In a roundup on money 20/20 USA, 2018 conference held in Sydney, Ripple Executive Chairman, and Co-founder, Chris Larsen shared an insight on his experience and perspective on business.
In a Firechat with Arjan Schutte, the Founder and Managing Partner of Core Innovative Capital, Larsen discussed on different topics. His emphasis was on disruption in Silicon Valley, regulation of digital currency and the importance of building the Internet of Value.
When explaining his philosophy towards improving new technology, he said that the uncontrolled growth of new technology which has arisen in Silicon Valley is like a threat to the society.
There is a ‘tech-lash’ going on, for sure. Silicon Valley has missed the boat,” Larsen said. “They’ve moved fast and broke things and didn’t worry about the consequences. This is where FinTech has struggled. Pure code is one thing, but it has to also be compliant and regulated. Technology is embedded in everything these days, and people are scared. They don’t want to hear how you’re going to break things.”
Larsen’s Advice to the Business Society
Larsen went further to say that the present situation could be changed if startups and tech companies would be more understanding, alert and perceptive.
He sees blockchain as a disruptive technology but advised that those building on the technology should not disrupt.
He blamed the industry for failing to recognize the impending harm associated with the digital asset. And advised all the players in the crypto industry to take a cue from Ripple’s giving arm.
He laid emphasis on Thorn project which is using technology to stop the exploitation of children on the internet. So startups could also engage in projects that can make positive changes in the traditional financial system.
“Working within the system. A big part of stopping this fetish for disruption is getting involved in the industry,” Larsen remarked. “Work with banks. By working with the system, you are automatically confronted by what the concerns are. If you’re only on your own path, you don’t see what these issues are.”
Larsen shared the opinion that despite all challenges, digital assets like Ripple’s XRP can help solve the global financial crisis and liquidity problem.
He affirms that positive change in the global financial system can only be achieved through Ripple’s Internet of Value, which will enable money to move easily, cheaply and quickly moved across borders.
He believes the digital asset space is evolving;
“Ninety percent of what we see today [in digital assets] won’t exist in ten years time, but the other ten percent of it will change the world.”
Larsen believes that achieving this end goal may not be easy but will surely pay off.