Blockchain’s Sriracha Moment
Sriracha is an unlikely king among condiments. Introduced in 1980 it wasn’t until its popularity took off in the early 2010’s that everyone from famous chefs to your Uncle Pete was adding sriracha to damn near everything. Dishes ranging from award winning hot wings to, I kid you not, Ice Cream have received the sriracha treatment. But sriracha doesn’t really go with everything, regardless of what your hopefully well-meaning Uncle says. Making new sriracha-based recipes should take a bit of thought and a practiced hand. Kinda like blockchain.
That’s right, blockchain is having its sriracha moment.
After years of just being there, the blockchain concept and development has exploded. In the past few months we’ve seen major players in the existing financial system decry the utility of crypto currencies (see JP Morgan CEO Jamie Dimon’s statements).We’ve seen companies get a short term boost out of adding a thin veneer of blockchain to their company or product (my favorite is Long Island Iced Tea changing it’s name to Long Blockchain Corpbecause there isn’t even technology involved). All of this undermines the true utility of blockchain. Which is why the technology at the heart of the innovation is so much more important and amazing than the first real proof of concept application.
So What’s the Big Deal?
We’ve all seemingly forgotten that for technological tools to truly survive they need to prove themselves through utility.
From the development of stone tools some 2.5 million years ago to the connection of the world’s information via a world wide web, the test for which advances will stand the test of time is and always has been the utility of the advancement. Utility made the knife. Utility made the bicycle. So when we’re looking at new technologies such as blockchain we should view it, as best we can, through the prism of utility.
While there are enormous implications for both society and individuals for the development of a scarcity based technological solution for a world currency, the utility of the blockchain is based more in the authenticity of the data held within it than any single expression of that authenticity. Imagine being able to know that in this world of manipulated media it was possible to know that a specific photograph was the source for all of its derivative works and was untouched from its creation? Imagine being able to greatly eliminate insurance fraud through a system of smart contracts? Imagine being able to verify your identity without having to provide a government-issued piece of ID? All possible through blockchain technology.
For a generation societies around the world has been asking for transparency. Transparency in government. Transparency in business. Transparency in day to day actions. The thinking goes that in darkness lies deceit, and with transparency will come better decisions. Blockchain technology introduces transparency in a new and radical way to markets that have always been murky. This should excite both businesses and consumers. Because there is the ability to practice the utility of the technology there.
As a technology blockchain is really just getting started. There are many places to build your company in this brave new world, both at the platform level and at the application level. At Tanooki Labs we focus on building distributed applications (ÐApps) utilizing blockchain technology, from consultation and feasibility studies to full application development we’re ready to help you build your next product.
If you’re just starting on the road to building utilizing blockchain, we’re happy to sit down and talk through your concept for how to build or improve your product using blockchain technology. We’ll examine the strategy and concept and then run a feasibility study to prove your core thesis.
If your blockchain idea has been validated but you’ve decided that you’re not prepared to bootstrap development, detailing the architecture around your ĐApp is an invaluable next step.
Of course we can also help with full development if you’re ready to build your product using blockchain.
Just remember to keep it useful.