CTO’s – What is your Blockchain Strategy?

I suspect you will fall into one of three groups when considering this question:

Trailblazers – and, let’s face it, it’s pretty unlikely you’ll be in this group!

Statements made by this group would be along the lines of:

• We were an early adopter and decided that we’d create a hybrid using a fork from Ethereum
• We have an innovation lab and we’re trialling various Proof of Concepts to identify an ideal Use Case.  We need to figure out the most appropriate protocol and then iterate through prototyping before deploying a baseline platform.

Monitors – Of whom there’s a growing membership of organisations who’re thinking that they should be thinking about it.  More.  Probably.

This group’s members are likely to be saying:

• We believe that the technology is at an early stage and we’re keeping a watching brief
• It sounds jolly interesting and we can see how it’s moving rapidly in other sectors such as banking, we just haven’t figured out a suitable Use Case
• We’re waiting until it matures and is adopted by our peers or becomes a market standard
• We know it’s going to become important and we’re spending some time researching it

Majority – Most organisations, at the end of 2015, are probably in this group

Really easy to spot because you’ll hear then say things like:

• Blocked What ?
• Isn’t that the same as Bitcoin?  I don’t see the point of it!
• Errrr, I’ll check with my CTO.  Can I get back to you?
• Or even……Forget Blockchain, what’s a CTO? 

So, why should you care about Blockchain, let alone having a strategy?

Well, that’s a much easier question to answer…….and the answer is……hype.

Technology (or rather technology marketing)  is really good with hype.  There’s a whole industry of vested interest behind a hype band wagon.  Driven by hardware and software manufacturers, closely pursued by consultancies, advisors, specialists, etc.  All of whom are keen to show you that they have a solution to a problem that you didn’t even know you had.  The Information Technology industry is so good at hype that Gartner, a well known industry analyst, even publishes an annual hype-cycle report. 

The problem with hype is that it results in technology innovations being promoted before organisations are fully aware of their capabilities.  Past examples of hype have resulted in questions around what an organisation’s strategy was for Data Warehousing, Cloud, Big Data, Mobile enablement, Virtualization and Digital.  Quite often the question was raised by someone who was willing to “help you on your journey” by providing consultancy and training.

Where is Blockchain on the hype cycle?

Interestingly Blockchain didn’t even appear on the emerging technology 2014 report although crypto-currency did.  Nonetheless the amount of articles, blogs, reports, posts, etc. that are beginning to appear, shows that the hype is building.  Earlier this year Gartner published the “Hype Cycle for the Programmable Economy”  although this is currently available only to subscribers.

When Goldman Sachs issues a report to say that Blockchain is ready to “take centre stage” then you know that a seismic shift is underway.  I predict that there’ll be increasing coverage by analysts wanting to be seen as visionary thinkers and we’re going to see increasing mainstream media coverage.  Before you know it, the back page of The Economist, in-flight magazines and pull-out advertorial supplements in the business press will feature adverts from big consultancies offering to help you define, design, deliver and deploy Blockchain in your organisation.  That’s when your company execs will begin to think…..H’mmm, see a lot of publicity around Blockchain, must ask my tech team about this…….So, be prepared.