What a pleasure to finally share the book with Areiel Wolanow, who is an expert in Blockchain within Insurance and wider Financial services, with significant expertise in DLT and Blockchain technologies. Areiel has added over 12 pages to Commercializing Blockchain and I thank him for his time and more importantly, his deep expertise in Blockchain/DLT, the history of this and the real business world impacts of Blockchain
Areiel has been researching the history for a number of years and his work fascinated me. Areiel agreed to share his research, expertise, and history with you, and here are his thoughts on ‘Why Blockchain matters’. I am very grateful to Areiel for his contribution.
Understanding the role of DLT in meeting the world’s oldest business requirement, while certainly interesting enough to be studied on its own merit, is more than just an amusing diversion; it becomes a valuable perspective and tool we can use to do a better job of assessing which of the DLT solutions being put forward today are likely to deliver value, and which of the more than 16,000 Blockchain start‐ups in existence today are likely to have any chance of succeeding.
Consider some of the ‘gold standard’ use cases; the ones most commonly put forward as exemplars of the value DLT can deliver:
- Supply chain provenance
- Trade settlement
- Medical records
- Land register
All of these use cases have something in common: it is easy to see the potential value from having a single version of the truth that every party in a trading network can agree on and legally own. The same can be said of the original Blockchain use case: digital currency. On the other hand, there are any number of Blockchain solutions being put forward today that do not meet this simple sense check. To be sure there are other critical success factors, but just thinking about this one superannuated business requirement can go a long way in separating wheat from chaff.