The Blockchain Graveyard: A Tale of Woe
It seems every time you blink, another blockchain project bites the dust. Moller-Maersk’s TradeLens, a much-hyped global trade platform built on IBM blockchain, recently joined the ranks of the fallen. This fate raises a question: did anyone see this coming? Spoiler alert: yes, they did!
Innovation is Not One-Size-Fits-All
Imagine walking into a bakery expecting a rich, chocolate cake but getting a brick instead. That’s how companies often treat innovation – assuming it’s all the same. As Clayton Christensen pointed out in his bestseller, The Innovator’s Dilemma, innovation isn’t a monolith. It comes in flavors: incremental, modular, architectural, and radical. Unfortunately, many big companies misconstrue blockchain— an inherently disruptive innovation— as yet another vanilla option instead of a spicy jalapeño pepper that won’t just sit quietly.
Simplicity: The Unsung Hero of Innovation
If you think adopting a complex innovation is like baking a pie—simple and straightforward—think again! Complexity is like that one stubborn ingredient that ruins everything. Everett Rogers once noted that the more complicated an innovation, the less likely people (or companies) are to adopt it. When IBM and Maersk tried to muse on their blockchain project, they found the technology complex, demanding more computing power and costing a pretty penny. Meanwhile, nimble startups with simpler innovations are likelier to hit the jackpot because they spend less time overthinking and more time elbow-deep in code!
Risk Tolerance: A Train-Wreck Waiting to Happen
Next up, we dive into risk tolerance, the spicy sauce of innovation. The levels vary drastically; think of it as a rollercoaster: some rides are gentle, while others drop you down an exhilarating plunge! Incremental innovations feel like a kiddie ride, exciting yet low risk. In contrast, radical innovations, like blockchain, require you to board the scariest ride at the amusement park. Not everyone has the stomach for it! Billy Beane’s revolutionary approach to baseball using sabermetrics teaches us that high risk can lead to high reward, but businesses must be ready to accept the potential for catastrophe if things go south.
Aligning with the Lessons of Innovation
Blockchain holds great promise for transforming our production and power models. To avoid letting our grand ambitions turn to waste, we need to check ourselves against these innovation lessons, ensuring we invest our time and energy wisely. If we continue to ignore the fundamentals— recognizing the nuances in innovation, simplifying complexity, and managing risk effectively—we may end up adding our own projects to that growing blockchain graveyard.
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