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If blockchain is so interesting then why are not there more people using it?
- A shift from individual solutions to a wider "blockchain-ification" is allowing a better economy of scale.
- The concept of collaboration is an integral part of the blockchain both as an ethical tool and as a practical tool.
- Improving blockchain governance models and changing attitudes are both necessary to unlock the collaborative potential of technology.
A decade after the bitcoin entered the world, the blockchain is starting to see the spread in a wide range of applications. But for the most part these are even more in the nature of the (very promising) tests of the wholesale migration.
If blockchain is so big, why are not there more people using it?
What is the big obstacle?
Cost per one, says Mark Parzygnat, director of the IBM Blockchain program.
"Complexity and costs … can trigger ideas," he explains. "Although I am excited to see more industries, companies, non-profit organizations and start-ups exploit the power of the blockchain, we still need to make the platform more accessible."
The signs are encouraging, however, he observes. One of the main developments that now come is a renewed focus on "blockchain-ification" rather than niche solutions. One of the factors behind this change is that more companies are starting to imagine blockchain as a system rather than a case by case tool to identify specific problems.
If used in this direction, one can start thinking about large-scale blockchain and how to solve a wide range of problems with one large system. The result is much more bang for buck.
"The most encouraging aspect of the adoption is that everything is becoming stuck, we no longer talk about how the blockchain can meet the challenge of food security or cross-border payments," says Parzygnat. "Now we are asking" how can we do it on a large scale? "This is an incredible step forward for blockchain as more and more organizations and industries consider technology to be a valuable and reliable tool and consumers are also trying : from monitoring the diamond verification for Hong Kong jewelry to people selling their homes using blockchain, the idea of using digital register technology to simplify and securely monitor every element of a buying process is crossing the uses of the traditional consumer ".
This could be a significant change compared to previous days of investigating single blockchain applications. In essence, the question of whether the blockchain can function for a sufficient number of specific use cases has been appropriately resolved, and now it is time to start launching systems capable of providing these applications.
This has benefits that go beyond the immediate economy of scale advantages, because it goes straight to the center of what makes the blockchain different – or at least one of those centers.
There are no in blockchayn
The cryptocurrency boom is often compared to the dot com bubble. It is not a bad comparison. But one of the main differences that is often highlighted by those who have lived and worked through both is that the blockchain is collaborative in nature.
Teamwork is a powerful force of nature, but technological limitations and business realities have often precluded it, even where it would be extremely useful. And on a larger scale, the usual business paradigm as a purely competitive activity is quite expensive for both companies and not in the best interests of people.
Blockchain is a team sport.
"We believe that blockchain is a team sport, because a blockchain-based solution works successfully, requires that multiple entities meet in a symbiotic relationship and agree common principles, operational model and governance," says Parzygnat. "The very nature of blockchain-based solutions requires the vision and leadership of a government agency to summon the ecosystem into a common blockchain-based network. It therefore requires each company member to recognize their basic skills and compete in the market, defending or improving them ".
The Australian energy markets provide a decent example of the old purely competitive way compared to the collaborative heat blockchain.
The problem
The situation is basically that energy prices are on the rise.
As energy prices rise faster and faster, more homes and businesses install solar panels and reduce their consumption while others fail to keep up and are failing.
This means that energy companies are losing revenue and losing customers, which means that prices increase to compensate. This means that prices rise even higher and faster, which means that more people become solar and go under, which means that energy companies lose more customers, which means that prices increase to compensate … and etc. It is a spiral of death par excellence.
Like many things that can be described as a "spiral of death", it's not good for anyone. He also saw a lot of rejection of renewables from the Australian government and the established energy industry, which is not good for anyone.
Classic solutions
Solutions that fall within the classic limits of competitive business realities suffer from some problems. Some people are starting up entirely new energy companies that are focused on giving customers the right shake, but these can only do so much and do not necessarily escape the cycle. There is also talk of the nationalization of the energy network, but this could also be less than ideal, and could be affected by the continuous political twists.
The same energy companies could start investing in renewable energy, and they are, but the economy may not be ideal given the rapid technological development and other factors. So a more rational option would be to cling to the old ways for as long as possible, even if it is not in the best interest of customers or the planet. The most optimal solutions may require a level of collaboration and joint investment by competing energy companies that are not in line with the cards.
And even some of the most tailored solutions suffer from practical shortcomings. For example, the feed-in pricing policy that allows consumers to sell energy to the network was designed as a happy compromise to help both consumers and public services, encouraging people to become renewable and keeping them on the network. But counter-intuitively, it can sometimes be a lose-lose. During periods of low demand and high supply of families of incentive rates, one can end up with an essentially useless excess of energy that still costs money to move.
And so the world does not suffer for any real reason except because this is how things go.
Blockchain collaboration
Mutually beneficial collaborative models present a potential solution and blockchain is a suitable means for these models.
For example, Power Ledger is trying to get to the heart of the problem by creating a blockchain system for collaboration between stakeholders at all levels, including consumers and energy companies, to allow everyone to benefit without compromising their competitiveness.
It does this by using the blockchain to bridge the gap between solar home consumers and energy companies, and creating a neutral and more efficient market on the blockchain.
The use of blockchain architecture creates a neutral and transparent playing field for all participants, accentuated by some other benefits that were not achievable with measures from top to bottom such as entry tariffs.
The end result is a win-win partnership, bringing on-e-grid participants into the same market, allowing energy companies to reach more customers who otherwise would have lost, balancing prices to a more realistic level to prevent shocks that they drive people out of the market and offer additional efficiencies as a system that allows consumers to sell their home-made energies to their neighbors geographically closer to market prices than to waste them unnecessarily when it is not really needed.
In a sense, the reason why it is potentially so efficient compared to existing systems is because it is a group work between consumers and energy companies, for the potential enrichment of all. This kind of thing is the power of blockchain collaboration.
Where is it?
The reason why blockchain is so good at building these collaborative systems, explains Parzygnat, is because its inherent transparency and immutability essentially allows for the creation of trust from nothing.
Compared to simple shared databases, he says, "the most important difference is trust".
"Blockchain is a disintermediation technology, in which every transaction is cryptographically signed and always appended to an immutable ledger, visible to all participants and distributed beyond the confines of trust. All parties involved in a transaction agree that a) the transaction occurred, and b) that occurred correctly – or the transaction is not engaged in the ledger.Once in the ledger, it is set to stone. "
"In other words, all the parties are agreeing – so there is no question about it later." The parties that do not trust each other can still do business without a team of lawyers, because they do not have to trust one another. you have to trust the technology! The level of transparency built into Blockchain allows this. "
But again, if blockchain and its collaborative magic are so good then why are not there more people using it? In this sense, it could be because it is only a very challenging paradigm for companies that are more familiar with the peat bogs of collaboration.
The problem may be that companies are still studying how blockchain can help them get a position on the competition, rather than how the blockchain can benefit both them and the competition. There is a distinct competitive advantage in blockchain, but by exploring it only as a competitive tool, one also loses some of its most powerful possibilities.
After all, do you think that an energy company would have imagined and created something like a Power Ledger? And even if they did, do you think the other energy companies wanted to participate in a market owned by a competitor? Blockchain can allow the efficiency of teamwork where previously it was impossible.
There were some initial problems in this area, and it could be one of the most difficult obstacles to blockchain. This is where things are just beginning, says Parzygnat, but luckily things keep getting better, especially thanks to companies like IBM and Power Ledger who are doing everything to get interested parties involved on the same page.
It's not as simple as getting everyone in the same room, and the development of acceptable governance models is an ongoing technical task, especially for public blockchains.
"Whether you decide between a public or authorized network, who holds the" final word "in a blockchain consortium, or a broader global regulatory oversight, the technology is still in the early stages." We are making progress on this with a number of consortia. using IBM Blockchain, and those founding pioneers will leave a good manual for all of us, "says Parzygnat.
"I believe that blockchain and the new business models created by technology can democratize data access and improve trust and responsibility within our digital economy, with important benefits for businesses and society."
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