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Jason Bloomberg

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Navigating Past Blockchain’s ‘Irrational Exuberance’

Bitcoin is in a massive speculative bubble, with $95 billion in supposed value that belies the cold reality that all that crypto-green is actually not worth the paper it’s printed on – if there even were paper, which there isn’t. As Steve Forbes says, “you don’t even get a tulip for your speculation.”

“You don’t even get a tulip for your speculation.” – Steve Forbes

“You don’t even get a tulip for your speculation.” – Steve Forbes

And then there’s the Initial Coin Offering (ICO) market – or as I like to call it, ‘scammers paradise.’ What do you get when you combine the madness of crowds, global criminal enterprise, and a dearth of regulation? More illicit ‘wealth’ than even Pablo Escobar could bury in the mountains of Venezuela, that’s what.

And then there’s blockchain, the technology at the heart of all this craziness – or to be more precise, a family of distributed ledger technologies which may or may not technically be blockchain, depending on how you define it (I’ll use ‘blockchain’ in this article broadly to cover all such efforts).

Given I’m on the record as a blockchain skeptic, you might think I’m equally bearish on this technology. However, you’d be wrong. In spite of all the greater fool froth around Bitcoin and ICOs, blockchain actually has some real promise. I even recently wrote a positive article on a blockchain-based company.

Nevertheless, if you look at all the blockchain startups clamoring for attention, go to all the blockchain conferences springing up like weeds, and talk to any of the ‘blockchain experts’ stampeding through LinkedIn, you may be left with the distinct impression that blockchain is also little more than the product of the same irrational exuberance that will inevitably deflate as quickly as a popped balloon – and you, too, won’t even end up with a tulip for your troubles.

The question of the hour, therefore, for the three main blockchain constituencies – vendors, investors, and customers – is how to tell the viable blockchain efforts from the scammers and pretenders.

Even more critical: once you’ve chosen your favored blockchain horse to ride, how do you keep it from becoming the inevitable collateral damage when Bitcoin takes its nosedive and the Federales shut down ICOs?

Read the entire article at https://www.forbes.com/sites/jasonbloomberg/2017/10/28/navigating-past-blockchains-irrational-exuberance/.

Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, none of the organizations mentioned in this article are Intellyx customers. Image credit: Liz West.

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More Stories By Jason Bloomberg

Jason Bloomberg is the leading expert on architecting agility for the enterprise. As president of Intellyx, Mr. Bloomberg brings his years of thought leadership in the areas of Cloud Computing, Enterprise Architecture, and Service-Oriented Architecture to a global clientele of business executives, architects, software vendors, and Cloud service providers looking to achieve technology-enabled business agility across their organizations and for their customers. His latest book, The Agile Architecture Revolution (John Wiley & Sons, 2013), sets the stage for Mr. Bloomberg’s groundbreaking Agile Architecture vision.

Mr. Bloomberg is perhaps best known for his twelve years at ZapThink, where he created and delivered the Licensed ZapThink Architect (LZA) SOA course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, the leading SOA advisory and analysis firm, which was acquired by Dovel Technologies in 2011. He now runs the successor to the LZA program, the Bloomberg Agile Architecture Course, around the world.

Mr. Bloomberg is a frequent conference speaker and prolific writer. He has published over 500 articles, spoken at over 300 conferences, Webinars, and other events, and has been quoted in the press over 1,400 times as the leading expert on agile approaches to architecture in the enterprise.

Mr. Bloomberg’s previous book, Service Orient or Be Doomed! How Service Orientation Will Change Your Business (John Wiley & Sons, 2006, coauthored with Ron Schmelzer), is recognized as the leading business book on Service Orientation. He also co-authored the books XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996).

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting).