As my kids go off to university, we have taken the opportunity to claim back the space that they call their bedroom and we collectively call the pit.
It became very clear as the “keep” versus “discard” piles grew that most the stuff collected over the years were well marketed fads that extracted large amounts of cash out of the parents. As an example, we found 8 dead Tamagotchis, the small egg shaped computer sold as a digital pet along with countless “collectable” cards and various other assorted versions of money extracting devices.
It was only the Lego, along with books and jigsaws, that has passed the “keep” test as it is durable, restricted only by imagination (most of the original instructions are missing), easy to use, has replaceable elements and we have tons of the stuff, so potential grandchildren can always be amused.
So, does the promise of DLT pass the “Lego” test or is it a technology fad aimed at extracting cash from the industry at large?
1. Imagination – yes it passes this judging by the huge amounts of POCs being discussed, developed in both financial services and other industries
2. Easy to use – it seems so, see www.credits.works
3. Durable – as Peter Randell of SETL said recently “we have solved scale, capacity and speed and have demonstrated the ability to send assets from one chain to another. Once you can do that, you can run chains in parallel, and then there is no end to the scale – if you want more capacity, you add another chain.”
It does seem that many initiatives are emerging out of the test environments and we can realistic expect commercial level blockchains in the next few years which may well link together like the ubiquitous Lego brick.
I am therefore confident that DLT does pass my own rather simplistic test and look forward to seeing how it all pans out over the next few years.