Writer, analyst, investor, Manager, startups, theorist and strategist of the blockchain. William (William Mougayar) talks about potential usage scenarios of this technology. Original article published on Medium.
We know what actions and operations are feasible or not feasible on the Internet. Although we consider this knowledge as a matter of course, in measuring the blockchain is not so clear. In the early years of the web, a full understanding of its purpose yet was not, despite a clear idea of the creators about how the Internet should be.
The best (by far) scenario, the use of the Internet had to pass through numerous iterations, including the failed to ultimately get on the right path. Initially, many of the projects and the company is adhered to an erroneous approach: launched failed products, were recruited in teams of unqualified staff or just rush into things, when the market was not yet ready.
In the end we came to the realities of the Internet. Looking back at the network evolution, we see that the strategic usage scenarios, personal communication, e-Commerce, networking, business, publishing and social networks was the most popular.
It should be noted that social networks appeared later in other usage scenarios, becoming part of what is collectively referred to as web 2.0. Web 2.0 came after the collapse of the dot-com. The irony is that the first large Internet community that arose in the district 1998-2000, namely Yahoo! and Geocities was extremely similar to the social network, but are unable to realize their potential, despite millions of users.
We look with hope to the blockchain, but the strategic scenarios for its use while not clearly appear, the boundaries of the applications of this technology are quite blurred. As was the case with Internet services, the way the blockchain involves replacement or modification of existing services. Eventually there will be new unique types of Commerce. But what is the global mission of the blockchain? What he will remember in ten years?
The Internet has replaced some of the physical enterprise with powerful competitive advantages inherent in alternative forms of number of activities. The blockchain is not just a technological option, as many of the company. It destroys the old dogma about trust: how it is achieved and what opportunities.
We need to understand what the business model of the blockchain can transform. We need him to attack the current flaws and create something that so far seems impossible.
The potential applications are still being formed, but it is already possible to outline some scenarios that can be implemented using blockchain (and the current Internet are unavailable):
- Transfer funds from one person to another without the traditional intermediaries.
- The opportunity to be the sole owner of the digital product, digital collectible or a digital reflection of the real asset.
- Remuneration for the work done (computer or human).
- The opportunity to be a Bank for himself, keeping cryptocurrency.
- Buying or selling in the absence of a Central coordinating body.
- The ability to share unused computing power and get paid for it.
- Storing content in a decentralized network, which will never collapse and will not be subject to censorship.
- Data entry in the blockchain.
- Payment of goods and services with cryptocurrency.
- The ability to obtain cryptocurrency for the data that you share.
These ten points contain some of the key capabilities of the blockchain that occur in our days, but ten is even too much. We have already mentioned that the Internet has had five key features. Perhaps some of this tens can be combined into one. And it is necessary to assume that the key will be the following two functions: exchange of money (or values) and reward for the work done.
We have yet to see what will be the other strategic functions of the blockchain. Most likely, they will be even three or four. You cannot prepare a perfect salad, while most of the vegetables are plucked from the garden.