The Problem with Enterprise Blockchain

The problem with enterprise blockchain. I am of the opinion that the only thing really new with web3 is a new economic model for the internet. This is based around giving control of (some parts) of digital identity and assets owned on the internet back to the original, and rightful owners and away from platform providers. However in my view enterprise blockchain has focused first on enterprise requirements around scalability and privacy, for example, and has basically ignored the autonomous economic agents that will become essential in this new internet as the new incentive models met AI and the internet of things.

In this way you end up asking yourself - what problem have I really fixed (e.g. business to business process mgt.) and what is really new? I think one needs to start with this new incentive model design to make the most of the internet of collaboration as businesses start to look more like a network. Not doing this has been the problem with enterprise blockchain. In my personal view.

The problem with enterprise blockchain, is it did not start with the new incentive model for the internet as part of a new digital economy.This incentive model is based around the original and rightful owner controlling their pseudo-anonymous reputation and value used as a currency in an atomic swap or trading exchange of an NFT (or FT) representing ownership in an asset born on the internet or with an abstraction layer to the real world. In this way value and ownership are transferred at the same time increasing the velocity of money. These exchanges can also be made for the cost of an email eliminating the 2% rent taken by traditional payment rails. This grows the size of the digital economy and supports micro transactions need to reward sharing of data (eg from IoT) to drive AI apps. This is the role of Autonomous Economic Agents (AEA’s)

The value and system of currency becomes money within the community as political agreement and control of state changes of ownership is shared across the whole community in a decentralised and distributed ledger. The ledger based community grows to be a whole economy with interoperability of issue-hold-verify compliant identity credentials and AEA’s across ledgers. This is used to onboard and access services on DAO marketplaces. Likewise interoperability of the value token in the system of currency allows pricing unit of measure across products and services offered by multiple communities.

Value is stored in the system of money as policies are set in reserve funds to control volatility in exchange rates across community (that is DAO marketplace or utility tokens) and in the onboard/off board rate back into fiat currencies of money. Incentives can be granted in DAO marketplace tokens with a new mint or issue, by the policies of the DAO community) to reward helpful behaviours (eg. Validate and order transactions) and to democratise value earned across the community. In this way collaboration increases the total new value created by the community. The size of the digital economy can also grow through credit. Here smart contracts (DeFi) can use staked deposits to both set market prices and liquidity but also to lend. In this way the DAO is a new type of digital bank and marketplace.

You can read more in the new book: "Web3 for Enterprises, a new business model for the internet." When I finally finish it.