Tooling the Blockchain

Gary Schwartz speaks Diana Adachi (Pegasus Fintech), Duncan Brown (DIID), Michael Gord (MLG Blockchain) and Ben Kessler (CryptoKABN) about the tools and innovation required to mature the Blockchain. What are the next generation products and innovation ideas that will change the way we consumer services globally?

What are the solutions that you are most excited about in the market and how will they impact and scale the Blockchain in 2018?
I spent the last four years immersed in blockchains working with Global 1000 companies across industry. The focus was largely on private permissioned blockchains. The innovation however is in public blockchains.
Nonetheless with private blockchains and Internet of Things together has the potential to disrupt supply chain and asset lifecycle management.
No doubt the potential is eminently present. Solutions abound transportation grids, communication grids, energy grids to media networks. Just listen to Naval Ravikant and we are all inspired.
However, to play the devil’s advocate, the only real traction seems to be with currency and capital formation. Beyond the gold rush, what tools are required to mature the network and drive adoption?
That’s a great question, because it’s not just a question of if we build it will they come.. it’s if we build it will they care?
Certain parts of the world yes!
Great question Gary. The challenge of how to scale blockchains is one of the most interesting hurdles that we must surpass in order for blockchains to see mainstream adoption.
Some of the proposed solutions are also some of the most exciting projects in the industry.
For example, the Raiden Network’s offchain scaling solution for Ethereum and Trinity’s use of state channels to scale NEO are both very exciting projects to watch in 2018. Both could lead to enterprise applications built on Ethereum or NEO and could lead to mainstream adoption.
Michael - no doubt there are solutions in the works. So much energy and cash is being applied to the sector globally. It is as if we have condensed two decades of internet development into a few years. We know that there are challenges and we surely will overcome them ...
Duncan - I want to explore your idea further - “if we build it will they come.. it’s if we build it will they care?” Unlike building for a generalized marketplace, is it an issue to appealing to an existing, captive committed crypto community?
Gary - I personally think that the hype of blockchain could ruin its legitimacy. As the market corrects itself this technology runs the risk of being too associated with cryptocurrency.
I believe some services should incorporate blockchain technology but they still need to solve a business problem.
(Of course, iced tea, fruit juice, furniture, traditional Chinese tea, sports bras and e-cigarettes have rebranded themselves as blockchain companies does not help.)
Bitcoin was dethroned by blockchain in 2015. No doubt, the residual hype is a problem.How can legitimate tools regain the confidence in the channel?
Building a network or ecosystem based on blockchain takes time as entities and individuals need to understand why it is compelling over what they do today. Most people are focused on the technology rather than the problem that isn’t addressed today.
There are solutions/apps that companies are using; take Everledger who has over 1 million diamonds identified on a ledger solving the multi billion fraud issue. The CEO focuses on the issue and outcome with Everledger. Solarcoin is a network of solar panels.
Each individual who contributes power to the grid is rewarded with a solarcoin which can then be converted to BTC. The data from the network is massive used to understand distribution and consumption. Focus on the problem, have a decent UI and an innovative platform.
Bingo. That is a perennial problem - technology leading strategy as opposed to business need leading strategy. Are you saying that successful blockchain use cases need to be tethered to existing business networks to drive scale and adoption?
The proposition, platform and GUI is critical. If they are part of an existing network this will accelerate their minimal viable ecosystem (MVE) to drive scale and adoption. The ones I mentioned earlier had connections into the stakeholders for those ecosystems.
Yea, interesting note Diana. GUI is probably more important than the underlying technology for use adoption.
There are two areas for disruption, one being explored the customer adoption. Enterprise use has yet to be conquered
Thank you for joining us discuss tooling. This is the first of many panels on tooling the ecosystem.
Insights on focusing too much on technology leading strategy as opposed to business need leading strategy: “GUI” and ease of consumer adoption.