Rick Carter from A Blockchain Factory explains how we find ourselves on the cusp of a “new internet” – an internet of value. Blockchain technology is offering big things for businesses… Potentially.
Just over 20 years ago, Business saw the future of the Internet as limited and in many ways irrelevant to the Business world. This quote from an article by a well respected journalist in Newsweek Magazine is typical of the skepticism at the time:
Visionaries see a future of telecommuting workers, interactive libraries and multimedia classrooms. They speak of electronic town meetings and virtual communities. Commerce and business will shift from offices and malls to networks and modems. And the freedom of digital networks will make government more democratic. Baloney.
– Clifford Stroll, Newsweek Magazine February 1995
Now we find ourselves on the cusp of a “new internet” – an internet of value — a secure platform, ledger, or database where buyers and sellers store and exchange value without the need for traditional intermediaries. Blockchain technology is offering big things for businesses… Potentially.
We believe that blockchain will transform how businesses are organised and managed. It allows companies to eliminate transaction costs and use resources on the outside as easily as resources on the inside
– SloanMIT Review
But to deliver the potential of any new tools, techniques or technologies, there is always a need for changes in Culture and Mindset to facilitate an effective process of adoption. Will we see the sort of skepticism the Internet faced overcome just as effectively and even faster? – I think so!
But there will be major bumps along the way like the ones we saw around the Dot Com boom. I suspect The Initial Coin Offering (ICO) will be the Dot Com disaster of Blockchain.
The get rich quick will once again come and go while those of us who believe in the enormous long term benefits well beyond purely the financial will weather the storm. In doing so we must ensure we take the masses on the journey from day one by engaging with thiose who vote, consume and invest aka The Masses.
This will require a culture and mindset shift as we are introducing two words the Masses don’t embrace well – The C word and the T word:
- Change (on a massive scale)
- and Trust (in the way we interact with people, businesses and things (Internet of Things).
While Trust is the currency of business we start always from a position of not trusting those we deal with. The core fundamentals of Blockchain change the Way we Trust in Business.
Until now Trust has been based on Verification. And that verification is vested in an “independent”, well credentialed organisation in the middle of any “transaction” e.g. Banker, Broker, Agent etc,
Because we assume we can’t trust people we do business with we have always needed the middleman to look after everyones interests but now in Blockchain we trust.
Ever since understanding the potential outcomes of Blockchain Technology, I have been a believer in its power to change the world and now its time to help build the Culture and Mindset needed for successful adoption.
As with everything in life there have been many early adopters but given the wide spread potentially pervasive nature of Blockchain it is time to spread well beyond early adopters.
The challenges in the developed world will come from legislation, conservatism, vested interest and the need to unlearn the way we Trust and do business.
While in the emerging economies (e.g, in Africa, in Asia) the benefits are so massive the rapid adoption is assured.
The only way I have ever found to explain benefits to business is to turn them into visions of solutions to real business problems.
At A Blockchain Factory our aim is to provide an end to end solution or the relevant parts as may be required. Any Factory starts with raw materials and ends with products the customers needs.
Our raw materials are ideas combined with Education and our products will the commercialisation of this ideas by leveraging all of the best, available and above all credible raw materials – People and Tools.
The best approach that I have proven over the years is Find a Problem, Analyse the Causes and develop a Solution that is directly aligned to not only the problem but also the causes and then provide the proof that the Solution will deliver.
This is starting to sound like the White-paper you would put together for an Initial Coin Offering – another story for another day.
Our proof to back any solution comes form the clearly evident outcomes and deliverables of BlockChain eg : Secure and not Corruptible, Cryptography that prevents counterfeit and change.
Being Tamperproof based on Immutable Trust and providing outcomes that are Easy and instant without the need for intermediaries surely makes for a solution that any business must adopt soon.
In doing so success will come from developing a business culture and mindset through education, ideations and experimentation aligned with this new Paradigm.