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Just because crypto's crashing doesn't mean blockchain technology is bust. To explain why we still have to learn about blockchain technology and keep it in mind for 2019 is Casey Kuhlman, the CEO of Monax. So, Casey I was hoping you could divorce for me when people think about blockchain they often think about cryptocurrency, why might that be wrong?

- Well, cryptocurrency is one application of blockchain technology, but there's a whole range of other ways to use this technology that may be able to abstract pieces of cryptocurrency or maybe not using cryptocurrency at all.

- Such as?

- Such as, most famously recently there have been a range of banks that have been using this technology to streamline how trading happens. A bunch of supply chain use cases are developed, particularly in the areas of food safety. Other uses of the technology often break down into the ability to tag something and track it as it flows through an ecosystem. And luxury goods are another example of how this technology is being used to bring new level of functionality forward that we haven't seen in technology, in prior technology waves.

- Gotcha, and how exactly is your firm using blockchain to make a difference here?

- So we leverage blockchain to do something new in the legal space. So traditionally contractual instruments between companies or between individuals have been things that are pieces of paper that we sign, put in a drawer, and forget about it. And while there have been theories about digital contracts going back at least to the seventies, they've never been really actualized for the simple reason that if you and I are in the contract, in a contract, and we say the computer should run this contract and we both, being tech-forward people, think that is a good idea, then the question becomes whose computers are gonna run this contracts? I don't necessarily want your computers to run it, you don't want my computers to run it, so the computers don't run this contract. And what this new wave of technology can do is take this question of your computers or my computers and turn that into an and. So now your computers and my computers can collaboratively run this digital contract. And that's what our company focuses on.

- So it's a way for people who don't trust each other to run legal contracts between each other?

- Exactly right.

- That's a largely applicable use case, I'm sure, in many cases.

- Yes.

- And one of the things that I look at here, and I've seen recently is Walmart using it in their supply chain to track food safety issues, I've seen people talk about it with medical records, making sure that that's kept on track without piles and piles of paper, and I wonder, when a company like Salesforce came out years ago with cloud technology that people could access different records from anywhere, is this kind of a similar shift in technology as the cloud was once, years ago?

- I think it is, but in a little bit of a different manner. So, what cloud platforms like Salesforce and others have traditionally done is they've separated the installation of software on a particular computer with the ability to interact with that piece of software. And that was a real fundamental change for device mobility and a whole range of other things. What blockchains do, is they sit sort of behind an application typically, and they enable us to divorce a single operator of a dataset or a system with that dataset or system. So in other words, now a group of companies, or an ecosystem can all collaboratively manage a system.

- Gotcha, interesting. And just for your 2019 forecast, 'cause obviously this space is accelerating, how quickly do you see this moving in 2019 and do you see more and more companies, like IBM and Walmart, picking up on this technology?

- Yes, absolutely. What we're starting to see is the beginnings of a Cambrian explosion. Of a whole range of use cases that will, some will touch on more public blockchain technology, some will touch on more enterprise grade technology. All of it is equally fascinating for me and is going to be continuing to explode in use cases.

- Well we'll certainly be hoping that we can survive the Cambrian explosion, so I appreciate that. Thank you very much Casey.

- Cheers, thanks for having me.

As Blockchain Technology is coming into play more everyday, questions are being asked as to whether or not this is the next big paradigm shift in technology.

Case Kuhlman, CEO of blockchain and contract software company Monax, hinted that it could be the case.

"What cloud platforms like Salesforce (CRM) and others have traditionally done is separate the installation of software on a particular computer with the ability to interact with that piece of software. That was a real fundamental change for device mobility and a whole range of other things," he explained. "What blockchains do, is they sit behind an application and they enable us to divorce a single operator of a dataset or a system with that dataset or system. So in other words, now a group of companies, or an ecosystem can all collaboratively manage a system."

As the ecosystem matures and more companies like Walmart (WMT) and IBM IBM begint to employ their company specific applicaitons of blockchain, the technology could be set to become as ubiquitous as clouds are.

Such a standard could set up a boom for the industry even as its flagship cryptocurrencies crash.

To watch the full interview and hear how the space is developing in 2019, click here.