October 17, 2018

The Blockchain Cart Before the Identity Horse

The idea of creating something with a business model in mind has fallen out of favor in recent years. Instead, it’s far better to build something and then figure out how to monetize it. Facebook, now highly profitable, lost $59 million in 2011 before it figured out exactly how it could make money through advertising. Twitter only just made its first profit in its 12 years. It’s not just social media — one app, Springpad, had 5 million consumers using its Evernote-like features. But after building its user base, it failed to create a business model and folded. The “move fast and break things” attitude means building things and figuring out how they make money later. Recently, the excitement over the possibilities of blockchain has combined with this to create some promising and crazy ideas – blockchain for copyright, blockchain for music distribution, blockchain smartphones, and blockchain for identity. This…

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