{"id":323,"date":"2021-05-04T10:26:24","date_gmt":"2021-05-04T10:26:24","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/snt-fr\/news\/snt-hosts-stream-at-luxembourg-blockchain-week\/"},"modified":"2021-05-04T10:26:24","modified_gmt":"2021-05-04T10:26:24","slug":"snt-hosts-stream-at-luxembourg-blockchain-week","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/snt-fr\/news\/snt-hosts-stream-at-luxembourg-blockchain-week\/","title":{"rendered":"SnT Hosts Stream at Luxembourg Blockchain Week"},"content":{"rendered":"

Last\u00a0week saw\u00a0SnT\u00a0host a day of the Luxembourg Blockchain Week<\/a>, an event centred around the importance of blockchain in modern-day Luxembourg. The event began on Monday 26 April, with\u00a0five days of conference and more than 70 speakers \u2013 including a\u00a0keynote speech delivered by the Prime Minister of Luxembourg, Xavier\u00a0Bettel,\u00a0as well as founders from many institutions in Luxembourg.\u00a0The event was hosted by the Luxembourg Blockchain Lab –\u00a0a collaboration between\u00a0Infrachain<\/a>,\u00a0The\u00a0LHoFT<\/a>,\u00a0LIST<\/a>,\u00a0SnT\u00a0and\u00a0Letzblock<\/a>, with the aim to create and nurture\u00a0the blockchain ecosystem in Luxembourg.\u00a0<\/p>What is blockchain?<\/strong>

But what is blockchain, and why is it relevant to Luxembourg?\u00a0Essentially, it\u2019s a digital ledger of transactions\u00a0that is stored on a network of computers.\u00a0When a transaction is completed on a blockchain, it goes through a validation process and the information is stored on a block. This block is then encrypted and linked with information from\u00a0the previous block \u2013 creating a chain of transactions. Blockchains operate on a peer-to-peer network, meaning that whenever a new person makes a transaction, they receive a copy of the blockchain.\u00a0This makes them very hard to tamper with, since a hacker would need to have access to\u00a0all\u00a0the network users\u00a0in order to\u00a0alter any data. While the primary use for blockchain has been for cryptocurrencies \u2013 it was a technology created specifically\u00a0for Bitcoin \u2013 it has a great deal of potential uses. Examples include storing information about product inventories and legal contracts, making its\u00a0applications wide-ranging for industries in Luxembourg. \u201cBlockchain today is developing into the foundation of tomorrow\u2019s internet. This does not happen overnight, but the signs are there. That\u2019s why we supported Infrachain in getting together Luxembourg\u2019s blockchain all-star alliance,\u201d said Xavier Bettel in his opening speech.\u00a0Indeed,\u00a0\u201cIt is estimated that blockchain will be responsible for a 2.6% boost in GDP for Luxembourg by 2030, with PwC estimating 6,600 jobs will be created,\u201d\u00a0said\u00a0Emilie\u00a0Allaert<\/a>, Head of Operations and Projects at\u00a0LHoFT\u00a0and host of Monday\u2019s opening stream.\u00a0\u00a0<\/p>

As one of the founding members of the Luxembourg Blockchain Lab,\u00a0SnT\u00a0hosted Wednesday\u2019s\u00a0Technology stream, where speakers discussed the current use of blockchain technology, as well as the implications of regulation in the use of blockchain. Two of\u00a0SnT\u2019s\u00a0blockchain experts,\u00a0Alexander Rieger<\/a>\u00a0\u2013 a research and development specialist \u2013 and\u00a0Prof. Radu State<\/a>\u00a0\u2013 Head of the\u00a0Services and Data Management<\/a>\u00a0(SEDAN) research group\u00a0\u2013\u00a0took part in\u00a0the\u00a0sessions\u00a0in\u00a0the afternoon.\u00a0<\/p>

Separating Value\u00a0From\u00a0Hype<\/strong>\u00a0<\/p>

The afternoon saw Alexander Rieger deliver a keynote speech on Separating Value\u00a0from Hype.\u00a0Appropriately, Rieger\u2019s speech ventured into talking about\u00a0non-fungible\u00a0tokens (NFTs),\u00a0one-of-a-kind digital tokens that have grown exponentially in popularity in recent months due to hype\u00a0surrounding\u00a0large purchases<\/a>\u00a0in the global media. \u201cNFTs used to be an interesting gimmick until February when there was an auction at Christie\u2019s, where an\u00a0NFT was sold for $70million<\/a>,\u201d said Rieger during his keynote.\u00a0They\u2019re\u00a0part of the Ethereum blockchain (Ethereum being a type of cryptocurrency akin to Bitcoin), where each individual block in the chain is completely unique. They\u00a0can\u00a0be\u00a0pieces of artwork,\u00a0music\u00a0or even a\u00a0cryptokitty<\/a>.\u00a0Of course, a copy and paste would create a simple replica of a digital piece of artwork \u2013 but there would be only one original. It\u2019s even possible for an artist to personally sign the artwork within the metadata.\u00a0<\/p>

An interactive\u00a0‘fireside chat\u2019\u00a0followed,\u00a0featuring Prof. Radu State and\u00a0Alexander Tkachenko<\/a>,\u00a0CEO\u00a0and founder of\u00a0VNX<\/a>\u00a0Exchange \u2013 a digital asset platform for venture capital investments.\u00a0The focus of the talk mainly covered the progress that\u2019s still to be made in the field. Prof. State discussed his ongoing work with Ripple in the University Blockchain Research Initiative \u2013 a collaboration with Ripple and leading universities around the world\u00a0to support academic research and technical development, as well as innovation in blockchain, cryptocurrency and digital payments. Tkachenko shared that \u201cI think we\u2019re really at the beginning of the development of blockchain technology. I strongly believe Luxembourg is on the map of the most blockchain players. It\u2019s up to us to make Luxembourg into the significant player that it can be.\u201d<\/p>

\n \n\"\"\n <\/figure>

<\/p>

Large Scale Blockchain Projects<\/strong>\u00a0<\/p>

The stream wound down with a segment covering large scale blockchain projects, and how they differ from proof-of-concepts, featuring\u00a0IBM\u2019s\u00a0Jannick Eisenhardt<\/a>\u00a0and\u00a0Frank Teichmann<\/a>.\u00a0\u201cAs of last year,\u00a0IBM\u00a0had taken\u00a0part in\u00a0around\u00a0500 blockchain engagements,\u201d shared\u00a0Frank Teichmann.\u00a0\u201cIn 80% of cases, we find a technical solution and it doesn\u2019t have to be blockchain,\u201d he continued.\u00a0Indeed,\u00a0IBM\u00a0has taken part in some of the best\u00a0innovations\u00a0of blockchain,\u00a0including\u00a0Food Trust<\/a>\u00a0\u2013 a creation that\u00a0has\u00a0revolutionised the way that companies within the food industry can track their products, to\u00a0establish the root cause of any contamination more accurately. Using blockchain, a product can be followed from its origin and throughout every stop it takes on the journey to its destination. In the event a customer becomes unwell\u00a0because of\u00a0a contamination, this can help companies establish what their food has\u00a0come into contact with, so that they can identify the problem much sooner \u2013 a breakthrough that can save lives in the long-run.\u00a0<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Last\u00a0week saw\u00a0SnT\u00a0host a day of the Luxembourg Blockchain Week, an event centred around the importance of blockchain in modern-day Luxembourg. The event began on Monday 26 April, with\u00a0five days of conference and more than 70 speakers \u2013 including a\u00a0keynote speech delivered by the Prime Minister of Luxembourg, Xavier\u00a0Bettel,\u00a0as well as founders from many institutions in Luxembourg.\u00a0The event was hosted by the Luxembourg Blockchain Lab –\u00a0a collaboration between\u00a0Infrachain,\u00a0The\u00a0LHoFT,\u00a0LIST,\u00a0SnT\u00a0and\u00a0Letzblock, with the aim to create and nurture\u00a0the blockchain ecosystem in Luxembourg.\u00a0<\/p>\n","protected":false},"author":0,"featured_media":324,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[3],"news-topic":[],"organisation":[183],"authorship":[],"acf":[],"yoast_head":"\nSnT Hosts Stream at Luxembourg Blockchain Week - SnT actualit\u00e9s I Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"Last\u00a0week saw\u00a0SnT\u00a0host a day of the Luxembourg Blockchain Week, an event centred around the importance of blockchain in modern-day Luxembourg. 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