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Podcast with Techno Impact published on November 27, 2023
This week, we had the pleasure of hosting Michel KHAZZAKA. He is the head of Valuechain Consulting, a company specializing in payments and cryptocurrency payments.
Michel is well-known for his involvement in implementing several electronic payment systems, notably ApplePay in Europe.
His in-depth research on the energy efficiency of cryptographic payments has revealed astonishing findings. Michel discovered that the banking sector consumes at least 56 times more energy than Bitcoin, a revelation that has raised eyebrows.
Fifteen years ago, the idea of using your credit card on the internet was unthinkable. Today, this practice has become a daily norm, reflecting the rapid evolution of payment systems.
What is the scale of the payment industry compared to blockchain?
Blockchain or AI: which one has the greatest impact?
Michel asserts that the technological revolution brought about by blockchain is much more fundamental, profound, and structural than that of AI. This assertion prompts us to question the disruptive potential of blockchain compared to AI, especially in their ability to reshape entire industries.
What are the limits of AI compared to blockchain?
KHAZZAKA highlights the limitations of AI: its reliance on available data and its lack of consciousness. In contrast, blockchain ensures the authenticity and traceability of data, which is crucial for the security of financial transactions and the authenticity of content produced by AIs. This contrast raises the question of the complementarity of these two technologies.
How does Bitcoin challenge the traditional monetary system?
Despite its low proportion of illicit transactions (0.2% compared to 4 to 5% for fiat currencies), Bitcoin continually questions the efficiency of the traditional monetary system. Bitcoin offers a more transparent and traceable alternative. This observation sparks a debate about the ability of cryptocurrencies to transform how we perceive and use money.
What is the importance of currency circulation in the economy?
The importance of currency circulation is crucial for maintaining its value. Michel explains that currency must be actively exchanged to retain its value. He uses the example of gold, whose value depends on its use and circulation. This viewpoint raises questions about the dynamic nature of money and its role in the economy.
What is the environmental impact of Bitcoin compared to that of the banking sector?
The environmental impact of Bitcoin is a major concern. Michel emphasizes the need to compare it to the energy efficiency of the entire banking system. He highlights the resilience and decentralization of Bitcoin, comparing it to the power of hydrogen bomb squared in a digital form.
Conclusion: Technology and Humanity - A Search for Harmony
Contemplating these new technologies, such as blockchain and AI, leads to broader questions about our relationship with technology. How can we balance our desire for innovation with respect for our environment and human principles? This question remains open and invites collective awareness of the implications of our technological choices.
Enjoy listening! 🎧
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👉 CONTACT MICHEL KHAZZAKA :
👉 Episodes mentioned :
Techno Impact épisode n°36 : IMPACT SOCIETE / RICHARD DETENTE : Politique, économie, monnaie, liberté, droits, idéal collectif, enjeux de survie et bitcoins !
👉 Articles :
👉 Vidéos :
Michel Khazzaka (Valuechain): "Banks must learn to adopt Blockchain technology"
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