Blockchain First!
We find very often people who don’t fully understand the infinite business possibilities of the Blockchain or Distributed Ledger Technologies. Needless to say, of its mathematical foundations, which only few can access. Many wait to see what happens or to see what the competition does, in short, they want to see actionable and inmediate benefits. Others prefer to innovate and use this technology only if it can’t be done otherwise. Nevertheless these half-hearted approaches are destined to fail.
Blockchain is not just a technology like Artificial Intelligence, it is a new conceptual paradigm. And it affects everything.
It’s not about choosing one technology or another. Something so challenging like Blockchain can only be understood from within. It’s a question of using it and thinking from within. To think with it from it and for it. Now it’s a job for visionaries, thinkers, innovators, strategists, creators, in short, for product people, not for pure technologists.
Some distant similarity we find with Mobile First. What you develop for mobile can be done for desktop, of course. However mobile traffic is already far superior to the desktop and the technological possibilities of a mobile are superior in many aspects.
We think, that the correct approach is Blockchain First. Start by doing an experiment, a pilot, a proof of concept, with Blockchain. Something not disruptive, just an incremental improvement. This world of block chains is a complex world, not only technically, but conceptually that evolves at full speed. For many organizations the risk to loose their status is very high, even for giant firms with a predominant position in the market, if they don’t start soon. Recently the top executive of Google, Sergey Brin, confessed that he had failed to be “on the bleeding edge of Blockchain” and he was only interested in it, thanks to his son, mining Ethereum. If you don’t think from within, you will stay inside the old box forever.
We saw it already with the so-called Internet 1.0. Almost like out of the blue, Amazon Google and Facebook emerged, and now, the same may happen in the next fifteen years. Therefore, it’s essential to focus on the basic and immediate advantages of the Blockchain:
- Greater efficiency in systems infrastructure
- Secure, immutable transactions, validated by the network
- Probative legal level, better than the current systems
- Security level anti-fraud, anti-hacking, much better than the current systems
These immediate advantages, although basic and nothing spectacular, have an enormous capacity for change. They translate quickly, enormous value into a capital, as it’s an increase of trust, shared and decentralized, for all the actors of a market: customers, suppliers, operators, etc. And most importantly, that don’t take a lot of years to get that trust and reputation, but thanks to the mathematical algorithms of the Blockchain are immediate. You need only a good product and transparency. The millennial consumers have clear who to trust.
In other words, it has never been so easy to compete with giants like Amazon or even like Wal Mart, who have needed many years to get a dominant position. That is the biggest risk for the current companies. The giants have become vulnerable. David against Goliath. With adequate financing and an excellent product, start ups can win the game, more quickly.
If you are still thinking about digital transformation or have just started, you could be late for the party.
Blockchain is the digital transformation of the digital.
As Kostas Farris CTO of Quanta says: Dont be late, again!
Rais Busom
About Rais Busom
Rais holds a degree in Philosophy with postgraduate courses in ESADE and Babson College. He is a digital business expert and has been working in technology and Internet related business ventures for more than twenty years. Rais specializes in leading product innovation. He is a skilled senior business advisor with the proven ability to help new businesses to grow and succeed. Enthusiasctic of Blockchain since 2014. You can reach him at BeingPartners.com.
