The Killer App is User Friendliness

A few of the blockchain killer apps are definitely identified in Haseeb Qureshi’s post about the existing market traction and adoption of blockchain technology, which in some ways can be considered “Killer apps”. I agree that while the identified areas may not be the sexiest, they have demonstrated significant traction. The issue I think many people miss, that Balaji S. Srinivasan, Vinny Lingham and a few others recognize is that the barrier is not the technology but the user interface and market strategy. This is what is often lacking. The financial management is abysmal in this space, which limits investment in higher value activities. This is one of the reasons I appreciate the design of the ethereum Foundation. While most people look to Vitalik Buterin as a figurehead, it is lead by the dynamic Ming Chan. Her work lays the backbone for a sustainable and growing organization.

As noted in Haseeb’s piece, people don’t know how the magnetic stripe in their credit card works (in general), but they do recognize the value they get. They are able to satisfy their purchase desires with ease and simplicity. They understand the limitations clearly and know if they color within the lines, there should not be any surprises. This conveying of value is the sole thing preventing adoption at a rate that demonstrates the “Killer” potential.

Things as simple as pseudo-anonymous lending without collateral are an example of great potential applications, but ultimately the implementation is Paramount. These things boil down to aggressive marketing, testing and providing a space of comfort for users. These are the requirements often missing. I think this is changing, but I think there needs to be more of a business mentality in the field to realize the potential of these elective economies and governance systems. The key word is elective. People have to choose, thus they need to be attracted.