"My caution to all is get as much information as you can about this technology but look hard at what they are saying. I'm pretty sure there is a pony in here under all this manure." — Jerry Fletcher
Jerry is a smart man so I have continued to get as much information as I can about Blockchain technology — not only to understand it for cocktail party banter but to determine if there is a place for me in all of it.
As I continue to dig into the utility of Blockchain technology I've categorized it into three general areas for consideration —
- Blockchain technology used in a centralized manner for data integrity and process efficiency — current trust institutions (such as banks) that want to be more efficient and effective with the integrity of their data management.
- Blockchain technology used in a decentralized manner to disrupt current trust institutions and middlemen — challenging the way we do things, such as banking.
- Blockchain technologies used in a decentralized manner to create new "ecosystems", as well as new value creation becasue of its activities — the creation of defined value where there was none before (represented through its cryptocurrency).
As I have mentioned before, I am not a very good futurist so there are probably many other areas of consideration.
I've also come to appreciate that if you're looking at Blockchain from a "decentralized perspective" you need to have some sort of "currency or token" involved — it is used as an incentive for the network (or "ecosystem") to ensure it works properly. A currency is required to support the efforts of the people in the network in a sustainable way, and ultimately will reflect the value associated with what is happening in the ecosystem.
As I continue to search for the "pony" I have come to believe I'll align with the third consideration for two simple reasons — I don't have any coding skills to speak of that would help an established institution and I just don't have the energy to be very disruptive. Although strangely enough, I do have the energy to get involved with new ecosystems. Go figure. Maybe it's my marketing background, or my increased efforts with blogging, or my interests in personal branding or even my increased involvement with social media... I don't really know; whatever the reason though, it seems my place in all of this is leaning towards blockchain and it's utility with social media — and I suppose by extension, personal data and identity in the virtual world.
Because more than ever we are living in both the real and virtual world (with each becoming as real as the other) — and frankly, I want only one of me in each.
PS — As always let me know where I've gone off the rails.