A New York venture capitalist once explained to me: “When we receive a proposal which mentions Blockchain, we replace the word with MySQL. If the concept still sounds sexy, we’ll consider it.” This is a harsh approach for those concepts which rely on the distributed nature of a blockchain to function, but it underlines the gold rush frontier environment of finding a use for new technology, and profiting from Initial Coin Offerings (ICOs).
Is a blockchain appropriate to your business model? If you’re casting around for a new way to carry out the same series of transactions, keeping everything under your control, then probably not. Blockchain technology is a genuine game changer. It is the gateway to changed behaviour: disintermediated contracting, distributed responsibility, and of course cryptocurrencies and tokens.
The Sphere Network event on 21st September at Invest Newcastle will take a deeper dive into this exciting emerging technology. The event aims to bring together practitioners and interested parties from across the North East of England, to build a clearer understanding of the opportunities and potential pitfalls of applying blockchain technology.