This is a good read, but it fails to address the title, “why we’re not ready for (blockchain)”? Would love to learn more about Haseeb’s reasoning. Here are a few of my observations:
- Decentralized blockchains are struggling to scale accordingly, certainly as a mechanism for payment. Bitcoin is slow, expensive and contentious. Ethereum is bogged down with ICO’s and micro transactions from an assortment of smart contracts. These forces will only present more capacity constraints over time since they will likely outpace the growth of GPU efficiency.
- Corporations (the ones who write big checks) are only researching the technology, not fully embracing the power. They are hesitant to add any of their “proprietary” business processes on a public domain regardless of any perceived autonomy.
- 1st world governments are saddled with legacy systems and unmotivated stakeholders. The countries embracing blockchain were either built (e.g. UAE) or rebuilt (e.g. Estonia) in the last 20 years.