Last night I attended a crypto currency meetup at ConnecTech. Despite not considering myself an expert in cryptocurrencies, blockchain and distributed ledger technology, I was surprised by the many misconceptions people have. As someone who has done a lot of reading on the topic and given a lot of consideration as to how Bermuda could build an industry around these technologies I was quite surprised.
After responding to a few questions and suggesting I’d done some writing about it, people asked where they could read it. Thus, I’ve compiled a summary of all that I’ve written about how Bermuda can build a new tech industry around cryptocurrencies and distributed ledger technologies.
Sept 2015 – Bermuda is dead, long live Bermuda
Insurance is a maturing industry, Bermuda’s economy has stagnated. How can Bermuda reinvent itself?
Feb 2016 – Diversify how exactly?
The most important step in creating a new industry was illustrated in Marc Andressen’s piece “What it will take to create the next great silicon valleys, plural”. In order to create a thriving industry we need to create a streamlined regulatory environment that can enable it to flourish.
A primer on the basics of blockchain using whether the former Premier had a mustache as an analogy. What are blocks, how are they chained and what does it have to do with creating a means for anyone to verify the data contained?
What makes a “Tech” company different from a regular Finance or Insurance company? Why is Bermuda not a “tech” innovation center and does Bermuda have any real “Tech” companies? What can Bermuda do to change this?
Nov 2017 – What are cryptocurrencies?
A primer on cryptocurrencies and what they can be used for. What is bitcoin and why should we be wary of it? What are Initial Coin Offerings (ICOs) and why should we be wary of those? If there are such risks, is there still opportunity for Bermuda?
Jan 2018 – Wary of the cryptocurrency bubble
Cryptocurrency markets are flashing telltale signs of being in a bubble. What are the indicators that it’s a bubble? What are the risks of ICOs? Is there still opportunity for Bermuda in this budding new industry?
Feb 2018 – Crypto Contagion?
Crack downs by regulators on cryptocurrency funding sources likely popped the bubble. Will the collapse of the $800 billion cryptocurrency market lead to contagion in other markets?
Many Bermudians are terrified of the prospect of government investigating and attempting to incubate cryptocurrency and distributed ledger technologies. Should we be doing it and what opportunities does it present?
Why is proving you are who you say you are so difficult? What is wrong with current forms of identity and what challenges does that pose for conducting business? Why is identity the foundation of the future innovation distributed ledger technology can bring? What is Bermuda’s opportunity in introducing it?
Finally I’d like to add a video of Arthur C. Clarke in 1974 predicting what computers would be like in 2001.
An important thing to understand here is that in this video Mr. Clarke didn’t predict new technologies, he predicted technologies that existed becoming more accessible. Everything he talked about then already existed, it simply wasn’t accessible to the average person. His vision and foresight was having seen how other technologies like telephones evolved and became accessible. He then applied that evolutionary thinking to computers to understand that one day someone would have access to all of the same things he had access to then.
This is a key thing to understand about technological evolution. Distributed ledger technology isn’t a revolutionary change. You could readily build anything today without blockchains and DLTs using existing technology. The evolutionary leap, however, is that the technology is being commoditized and made accessible to the point where you don’t have to have a PHD in distributed computing to be able to build distributed solutions.