, speaks to the broader complexity for technology-powered change. A look at the billions lost in peak crypto ICO mania, like so much vaporware, only supports a maturing and somewhat chastened market. Yet with blockchain there appears to be something more fundamental at play – an irony even – in how a technology that was meant to create a decentralized and democratized economic system, is now one of the leading tools in the hands of highly centralized traditional enterprises.
For one, there is a general lack of vision and understanding that plagues many blockchain projects. Blockchain, like other technologies, does not live in a vacuum devoid of any significant linkage to organizational and societal norms, design, dysfunction and purpose. When you add in years of pent up inertia and entrenched behaviors present in organizations and markets, means that just because something new can evoke positive change, does not mean it will.
When people stop talking about blockchain and all of its whizzbang features and benefits, they can begin changing the world with it – provided of course there is a healthy respect for the third point of failure. In order for blockchain to be deployed and for value to be captured in an enterprise setting, it must plug-in to legacy systems, operations and behaviors.
Blockchain projects that require algorithmic or computationally intense burdens of proof have no such luxury, at least not in the current generations of the technology. Work is underway to speed up the transaction speeds blockchain variants are capable of supporting to becoming a near peer to credit card processing volumes and speeds. Once this standard is achieved mass adoption of cryptocurrencies as a true means of exchange becomes possible.
Against this list of the salient points of failure with digital transformation and enterprise blockchain efforts, perhaps the most important item to remember, especially if blockchain is an augmenting technology, is to keep it simple. Simplicity is the enemy of complexity and to read a blockchain or cryptocurrency whitepaper is as straining to the English language, which enjoys over 500,000 words, as it is to credulity.
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