Eesa Bastaki on CoinGeek Backstage: Blockchain will spark industrial revolution 5.0

Blockchain technology is the beginning of industrial revolution 5.0, according to Dr. Eesa Bastaki, president of the University of Dubai. In an interview with CoinGeek Backstage, Dr. Bastaki explained how the university is equipping its students with skills that will position them for success in a future he believes will be defined by emerging technologies such as blockchain.

Dr. Bastaki spoke on the sidelines of the IEEE UAE Blockchain Symposium, an event that brought thought leaders together to discuss the future of the Internet and how IPv6, combined with blockchain technology, will define this future.

“One of the takeaways is that IP version 6 is very important for blockchain and the world because IP version 4 has already been exhausted. I think we need to move faster towards implementing IPv6,” Dr. Bastaki, whose field of study is electrical engineering, told CoinGeek’s Sarah Higgs.

The IEEE UAE Blockchain Symposium focused on implementing IPv6 and how it integrates with blockchain technology to bring forth the Internet of the future. Dr. Craig Wright delivered a keynote presentation at the event focusing on integrating IPv6 with BSV blockchain, the only blockchain network that scales unbounded at a tiny fraction of a fraction of a cent in transaction fees.

Blockchain technology eliminates the middle man, which ranges from tech giants like Google and Amazon to financial institutions in today’s world. It allows users to communicate directly, end-to-end, which unveils vast opportunities. This, Dr. Bastaki believes, will anchor the next generation of Internet businesses.

“[Blockchain] is a technology that will prevail even though it’s at its infancy. In the future, it will be the beginning of Industrial Revolution 5.0… Blockchain is here to stay,” he told CoinGeek Backstage.

The University of Dubai is leading the blockchain revolution by example. It has already integrated the technology into its operations, including the issuance of degrees and certificates, according to the president of the institution, which houses over 30,000 students.

Still, Dr. Bastaki acknowledged that blockchain, in its current state, isn’t ready for a global takeover and that there is still a lot that needs to improve before it can anchor the new digital economy. And even after it’s optimized, blockchain will still face a lot of pushback from the legacy institutions and systems, including banks and big tech, who will stand to lose once the world starts running on the blockchain.

At the University of Dubai, the focus is on equipping the students for the future. Currently, the institution is focusing on emerging tech trends, including blockchain, nanotechnology, Internet of Things, big data, information security, 3D printing, robotics, and more, all of which Bastaki believes will be critical for Industrial Revolution 5.0.

Watch: CoinGeek New York panel, A Better Internet Experience using Blockchain