Jim Blasingame

Business futurist, award-winning author, speaker and columnist

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Your Blockchain close encounter of the first kind

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This is the third article in a series about Blockchain technology and its implications. The first was an introduction, and the second was how Blockchain works and its role in creating digital trust. This article is about your likely first contact. 

As small businesses have increasingly become vertically integrated with Big Business customers, they’ve had to step up their Main-Street-Mom-and-Pop game to become more sophisticated while continuing to be nimble, quick, versatile and efficient. With this integration, larger customers have notified smaller partners of their evolving expectations, as driven by macro events and trends.

Consequently, over the past 25 years, millions of small businesses have received letters requiring compliance with four of those macro markers: the first was about new quality standards (e.g. ISO 9000), the second was about Y2K preparation, the third was about cyber-security standards and practices, and the most recent is about sustainability/climate change expectations. In addition to ongoing compliance, these expectations accumulated as elements of future bid specifications.

The next expectation “letter” may be your business’s close encounter of the first kind with Blockchain. A larger customer will inform you that future business won’t be established with an inert, analog contract you’ll sign and return, but rather using a “Smart Contract” powered by one of the Blockchain platforms. If you haven’t been keeping up with Blockchain business applications, that will be a maddening, expensive and potentially perilous moment. You just got T-boned by a Quantum Leap Challenge because, as you should know by now, you can’t get up-to-speed on Blockchain overnight.

Now that you’re on notice, let’s get you ready with a few likely first-use Blockchain applications.

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Blockchain isn’t the end of trust, it’s the future of trust

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This is the second of three articles about Blockchain technology and its implications. The first was an introduction, this one’s about how Blockchain works and its role in creating digital trust, and the third article will be about how you’re likely to make first contact and use it. I’ll remind you that Blockchain is a complicated topic, so thanks for your continued patience.

To understand Blockchain, we must first contemplate the primordial role of trust. Just as every chemical process in the human body takes place in the medium of water, every human interaction – every one – takes place in the medium of trust. As civilizations, societies, and markets evolved, all were made manifest by the existence of, and singular devotion to trust. It’s the cornerstone, the keystone, and the capstone of our civilized existence. As the original open source model, trust is the intangibly awesome foundation of equilibrium and creator of order.

This will be on the test: For 10,000 years, humans required analog trust. In the Digital Age, humans will require digital trust. As open source technology beyond cryptocurrency, Blockchain is enabling trust’s metamorphosis from analog-to-digital, as it becomes synonymous with digital trust.

For Satoshi Nakamoto, creating Bitcoin was easy. But making his peer-to-peer cryptocurrency deliver on the human trust expectation was complicated by the fact that fiat currency – trusted as value-in-exchange – is backed by the full faith and credit of the issuing sovereign government. To become a viable fiat alternative, users had to trust Bitcoin to be authentically tendered by its true owner, just as merchants trust bank technology to verify in real time that customers have the money they’re spending. So, to eliminate the “double-spend” concern, Satoshi created his Blockchain, which has the task of delivering a trustable Bitcoin.

Now let’s take Blockchain beyond currency. The essence of analog trust intermediaries, like government, banks, lawyers, title companies, etc., is to facilitate a transaction that doesn’t require the parties to trust each other. As a practical alternative, Blockchain can do the same thing, but faster, more efficiently and at a lower cost. But what about those trust expectation?

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Remembering America’s Militia on Memorial Day

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Reasonable people disagree on the exact origins of what is now called Memorial Day. But most accept that the practice of decorating the graves of Americans who died defending their country began in earnest by women of the South during and following the Civil War.

On May 5, 1868, General John A. Logan, National Commander of the Army of the Republic, was the first to make Memorial Day official. With General Order No. 11, he stated in part that, “the 30th day of May 1868 is designated for the purpose of strewing with flowers or otherwise decorating the graves of comrades who died in defense of their country.”

Since then, other than Congress making it a national holiday and changing the date to the last Monday in May, America has honored its fallen heroes from all conflicts in pretty much the manner that General Logan anticipated in the language of his order, whereby “posts and comrades will in their own way arrange such fitting services and testimonials of respect as circumstances may permit.”

When America issued its first call to arms – before it was a country, before there was a standing professional army – the call went to the militia, which was identified as “all able-bodied men.” Calling themselves the “Minutemen,” because they could be ready to fight on a minute’s notice, they were primarily shopkeepers, craftsmen, farmers, etc. Today, we call them small business owners.

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It’s the Digital Age: Ethically speaking, things here are different

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As arrogant occupants of 21st-century Earth, who can rightly boast of creating exciting innovations, like the computer, talking paint, and the margarita blender, it serves us to believe we’re also the more enlightened generation.

But honesty demands acknowledgement that contemporary applications of wisdom, morality, and ethical behavior are in fact derivative of concepts first proposed long ago by the ancients.

For example, in addition to the almost four-millennia-old, legendary Mosaic Laws, consider the 10,000-year-old Chinese wisdom, I Ching, The Book of Changes. Then there’s the 5,000-year-old Upanishads from India, and finally, King Solomon’s first millennium BCE wisdom from Ecclesiastes and Proverbs. It must be noted that some of this awesome self-awareness was first contemplated at a time when receding Ice Age glaciers were still carving Scotland’s Loch Ness and the Great Lakes of North America, while others came to light barely on the threshold of the written word.

Alas, ethically and morally speaking, we moderns are merely the new models, not the better ones. Hold that thought.

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Change will happen, with or without your guidance

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“There is a time for everything, and a season for every purpose under heaven.”

On its face, this well-known King Solomon wisdom from the 3rd chapter of Ecclesiastes delivers hopeful encouragement. But implicit in this passage is a somewhat hidden, and often troublesome, paradox: A time for everything also implies nothing can be forever, and therefore, change is inevitable.

In the abstract, we accept the reality of change, but in practice we regard it like the medicine we know we need, but don’t want to take. And knowing change is inevitable doesn’t make the pill any sweeter.

In the marketplace, it was challenging enough to implement a change when we had the expectation of not having to do it again anytime soon. But in the 21st century, the bitter pill of change has acquired an unfortunate new characteristic: a frighteningly short duration.

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Mobile Computing Will Dominate Your Future

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What if I told you that seven-of-ten of the prospects and customers in your market can’t find your business? You’d be very disturbed by that, wouldn’t you?

Now, what if I told you that three-fourths of the calls your prospects and customers want to make to your business are not getting through? Would I be able to see the veins in your neck as you raise your voice to declare that such a thing would be impossible?

Well, in the past year or so, addressing small business audiences around the country, I’ve asked this simple question: “How many of you have a website that conforms to the small screen – a mobile website?” I’m sorry to report that the number of attendees who raised their hands – across multiple industries – was in the vast minority.

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