I have a good friend, a colleague in the Fintech Start-up space who submitted an entry for funding for a Blockchain Start-up. The ‘deciding committee’ rejected the opportunity on the grounds that nothing the start-up could do, a ‘Trusted Third Party’ couldn’t do.
That’s the point.
Blockchain is the technology behind Bitcoin, the digital currency. Can you have a currency with a trusted third party? Of course. All currencies rely on trusted third parties. Usually the government, or a government agency. The whole point of Bitcoin is that you now have a currency without a trusted third party. Because the technology codifies the trust.
So to reject a start-up because you could do the same thing with a trusted third party is ridiculous. Of course you can. That’s the whole point of Blockchain.
We need to move beyond the legacy evaluation of innovation in Australia, and consider the subtleties and opportunities of nascent technology.