Blockchain is the latest technology that has the potential to alter people’s lives in the future. The mania surrounding Bitcoin and other cryptocurrencies is growing and growing as I write this post in late December 2017. I truly believe that this technology has potential to really impact our world and that is what the book Blockchain Revolution by Don & Alex Tapscott discuss.
The book breaks down the origins of the technology, how it works, and the potential uses for the technology in the world. From there the discussion is about the implications of the technology and what that will mean for the world. If you have any interest in cryptocurrencies, blockchain, or have thought about investing – it is worth spending time to understand the underlying technology and Blockchain Revolution is a great place to start. It provides context and will dive deep into the potential of blockchain technology.
The arguments that the Tapscotts make regarding the future of blockchain are forward-looking and interesting predictions. I think that much of what they are highlighting are real possibilities but what remains to be seen is the iterations that will inevitably occur before the real value of the technology takes shape. The potential impact is quite simply huge and mostly it seems around creating higher levels of trust in our connected world between individuals rather than through institutions or centralized bodies such as government or banks. Ultimately the value is in the trust between anonymous yet public transactions as users can keep their identities private while allowing public verification of transactions.
The implications are huge as now less money would be controlled by central authorities and the ability to create value would be through individuals. The question that arises in my mind is how quickly will the technology be developed for these use cases and how long will it take to win consumers over? If Bitcoin is any indication that consumers are likely to adopt the technology quickly assuming that a big crash in the crypto bubble does not turn off these people to the technology.
Gartner research suggests that right now a lot of enterprise blockchain projects are very young in the proof of concept (testing) phase and before the technology can transform our world today it must first prove itself. The companies that will win in the short term are those that solve existing problems with blockchain technology to show the value and ability before looking to disrupt entire functioning industries. It is important that there is proven value before major changes and revolution as the book title shows will take place. I am captivated by the technology and more so people’s reaction to cryptocurrencies versus other potentially transformative technologies such as Artificial Intelligence, Virtual/Augmented Reality, and the Internet of Things (IoT). These technologies have the potential to be just as transformative yet Bitcoin and blockchain have captured the attention of the world. I’m fascinated with the phenomenon and why blockchain.