Scuppered by Language — City AM
This article first appeared in the print edition of CityAM on 24 March 2020 — A PDF of the print edition can be found here.
One of the biggest things holding back adoption of blockchain is how people talk about blockchain. And equally what people hear when other people talk about blockchain. All of this miscommunication leads to confusion, and this is what holds us back.
When someone says blockchain, people hear bitcoin. And that means blockchain is risky — and probably illegal.
Other people hear “gold rush”. Every startup (and some enterprises) tries to use the word blockchain in their product to draw attention and to look hip and cool so they can raise money. Almost none of them need blockchain for their products, but they are forcing it into their investor decks because they feel like they have to.
Some people hear innovation. They have no more idea what blockchain is than they understand artificial intelligence. But based on the hype, it is a technology that can’t be ignored. And for that reason some large enterprises have spent 100’s of 1000’s of £ for big-name consultancies to build blockchain projects — most of which don’t need blockchain and died. Like an off-West-end venue, Blockchain Theatre has closed.
Even now, people misuse the word blockchain. Blockchain regulation is a good example. Blockchain isn’t regulated. Applications built which use blockchain (like cryptocurrencies) are regulated. Blockchain databases aren’t blockchain at all. They are merely databases with immutable tables. Blockchain <fill-in-the-blank>.
Blockchain isn’t bitcoin. Blockchain won’t be regulated. Blockchain isn’t a label you can stick on a fancy innovation project. Blockchain won’t help you raise money for your startup. Blockchain only applies when multiple parties are in coopetition.
Blockchain exists as a layer of information shared between multiple parties. Blockchain is distributed, decentralized and immutable. It is the foundation for new business models, trusted transfers of data and value. Blockchain can add transparency and support cooperation throughout an industry.
