Blockchain Implementation & Burden of Activism
Satoshi Nakamoto and his Bitcoin are for sure the reason for the popularity of the Blockchain or DLT in general. In my earlier post, I have tried to explain as why even after all good intentions and one decade, Bitcoin has not been able to take off and failed in totality. Blockchain technology professionals understood the problems with Bitcoin technology, its positioning and moved on with furthering the idea with new innovations.
The activists and enthusiasts are however still fixated with promises of the Bitcoin’s whitepaper. These good intention people want to eliminate the intermediary with Blockchain technology and government is the biggest prize. One should acknowledge that the activists helped lot to keep Blockchain active in public memory for a decade when there was no real impact on the ground. One can understand their enthusiasm and motivation. The problem is with good intention people in business and technology community who are still in the awe of the promises of Bitcoin.
They are now hurting the cause and becoming the burden by forcing the one thought or one defined checklist for any blockchain implementation. I think technology should be allowed to evolve organically and is not made the prisoner of the ‘original idea’.
I believe ‘Identifying the business problem you want to solve’ (rather than an copy paste academic use case) will be the key to the success of any blockchain implementation. (I actually don’t like the phrase ‘blockchain implementation’ its should rather be ‘blockchain network setup’ and ‘application implementations’ on that setup.)
Eliminating intermediaries is Utopian idea where one is asking to get-into business transaction wherein one has to believe set of programmers of blockchain platform rather than entity who can be dragged in the court of law in the situations of dispute.
I think the right approach is to eliminate the frictions in business processes where multiple parties are involved. Intermediary could still be there as entity to ensure accountability but blockchain could minimize the inefficiencies by redesigning the business processes where entire chain is acting on same platform as distributed workflow which is not owned by single entity but by all in the network.
One also has to start thinking of building capacity within organization to setup the necessary infrastructure so that business processes can be redesigned.
The second good thing one has to attempt is to choose the ‘right platform’ to setup blockchain network and build applications .
I will dwell more on technology platform in subsequent posts.