Blockchain is all about giving content creators control, experts say

Organisations have only scratched the surface of what is possible through blockchain, and the continuous evolution of the technology will see the birth of several new concepts that the world has never seen before, said Arron Brown, COO of DexTech AG.

Speaking to Khaleej Times on the sidelines of the World of Web3 festival, he described blockchain as the way of the future for the world. “Maybe because of its decentralised nature and the way it moves and evolves so rapidly is probably the key to its success. It can’t really be held back and there so many talented individuals, groups, and companies that are continuously helping to change the face of how it looks, whether it be on a daily, weekly, or monthly basis.”

A lot of it has to do with the technology itself, but also revolves around the passion that people are bringing to the industry, he added. “I really feel as though the industry has so much to offer the world; there are so many different angles about it in its current existence and form, but they’re just platforms for future growth. So, I’m very excited to be a part of the blockchain industry even though it’s still in its early stages.”

A key element of blockchain technology, Brown said, is the way in which it gives people control over their content, products, and offerings. “There are some really amazing minds that are currently working on several new concepts in the industry, not just for where we are now, but for future generations as well – it is really only limited by the imagination.”

He offered the examples of musicians in a band who have created NFTs of their work in order to retain control over who gets to listen to their music and how much they get paid. He also pointed to another use case of university professors creating NFTs of their lectures and research papers and then controlling their distribution in various circles; such a situation would also help them in reducing cases of plagiarism. “I believe that there’s still so much more to be developed in terms of products that we haven’t even thought of yet.”

When it comes to cryptocurrencies though, he agreed that governments have been eager to seek out regulations that protect both consumers and companies. What he stresses on is that these regulations will have to be created in a form that “helps the industry grow rather than hinder it.”

Asked about his thoughts on Meta CEO Mark Zuckerberg’s recent announcement that Instagram is working to bring NFTs to its platform in the next few months, Brown said: “I think it’s a great thing. For it to come to Instagram, that’s inevitable, and will provide users with another portal project that aligns with their interests.”

In his announcement, Zuckerberg did not go into much detail, but said that users would be able to bring existing NFTs over to the social media platform and over time “be able to mint things within that environment.”

Brown also shared his thoughts on the technology landscape in the UAE, calling it a “wonderful place” for innovation. “The amount of development here and the progression is just incredible; it amazes me actually and I’ll be happy to explore more of what it can offer.”

rohma@khaleejtimes.com