point to find companies that are worth investing in.
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