Using the word ‘blockchain’ helps fund projects One highly practical reason for using a blockchain-type solution was voiced by IBM’s Jerry Cuomo during a Consensus 2016 panel about how companies are embracing the technology.
Cuomo, who is IBM’s VP of blockchains, said there have been times when he has analysed a client’s needs and after pause for thought, returned with the verdict that a blockchain may not be the best solution to their problem.
He said: "When this happens the client replies: ‘But Jerry, if I call this project a blockchain, we’ll get funding for it."’
Similar sentiment was aired about an hour later by Scott Manuel of Reuters at William Mougayar’s panel on internal uses of blockchains. Manuel was talking about finding blockchain engineers – something of a premium skill set these days. He said if you included the word "blockchain" on your resume it earns you 2x premium. "It’s a good idea to add it to your LinkedIn – quickly!"
This is all fine and well; it’s a burgeoning space and where capital is naturally flowing. But a warning was issued by Blockstream’s Austin Hill who pointed to a precedent of dangers the industry potentially faces.
"If we look at the beginning of any major enterprise software hype cycle, ERP, CRM, there was this huge expectation and the gap between the promise of the technology and people’s understanding or ability to deploy it and promise was quite high.
"Some of you may remember there was a period where if a CIO announced a major ERP project back in the late 80s, you could measure the half-life of the CIO by about 20-22 months; they would be leaving the company and they would announce a re-implementation of the ERP project.
"Because the of expectation and the gap it wasn’t there. A lot people – we […]
