An aftermath of real failures can make the whole blockchain ecosystem more resilient because it will result in revealing the boundaries and realities of what’s possible, useful, absurd, impossible, repeatable, and scalable out of everything that appears plausible and innovative at the beginning.
If blockchain technologies ignore the eventuality of standards, we are going to see less adoption. Maybe we should think of the blockchain as a public-good utility and encourage an evolution that is not unlike the Internet’s in terms of openness and neutrality of access.
Study how to write smart contracts, which is the basic unit of programming a blockchain for business purposes. It is the equivalent of being taught HTML and Java during the early Internet days. And master how to create assets or tokenize existing ones on a blockchain.
Few incumbents will succeed in deploying blockchain applications to enable new business models. The innovator’s dilemma will prevail. Even if they aspire to, they must first get their feet wet within their business boundaries.
The blockchain applications market is unravelling along a segmentation of activity that is spread along two sets of variables: private vs. public blockchains, and new vs. existing business models.
The blockchain is an asset normalization platform that can enable a new liquidity in transactions, hence creating large networks of usage and value effects with benefits in speed, cost, quality, or outcomes.
Big companies do not want to disrupt themselves. All they want to do is improve themselves. They see the blockchain as another IT project. It’s going to save money; it’s going improve a process here and there. It’s not going to change their business.
How do we create new value? You create value by running services on the blockchain.
If you think about the web, the web has been an incredible development platform, and everything today is developed on the web. In the future, everything is going to be developed with the blockchain in mind.
Blockchain infiltration will be met with resistance because it is an extreme change.
The old question ‘Is it in the database?’ will be replaced by ‘Is it on the blockchain?’
Just like paying a toll to use a freeway, the token can be the pay-per-use rail for getting on the blockchain infrastructure or for using the product. This also ensures that users have skin in the game.
The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression.
Government leaders should get up to speed on the blockchain by understanding it first and committing to exploring its potential.
The blockchain symbolizes a shift in power from the centers to the edges of the networks.
Let’s hope the Canadian public sector starts putting the blockchain on their agenda so we can see a significant difference in how government services are delivered.
The blockchain is custom-made for decentralizing trust and exchanging assets without central intermediaries. With the decentralization of trust, we will be able to exchange anything we own and challenge existing trusted authorities and custodians that typically held the keys to accessing our assets or verifying their authenticity.
Public blockchains are almost like the public Internet, which is open and widely accessible. If you can get on the Internet, you will likely be able to get on a public blockchain via a specific application.
In my opinion, one of the most exciting potentials of the blockchain relate to creating new business models, whether in public or in private settings. In most of these cases, the new models don’t care for incumbents because they are mostly on a disruption quest.
The blockchain start-ups that have done ICOs are just at the beginning of something. Ask me how they are doing in a year or two years from now. I know for a fact it won’t be any different from the statistics of all start-ups: 80% of them will not make it.
The world is preoccupied with dissecting, analyzing and prognosticating on the blockchain’s future; technologists, entrepreneurs, and enterprises are wondering if it is to be considered vitamin or poison.
In the blockchain world, each user can and should own their data, and ‘central’ players are less vulnerable to data losses and breaches.
You have to think of the blockchain as a new utility. It is a new utility network for moving value, moving assets.
Most blockchain platforms don’t share that much in common, resulting in choice lock-ins, lack of interoperability, and potentially dead-ends that are hard to untangle.
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