Tibor Mérey: \'For the Longest Time, Blockchain Has Been Pushed as a Hammer Looking for Nails. Those Times Are Over\'

At the London Blockchain Conference this year, Tibor Mérey delivered a keynote address on enterprise blockchain adoption. CoinGeek Backstage caught up

CoinGeek Backstage spoke with Tibor Mérey, managing director and partner at the Boston Consulting Group, on the sidelines of the London Blockchain Conference about blockchain adoption in big businesses and governments.

Mérey leads BCG’s Web3, IoT, and extended reality divisions. He discussed how blockchain has shifted from being pushed as a hammer looking for nails to a technology that is being used to solve specific challenges.

Mérey also shared his thoughts on the future of blockchain, whether there will ultimately be one chain to rule them all, and the misconceptions about decentralization.

Finally, he touched on the lessons that can be learned from previous tech cycles as blockchain begins to enter the mainstream.

Here's what he had to say.

CoinGeek Backstage: Tibor, thanks for joining us today. We're here at the London Blockchain Conference. What are your key takeaways so far?

Tibor Mérey: Well, I think the biggest takeaway is that blockchain is no longer this hammer looking for nails. Those times are over. Now it's really about convincing businesses around the true value you can unlock.

For example, if you look at what Satoshi did when he launched Bitcoin, it was really about creating peer-to-peer electronic cash to fix this broken model where we have a few intermediaries. I think that vision is still alive today because the challenges that plagued the world in 2008 are still here today.

However, I think blockchain has emerged as an even bigger opportunity, and I think that enterprises are warming up to Web3. I think that's the biggest takeaway I've had here.

CoinGeek Backstage: We've seen a massive proliferation of blockchains over the last few years. Do you think there's ultimately going to be one chain to rule them all or multiple chains that will coexist?

Tibor Mérey: I don't think there will be space for 5,000 blockchains. Most of the chains out there have either collapsed or they're ghost towns that process a handful of transactions. I think that will continue.

CoinGeek Backstage: What do you think will happen to those chains?

Tibor Mérey: I think either they will collapse or they will consolidate in some way. I think that's the natural progression of things.

Coin energy consumption is a hot topic, especially with BTC's astronomical energy consumption and ETH's recent pivot. What are your thoughts on this?

Tibor Mérey: Well, I think BSV has proven that proof-of-work can be efficient. I think with its unlimited block sizes, it processed over a billion transactions last year. I think with the upcoming Teranode upgrade, it will be able to push those numbers even further.

CoinGeek Backstage: We're celebrating 20 years of Facebook this year. What lessons can we learn from previous tech cycles as blockchain begins to enter the mainstream?

Tibor Mérey: I think one lesson is that going fast isn't always the best way, and I think in addition to technical concerns, I think users must pose philosophical questions about any new technology, starting with blockchain.

Watch: Teranode & the Web3 world with edge-to-edge electronic value system

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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