A new report out by Bloomberg today discusses why blockchain could already be becoming uncool. Check out the full article for yourself, here- https://www.bloomberg.com/view/articles/2018-05-17/maybe-blockchain-isn-t-as-cool-as-it-thinks-it-is
As we know, the blockchain and blockchain technology promises to be the next ‘internet’. The internet of things, IoT, Web 3.0 etc etc, you’ve probably heard it all by now. As fanatics of the blockchain, we do believe that this will be the case. Evidently, more and more real-world firms are discovering that the blockchain does have real implications for their business, it can speed up working efficiency, it can save them money and most of all, its truly transparent and accessible to all.
With this in mind though, Bloomberg worry that since no major tech firms are making big moves to develop blockchain technology at the moment, perhaps blockchain in its essence is missing some of that attractiveness that it needs, in order to become cool enough and popular enough to gain integration with companies such as Facebook and Amazon.
According to Lionel Laurent of Bloomberg:
Which of Alphabet Inc., Apple Inc., Amazon.com Inc., Facebook Inc. and Netflix Inc. has shouted most to investors about Bitcoin or blockchain?
The answer is… none of the above.
“Bloomberg’s database of regulatory filings shows no mention of either blockchain or Bitcoin in these companies’ disclosures since 2008. The closest was Netflix CFO David Wells, who said on an earnings call last year that a “borderless currency” within the next decade might be nice.
This apparent silence — and bear in mind regulatory filings don’t cover social media or interviews — is telling. This is a successful billionaire class which embodies mottos like “move fast and break things” or “step by step, ferociously.”
Laurent makes a good point here, since the people behind these firms really are billionaire magnates who usually strive for fast progression, how come these tech firms aren’t already knee deep in blockchain research and blockchain technology? Is it through fear or is it something else?
Laurent argues, there could be something bigger going on:
“Maybe the tech elite knows something we don’t. If big banks have survived the past decade of fintech and crypto-disruption and dabbled with blockchain experiments to reap the benefit of a buzzword, then maybe the wealthy and entrenched forces of Silicon Valley can do likewise without needing to panic.”
What do we think of this?
Laurent makes some good points. I’d say fear definitely has something to do with it. The minds behind these big tech firms aren’t scared of blockchain technology as such, however I guess they may fear that their customers are. With words such as ‘fraud’ ‘crime’ ‘laundering’ and other horror shows attached to blockchain technology and cryptocurrency, its no wonder that the general public might be anxious about blockchain technology. Therefore, as a big tech firm that relies on a loyal customer base, surely its easier to just analyse the technology from the side-lines and keep your customers happy, than it is to dive in at the risk of potentially upsetting a bunch of people, of whom you constantly need to rely on?
In conclusion. Blockchain is super cool. Ignore Bloomberg!
Give the article a read because joking aside, Laurent makes some very interesting points. We all however know that soon enough, Facebook and Amazon et al. will tap into blockchain technology. Facebook and Amazon specifically are already making moves towards this, for now however though, they do remain cautious and wary, for the sake of the customers it seems.