Live on Bloomberg TV

00:00For once here John and we're able to really talk about the practical use case of the underlying technology that is the block chain because in many ways it's become our favorite thing to talk about in terms of speculative assets. But we've all waiting for ADAP to work or indeed some sort of practical use case. And you got one. Airline thank you for having me. Good to see you again. And yes this is a big moment. The use cases you have seen up to now primarily have been crypto native use cases whether it's decentralized finance or mean coins as we talked about earlier. But this is one of the first times where a Fortune 500 type company or a big for consulting firm has decided to build a solution close as you go solution. This case for their and customers in this case government agencies. This is a very big deal because the lawyer has estimated that they can save the government 50 to 80 percent of the all in costs. And what it means for the actual end user is that poor victims in a disaster zone are able to get their grants literally days or maybe weeks as opposed to currently where they get it months and sometimes half a year. This is a huge deal. And if Deloitte has trust in a block chain like Avalanche for security and have better workflow automation data management and collaboration in the thousands of parties that's required here that is basically the beginning of a big trend. And utility and adoption is really happening now on public watch. It's in many ways the way in which she sort of raised the profile of Avalanche vs V the likes of you end up chain and the like. His is smart contracts enabled the application but not much faster that much low cost. It's interesting you also raise the focus of eco friendly and I want to understand how you present yourself as eco friendly and amendment. Generally when people think block chains are energy consumption consuming giants it's relating to proof of work. And I think Ed earlier talked about proof of work versus profit state. Those are usually related to right now Bitcoin and in Syria. Most of the new block chain companies are proof a state that's more software based less hardware and in audio labs or avalanche the block chains case. Basically we had an outside consultant do work and the energy that is used up is no different from 12 U.S. households a year. So as minimal. Relatively speaking. And on top of that all the laughs has bought credits in the market in order to offset even a little bit of energy that we end up leading in terms of carbon footprint. Interesting. Let's talk about your token is a vax how you say it and how sure it's been doing very well. And of course just Deloitte deal helps it push up to sort of record prices. Does that matter to you. How much does it is that important in terms of bringing more people into the ecosystem wanting to contribute. Wanting to be part of it and ensure that it continues to grow. But that is everything. It's about adoption it's about utility. And I think Adam was talking about an earlier segment where the entire space is sold off because of fear of regulation. But the bigger story is not just the sell off of the entire asset class. If you look underneath the hood there has been more dispersion in the last few months than ever before in these individual tokens. The tokens and the companies in the projects are actually showing real utility usage either through individual adoption or in the case of enterprises like where we're talking about with the Lloyd transactions on the chain. Those are the ones that are actually doing better even with a down market. Those companies or those projects have actually had increasing value in their tokens. So I am fortunate enough to sit in a seat where I talk to entrepreneurs developers investors and users. I get a first line view a firsthand view to where the usage is coming from. And I see the correlation between usage and prices in these coins. Let's just go a long time in wherever labs want to go avalanche in particular. You know it's all about speed velocity. To finalize transactions you're looking at define how you want to look at sort of the old school. Well to finance longer term. Paint the picture of what Avon Labs does or is in five years time. Well in five years time a relapse. Who's the team behind Avalanche. It's going to be one of the big players in the space. It is the probably the fastest. I think actually it is the fastest. No doubt based on finality. BLOCK chain out there. And in terms of growth on the chain it's the fastest in terms of usage number of wallets as well as transactions as well as the value on the chain where we will be in five years is ushering this movement from just crypto needed usage to more the like situations where traditional enterprises are now going to use public block chains because it's better for collaborating better for instantaneous transfer of assets better for information sharing and save companies even more money. This is like software eating the world to the next level.

No schedule data available.

Ava Labs President on Deloitte Partnership

Ava Labs President John Wu talks with Bloomberg's Caroline Hyde about the company's Deloitte partnership centered on enabling a new disaster recovery platform using blockchain technology, and what other applications can be expected from blockchain down the road.

More From Bloomberg Technology
All episodes and clips