The Mobile Phone and Blockchain.
When mobiles appeared on the market, it was a terrible alternative to the then present solution, which was a personal computer. No one could imagine using Word and Excel, let alone AR & VR, on a brick-sized object which didn’t make you even look slick. But features such as GPRS, instant messaging and, most remarkably, intangible aspect “mobility”, revolutionised the industry and now we can’t think of a world without our devices.
Such is the case with blockchain, and it’s not a great working alternative to the present solution. It’s hard to understand, difficult to code, difficult to implement and has a low adoption. But the intangible aspect that blockchain brings to the table is “trust” that is not centralised under a single authority. Now we can create money, documents, bills and many more things from anywhere for everywhere. But, it is going to take a few years before blockchain becomes a household concept.
How is blockchain going to become a household concept? A 5-year-old doesn’t care about the inner workings of a mobile nor of blockchain. They only want to play angry birds. Similarly, a working professional doesn’t care much about the inner workings of a food and grocery delivery app, they are concerned about food being delivered at their doorstep.
Mass adoption comes from distribution that does not disrupt the daily working of a consumer. To build distribution you need various catalysts at different stages. Bitcoin was for the early blockchain adopters, nerds who wanted to explain to 5 yr olds what blockchain is. Now comes the turn of the early and late majority for mass adoption. We need to wait and watch to see what will catalyse mass majority.
Sectors and projects that will move the needle in the blockchain space in 2019 will be the financial, insurance and retail industry and projects such as Filecoin, Protocol Labs, Origin, and PROPS have the possibility to become mainstream options to the present alternatives.
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The Mobile phone and The Blockchain. was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.