Professor George M. Giaglis is Director of the Institute for the Future at the University of Nicosia interview.

Professor George M. Giaglis is Director of the Institute for the Future at the University of Nicosia, as well as a leading expert on blockchain technology and applications and advisor to many blockchain projects and technology start-ups.

George has been working on digital currencies and blockchain since 2012, with his main focus being on new forms of industrial organization (programmable smart contracts, decentralized applications and distributed autonomous organizations) and new forms of corporate financing (token economy, crypto-economics and ICOs). He has been one of the first academics to research and teach on blockchain, having: designed the curriculum of the world’s first full academic degree on blockchain (MSc in Digital Currency at the University of Nicosia); led the development of blockchain credentialing technology that has resulted in the first ever publishing of academic certificates on the blockchain; taught on the disruptive innovation potential of blockchain, both at academic programs and in executive seminars worldwide; organized a number of prominent blockchain conferences and events, including Decentralized.

Throughout his career, he has published more than 10 books and 150 articles in leading scientific journals and conferences, while he is frequently interviewed by media and invited as keynote speaker or trainer in events across the globe. He is the Chief Editor for Blockchain Technology at the Frontiers in Blockchain Journal and member of the Editorial Board at Ledger.

You are the first to research and teach Blockchain. How did you anticipate the needs in this area, how did you start your interest and how did you decide to focus on this area?

I first came across Bitcoin in 2011 and immediately realized the potential of having a decentralized, peer-to-peer, programmable sort of money. This could literally transform how we view the concept of money and its functions, including the ability to have active forms of money that can be used not only by humans, but also by machines. Later on, I also realized the potential of Bitcoin’s underlying technology (i.e. the blockchain) to redefine the architecture of the internet from a network of information exchange to a network of value exchange. Again, the disruption is significant and potential applications are endless. Thankfully, at the University of Nicosia, I found a forward-looking university wanting to lead education in this field and we formed a team to implement the world’s first academic degree in the area (MSc in Digital Currency, http://digitalcurrency.unic.ac.cy).

In Turkey, young people are very enthusiastic about your field, but they have just begun to study in these areas. Could you tell us a little bit about the courses you give at the University of Nicosia?

Our flagship program is the Master’s degree. This is an 18-month, fully online program of study that takes students through all the knowledge needed to become a competent professional in this field. So, there are courses on finance (explaining how the global financial system is impacted by these transformations), courses on technology (both for digital currencies and for other blockchain-based platforms and applications), courses on business and law, etc.

We welcome people from all educational backgrounds in the program. Those that possess a computer science or related degree can follow the programming pathway and concentrate on more technical courses, while others can follow the non-programming route and take more business or finance oriented courses.

For those that do not want to do a full academic degree, we offer shorter Professional Certification programs, which are also fully online. Currently, there are three such programs leading to certifications as Blockchain Business Analyst, Blockchain Financial Analyst or Blockchain Developer. More information about these programs can be found at https://digitalcurrency.unic.ac.cy/professional-certification-programs/.

Could you evaluate the recent changes in Blockchain field? What is the potential for widespread impact? Which sectors stand out and are more eager to use these blockchain technologies?

There is vast potential for disruption across many industries. Blockchains add a new layer on the current internet architecture, the layer of trust. For the first time, we can now transmit not only information, but also all sorts of digital value across a global network. As the internet dis-intermediated information industries (like digital media), the new internet will affect value industries. The financial services industry stands to be affected most, but so will all other industries where intermediation, clearing/settlement of transactions, auditing and traceability play a major role.

Could you tell us about how the future of payments will be? What kind of future the fintech companies are getting prepared?

One the one hand, we see a trend toward direct peer-to-peer payments, without intermediation by an established financial institution. For example, if I want to send $1,000 from Turkey to the USA today, I could use the existing financial system, wait for a few days and pay a significant amount of commission (let alone be subject to capital controls or other limitations). Or I could transfer this amount in seconds and for a fraction of the cost, using digital currency. The established financial services industry will find it very hard to address such huge disruption.

On the other hand, digital currency is not legal tender or a widespread form of payment instrument yet. Further, people are not accustomed (or may not event want) the level of responsibility that follows when one is accountable for the security of their own wealth. We still have some way to go before examples like the above become mainstream business. But I have no doubt that we are getting there.

Do you think the Blockchain developers are facing a trouble to reach the right talent for the job? To work in this field, which countries offers more opportunities?

There is significant demand and very low supply of talent for blockchain professionals in the market. This is a significant gap that slows the pace of development and adoption. Universities have a major role to play in bridging that gap by educating people, not only as digital currency or blockchain experts, but also as tomorrow’s users of such technologies and services.

Many companies consider the Blockchain as a big opportunity and try to develop projects. Sometimes, the projects they work on, do not end well and disappoints. What should it be considered as keystone while working on such projects? What is the secret of success?

Blockchain is a network phenomenon and early adopters will naturally have an uphill struggle. But, they are also the ones to gain most, if successful.

We still have a few years before we see widespread adoption. My advice for the leaders in the field would be to:

  1. Start by studying up on blockchain now, so that they are aware of the pros and cons, as well as the application potential of this new technology.
  2. Continue by forming cross-functional teams to investigate use cases in their business.
  3. Partner with others (businesses and research) to develop proof-of-concepts in selected areas. These can then serve as the basis for rolling out enterprise-grade applications.

We see many ICO nowadays, and the number of them are getting increase every day. Many consider it as next Bitcoin. What do you think about it?

One of the biggest disruptions that blockchains bring is the commoditization of the investment space. Anyone can now become an investor, anywhere in the world and at any time. This opens up huge avenues for value creation at an unprecedented level.

Having said that, it is also natural that the new landscape attracts many bad or downright fraudulent ideas that try to profit from investors’ enthusiasm, coupled with their inexperience. While I consider the ICO phenomenon to be very important long-term, I would strongly advise caution to inexperienced investors.

If Bitcoin fails as a network or a currency, how it could impact the market?

Bitcoin has been under constant attack 24/7 for the past (almost) ten years. It hasn’t failed yet. This does not suggest that it cannot fail, of course. But, the chances are slim and, even if it does, other digital currency architectures will rise up to take its place. Bitcoin investors will naturally lose heavily, but the whole trend toward new forms of programmable money is irreversible, in my opinion.

Will the paths of Blockchain and artificial intelligence intersect in the near future?

Certainly. I can imagine a world in which intelligent software will enter the economic landscape as quasi-independent entities engaging in business with humans or other intelligent software, signing self-executable smart contracts on a blockchain and settling transactions using some form of digital currency. The possibilities are endless – but, they are probably the subject of a whole new interview

Which occupations has future? Which occupations should the youth consider?

Anything that prepares them for a digital world. In terms of technologies, my preferences would be for data analytics, blockchain, artificial intelligence, the internet of things, robotics, autonomous vehicles, virtual and augmented reality, additive manufacturing, smart energy, new materials, nanoengineering and biotech.