“It’s very much like the dot com era when the internet allowed a lot of people to dream, and the internet era is when the entrepreneurship culture started. Very similar with this blockchain technology, the number of people who have started imagining has grown.”
Subhajit Mandal and I go on a journey of imagination, discussing use cases for blockchain technology and where he sees the future of innovation in worlds like decentralized social media, the health industry and the travel industry.
Why is imagination so important in the blockchain space?
Because technology is about the future, and since the future isn’t here yet, it only exists as a concept, in our mind… or in the case of blockchain tech, in the mind of Satoshi, Vitalik and those who are ready to boldly go where no man (or woman) has gone before!
And why is Bitcoin and blockchain technology, the future? Nothing like it has ever come before. And the things that make it so amazing are worth thinking about and really exploring and imagining what else can come out of decentralization, an immutable ledger, a trustless ecosystem, or the transfer of value without the use of an intermediary.
Subhajit talks about IPFS, the InterPlanetary File System, which allows users to be able to rent out unused hard drive space from their home computers.
He mentions BAT, Basic Attention Token, whose concept is that if someone is watching an ad, he or she should get paid for that view.
He talks about a decentralized social media platform, Indorse, like a decentralized LinkedIn where the people endorsing your skills gets paid and you, for posting valid qualifications, get paid for your valid posts about your qualifications.
Using an example of someone who gets into a car accident, Subhajit walks me through a scenario where our own personal health data couple be run on a blockchain and simple information can be noted with a simple metaphoric tick of a box and shared to insurers where needed, almost seamlessly.
We talk briefly about ICOs and the controversy realy being around how the money is used and we discuss utility vs security tokens and SEC regulations.
Subhajist is an Advisor for Go Eureka, and uses their example of creating a travel industry token that would be considered a utility token since it is used within its own ecosystem for the use of booking hotels for instance.
Lastly, we discuss data ownership and how blockchain technology is allowing companies to re-examine how data is being stored and shared. Subhajit says, “I think the discussions will be more around ownership and control and a little less around the monetary value.”