Dante Disparte, the founder, and CEO of Risk Cooperative an innovative strategy, risk advisory and insurance brokerage based in Washington, D.C., shared his opinion on the blockchain integration into daily life and at what stage had our society stuck.
Blockchain can change the mechanism of the value transfer just like the Internet had once changed our idea about communication, made it cheaper and simpler. Many people ask themselves, what is blockchain technology. Bitcoin price is often influenced by the news in the sphere of Blockchain.
This will most likely happen when we stop screaming about blockchain on every corner, the hype calms down and the technology goes into the background. For now, we are in the crypto-fever, when tech giants like Kodak or Microsoft mention blockchain and their stocks rise to the sky. But despite loud announcements, quiet and inconspicuous work is being done which can change the world.
We are constantly hearing that with blockchain everything will become better, that it will solve all the problems. The same tendency was during the dotcom boom, but only two companies remain for now that use dot com as one of their instruments – Amazon and eBay.
Today we can observe countless armies of blockchain enthusiasts wandering with solutions searching for problems to solve, but they’d better behave vice versa – find a solution to an existing problem. All successful entrepreneurs know that stable business models lean on simplicity, unsatisfied market needs, insistence and a bunch of experiments. Blockchain still remains not only a technological achievement, breakthrough in the security sphere and a new way for value transfer but a cultural phenomenon just like any other sensational solution.
It’s clearly seen by the shocking Bitcoin price growth in 2017, mainly caused by speculations. To put it simply, a naked technology even so strong and promising as the Internet and blockchain, is not a panacea. And markets still stay ineffective.
At the same time, the more blockchain integrations will appear without a huge shining sign on it, the better it will be for everyone.
During an era of the Internet rise, we see how the fight against inefficiency, opacity, and mistrust to institutes uplifts the whole cohort of newly made billionaires. At the same time, such concentration of the capital contradicts the same principles which are maintained by this community: decentralization, the horizontal position of communications, social justice, coherence, democratic values and autonomy of everyone.
Another problem is that we don’t divide blockchain from Bitcoin and vice versa. For now, Bitcoin is the only practical blockchain application. All the other applications that must hook us on blockchain are still in the ICO stages.
When we are talking about promising and world-changing technologies, we’d better discuss not their specifications and benefits, but the results of their usage. People are not interested in the process of ice-cream making, they need to know it tastes good.
We are now standing on the threshold of transition to decentralization, and this stage has its own risks — especially at the first, experimental phase. We lack a responsible approach which would allow creating standards of behavior and management in relation to cryptocurrencies and the decentralized systems.
The epoch of the Internet establishment taught us that changes, even if they look so dramatically, actually go quite slowly. When and in what degree the decentralized economy will change our world, depends on the behavior of people and their readiness to change, and we learn that changes happen, only when the integration of the next solutions on blockchain will be quiet and take place without the B-word being named.
And, probably, it is inevitable — in a society with such a strong mistrust to institutes both state and private and the upgrowing generation which has absorbed technologies with mother’s milk, blockchain will be their friend.