Michael Gord is the founder and CEO of MLG Blockchain, an enterprise blockchain and ICO consulting and development firm. He was the first enterprise blockchain developer at TD Bank, one of the largest Canadian banks.
Michael is also a director of the Blockchain Education Network, a robust global network of blockchain enthusiasts, sits on the board of directors of the Blockchain Association of Canada, is an advisor and investor into several prominent blockchain ventures.
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This week I get to chat with Michael Gord. As you know, I’ve become quite the blockchain junkie and even got certified as a Blockchain Business Professional. I’m more a fan of the technology versus Cryptocurrency.
In this episode we will learn:
- What have been challenges getting into this space and launching MLG Blockchain consultancy
- Why is Blockchain Technology seen as so innovative
- What are some typical ways that companies have been utilizing blockchain technology
- Which industry &/or countries have the highest adoption rate
- What are some key legal implications/considerations
What is Blockchain?
As for Michael, Blockchain in the new internet. It is a better way of storing information and creating applications. The hype behind blockchain is based around the fact that we are reinventing the current internet, the current finances system, the current government system, the supply chain system and almost every existing industry is being disrupted by blockchains.
What have been challenges getting into this space and launching MLG Blockchain consultancy?
The biggest challenge that Michael experienced upon the blockchain industry is education and scalability provocation because most people are not yet familiar with blockchain. For scalability, MLG row-block is, for enterprises put on a hundred millions of users on top of blockchain today because blockchain systems are not scalable enough compared to 20 years ago.
Why do people say that Bitcoin is Blockchain?
Bitcoin on the topic, is a cryptocurrency that lives on a blockchain protocol. Bitcoin is also one of the thousands of cryptocurrencies and one of dozens of protocols which makes it one of the first cryptocurrency and the first to introduce blockchain as we know it today.
How do we classify cryptocurrency?
As of today, the use of cryptocurrency is still very few in terms of using it in our everyday life but Michael expects that by next year, the use of cryptocurrency will become normal to us. We will see the use of cryptocurrency mostly on games, restaurants, online shopping and everything else that accepts cryptocurrency.
How other company uses the blockchain technology:
Most companies use the blockchain technology through privy concepts and pilot applications. We have seen a similar case on the Venezuelan government that released cryptocurrencies. This made Michael believe that every government will release a government issued cryptocurrencies to power services to their country. Some countries are also looking into using cryptocurrencies for their government power services.
Which industry &/or countries have the highest adoption rate?
Seoul, Korea and Tokyo, Japan currently have the highest adoption rate of companies and people who uses blockchain on their daily life. China and India also have a high adoption rate due to their online retail companies such as Alibaba or such. Most of these countries are used to paying using QR codes or digital dollars which is very simple to use.
In North America on the other hand, we are still predominantly cash-based or credit economy. It can be a culture shock if people will start paying with QR codes.
What are some key legal implications/considerations?
Traditionally, it was only banks that have to care about knowing your customer for doing money processing. Today, with token sales there are people all over the world needing to know their customers.
At the end of the day, it is not just about knowing your customer and raising capital in your country. You are raising potential capital for people in hundreds of countries. So you have to touch, know and understand the legalities from the very beginning because it is necessary.
Some companies are using ICOs (Initial Coin Offering) as a way to raise capital instead of going through the traditional VC approach. Is this a new growing trend?
ICO represents a better way of raising capital, according to Michael. Everyone should be able to have the support of raising their capital on a global perspective rather than forced to raise capital exclusively and locally.
Consider your thoughts, thoughts are real because what you think about is bound to happen.
About MLG Blockchain:
MLG Blockchain is a global blockchain development and consulting firm headquartered in Toronto with a distributed team across North America, Europe and Asia that is focused on building next generation applications using blockchain and smart contract technology.
We are blockchain agnostic and are experienced working with many blockchain fabrics including the Bitcoin Blockchain, Ethereum, Hyperledger, Ripple, Factom, Eris. We are also experienced working with many blockchain development APIs, software frameworks, databases, and devOps tools for testing and agile development.
- The Black Swan by Nassim Nicholas Taleb
- Think and Grow Rich by Napoleon Hill
- Good to Great by Jim Collins
- Outliers by Malcolm Gladwell
Favorite Hot Spot:
- Fun Festival in Montreal every year
- Yasu Sushi Bar in Toronto
Connect with Michael:
LinkedIn: Michael Gord