Breakthrough comparison, evolution, and new resolutions
To project its adoption, is best to make a parallel between blockchain and the transformation process type of a predecessor: another foundational technology. And the most relevant is TCP/IP (Transmission Control Protocol/Internet Protocol), the one that gained traction in a single-use-case: gave birth to email, as blockchain gives now birth to cryptocurrencies.
The blockchain is built over the internet, but in its center is similar to it. The TCP/IP, enabled a faster communication between parties, giving birth to the e-mail, enabling bilateral messaging; blockchain through cryptocurrencies enable bilateral financial transactions. The development and maintenance of blockchain is open, distributed, and shared—just like TCP/IP’s. And just like e-mail, cryptocurrencies (bitcoin), first caught on with an enthusiastic but relatively small community. TCP/IP unlocked new economic value by dramatically lowering the cost of connections. Similarly, blockchain is dramatically reducing the cost of transactions. It has the potential to become the system of record for all transactions. In our perspective, history suggests that two dimensions affect how a foundational technology, and its business use-cases evolve. So, what we just went over, is that the analysis of its adoption should be based on use and not in time. That is why we aim to educate organizations in the usage governance and opportunities it brings to the table to all industries, acknowledging that some industries are more permeable in its early stages. |
The challenge:
Blockchain evolution and new resolutions
But blockchain is not known for its speed to transfer or transact data/tokens, there are upcoming new technologies already trying to make themselves a space in the spectrum, as improved versions of the blockchain like TEZOS already used by the french government, or technologies like SWIRLS used by HEDERA, who claim to change the decentralized internet, bring with them a new frontier of resolutions to be made. On how should data be transferred, and in the case of SWIRLS: how does data gets created by being communicated between parties within some kind of mesh network, interpreting values to be received between A and B passing through B, C and D+ first.
Lets step back, blockchain in itself, is a database structure which is cryptographically secure, so all the information in it is set in a way it can be easily traceable. Helping businesses and individuals legitimize the whereabouts of the information/transaction and when you assign some of its data in the form of a token, to a product like a purse, or a document, you can be sure of its precedence and originality.
Lets step back, blockchain in itself, is a database structure which is cryptographically secure, so all the information in it is set in a way it can be easily traceable. Helping businesses and individuals legitimize the whereabouts of the information/transaction and when you assign some of its data in the form of a token, to a product like a purse, or a document, you can be sure of its precedence and originality.