My 2012 Blockchain Views Remain the Same in 2018

I first came across Bitcoin in 2012. I was fascinated by the idea of a digital currency that could facilitate financial exchanges safely, quickly, and cost-effectively around the globe. However, it was not until 2013 that I really saw that the technology behind Bitcoin, the Blockchain was the true miracle.

Throughout 2013 I met with several of the technologists and early adopters of Bitcoin and Blockchain enthusiasts. I even sat down in a small bar in New York City with 2 of the founders of Ethereum a couple years before Ethereuem offered their initial Ether Sale. The moment I heard about Ethereum I knew that their approach was the future.

There were 2 common threads that I found among all these very intelligent and cutting-edge technologists.

1. Naive to Regulation. They all thought that they could not and would not be regulated. I expressed to them that at some point they needed to face the reality that governments would not allow them to go unregulated. Blockchain technologies should view regulation as not only inevitable but truly a sign of legitimacy i.e. they should welcome some form of regulation because this indicated sufficient adoption.
2. Mis-Guided Implementation. I expressed that these Blockchain technologies should select targeted demographic groups that were not too big but also not too small. This approach would allow the showcasing of all the benefits the Blockchain on implementation on a national scale not only in financial ecosystems but in every applicable means i.e. healthcare, government record keeping etc. I expressed this approach because larger economies mean larger resistance to change and a higher probability of failure. Now Bitcoin has been banned by some of the largest economies in the world like China & India and several others. And there is still no thriving example of a nation or demographic group that has thoroughly implemented blockchain technology to a high degree in multiple national sectors and at an international level all at the same time.

I worked to get some backing to launch such an approach in Pacific nations. Primarily in Tonga Samoa and Fiji. Unfortunately, the general response I got from some of these leading Blockchain leaders was these markets were too small for their interests. I was unable to effectively convince them that the unique combination of friendly regulatory bodies, proportionally high remittances flowing to these nations, recent improvements in High Speed Internet and almost Universal Cell Phone Coverage, and a international diaspora that could be found scattered throughout the world was an ideal opportunity to display the advantages and benefits blockchain technology on a national and global scale simultaneously.

Now it is 2018, I still believe that the Blockchain is the technology of the future. The only question is how quickly will it be adopted and implemented. Overall the blockchain community has improved in the two areas I expressed, however the need for a nation/demographic group to fully implement the blockchain on a national and international is still needed. I believe Pacific nations such as Tonga in the South Pacific can provide this unique opportunity. A successful implementation in Tonga would be a showcase for the rest of the world to follow and to increase the rate of implementation of the blockchain at every level on a national and international level.