Blockchain hits Jerusalem
By now you have probably heard people talking about bitcoin or blockchain. Maybe you’ve even heard about etherium or ICOs, or somebody who bought a car or another big purchase with “cryptocurrency.” Well, Jerusalem hasn’t missed out on the fun — an ecosystem dedicated to blockchain is getting its feet off the ground, right here.
Last night was the first Jerusalem blockchain community meetup, with about 20 people in attendance who seemed quite engaged throughout the event. Take a step back: merely a few weeks ago Avishay Ovadia and Amitay Molko started a Facebook group “Blockchain Jerusalem” which has grown to over 250 members in this short time. The event tonight was organized by Avishay and Amitay, and took place at Siftech.
So, what went on at this meetup? It started with some networking time. This is where I got to meet some really cool people in different fields, with varying levels of involvement and/or interest in blockchain technology. Being that blockchain is a novelty I was quite curious to hear what backgrounds people had in this area. One entrepreneur I met from a local Jerusalem company wanted to learn more about the technology to implement in his company’s online commerce platform; another was a student thinking of working for a company in this field. Many participants described themselves as people who eagerly follow developments in cryptocurrency and blockchain wanting to learn more about this up and coming technology.
Networking was followed by an introduction to the event by Avishay, where he laid out the goals and purposes of the community. He spoke of the growing interest and investments in blockchain, mentioning Israeli startup Bancor which raised $153m in just 3 hours. Another facet of the group would be the ability of members to collaborate and help each other with blockchain-related ideas. He mentioned as well that the success of Jerusalem tech companies has been about “deep technology”; successful companies like Mobileye have had long term vision and are connected with academic institutions like Hebrew University. Avishay posited that blockchain is a similar type of technology — an investment in idea which will be prominent in the long run, maybe 10–15 years down the line.
Next, Amitay gave a basic overview of what blockchain technology is and how it relates to bitcoin. He explained how transactions are recorded and showed some short video clips elaborating on the matter. He opened by saying “I get asked a lot ‘why trust blockchain’? The answer is-that’s the beauty of it you don’t need to trust it. “ He elaborated on how each user records every transaction eliminating the need for a central authority to guarantee trust. It was clear from the questions and discussion that the topic was generating great interest among the participants.
Finally, the evening was capped off by a fascinating lecture of about 30 minutes from Tal Seraphos. Tal coming from a finance and tech background, on top of starting a company that worked with blockchain had a wealth of knowledge on the topic. He discussed mainly the broader implications of utilizing blockchain. He spoke of how it can reduce inefficiency's in many areas, whether it be transactions relating to real estate or transferring funds. It allows a system of trust that does not entail a cumbersome bureaucracy, ‘blockchain allows us to cut out lawyers and governments which exist simply to ensure trust’ (authors trans.). Tal discussed what the possible implications of a decentralized monetary system were for society and how it might affect the economy. He also spoke of how the technology is not limited to money and can be utilized in many fields to record and store information in a way that allows evaluation and a democratic decision process. One example he brought up was the education budget, it could have an allocation towards private citizens teaching what they are best at, for however much time they can contribute. Their expertise and record would be verified by other blockchain users, allowing a seamless system of collaboration.
This event certainly got me thinking of some of the more far-reaching effects that blockchain technology may have, but also it seemed to have some real practical everyday uses. If you, like me, are interested in hearing more on the topic in Jerusalem or getting involved, check out the Blockchain JLM Facebook page and look out for upcoming events.
The next meetup of Jerusalem Blockchain commuinty will be on October 15th, where investor Moshe Hogeg will be attending, he is specifically looking to invest in blockchain related companies. As well as Roy Kedar representative from the Yigal Arnon law firm to discuss some of the legal implications.
As always, keep posted with us for all the great tech events going on in the city.
Chaim Finson grew up in Jerusalem and most recently worked as a director of a nonprofit at Cornell University. He is passionate about technology and equally passionate about his home city, Jerusalem.
