Since the arrival of Bitcoin in 2009, blockchain has been its backbone. There has been much written about blockchain that it is not ready and stable to rely upon. The reasons are also well thought out – the need for training people on blockchain, cost of investment in software, time to make all these a reality are amongst the usual excuses apart from ‘not wanting to change’.
There is also a view that until we understand how that model will look and work, it is difficult to develop any kind of blockchain promises that reflects industry practice. This is why blockchain is generally lagging behind.
But change is coming. At least in some parts of the world. Experts like Richard Kastelein, Founder Blockchain News, Cryptoassets Design Group & Blockchain Partners, Netherlands, believes, “In 2017, blockchain is still in the proof of concept phase. From my perspective, 2018 is when we will see initial adoption in some sectors. By 2020, wide-spread adoption will be the norm”
People often say they want blockchain without fully understanding what they actually want from blockchain. This is something which needs to be discussed with clients early on to ensure the contracts, protocols and the technology adoption reflect their organization’s objectives.
So where do blockchain technology go from here?
We asked the expert Richard Kastelein about this. He said, “The issues surrounding any implementation of blockchain is specifically related to the network effect – how many and who are using it. It becomes a domino adoption process once major players adopt it. Otherwise, it starts to exclude those players who have not adopted the technology. As more and more countries and companies move to the blockchain, the more it REQUIRES others to adopt the technology.
We are already in the information age, adoption of technology is pretty much accepted as inevitable.
We also asked Richard what smart advice would he give to start-ups working on blockchain, to that, he said, “Forget about coming up with the latest wallet or client. 99% of those firms will fail. Focus on providing useful skills and development capabilities to large sectors. There are few successful race car designers, however, there are many successful firms that supply the engines, the tires, the frames, the safety features that make up a beautiful race car.”
Richard Kastelein is one of the many speakers alongside Jack Shaw, Executive Director, American Blockchain Council; Jane Zhang, Founder and CEO, Shellpay, USA; Tim Lea, CEO & Founder, Veredictum.io, Australia and many more at Blockchain Business Conference.
This summit plans to host tech and blockchain giants to discuss ways how businesses should not only adapt blockchain technology in their budget; but also change their mind-set about it.
Fintech Valley Vizag is hosting this event in Novotel, Vizag on 9-10 October 2017.
For speaking, sponsorship or attending inquiries, visit https://www.nairobi.worldblockchainsummit.com/