Nik Kalyani, WhenHub & TryCrypto | DevNet Create 2019
Channel: SiliconANGLE theCUBE
Date: 26/04/2019

Nik Kalyani, Co Founder, WhenHub & TryCrypto, sits down with Lisa Martin & John Furrier at Cisco DevNet Create 2019

#DevNetCreate #theCUBE

https://siliconangle.com/2019/05/07/easy-tools-break-blockchain-out-of-box-for-new-use-cases-devnetcreate/

Easy tools break blockchain out the box for new use cases

By now, the masses have heard of blockchain. They may understand loosely what the technology is — a distributed ledger for recording cryptocurrency transactions. Yet there’s a whole crateload of other capabilities most folks haven’t heard of. The potential use cases are there, but they’ve been stifled by unwieldy tools and interfaces built for software developers, not consumers.

To bring forth new use cases and boost blockchain and cryptocurrency adoption, the enterprise needs approachable tools built for laymen, according to Nik Kalyani (pictured), co-founder of TryCrypto, which has a mission to create free, open-source content and tools to make blockchain and cryptocurrency more accessible to users.

“Mainstream users have a very challenging time with using anything blockchain or cryptocurrency related,” Kalyani said.

Anyone who’s ever examined the current selection of technologies will understand why. The ecosystem of blockchain and crypto products and tools was created by developers for developers. In other words, they tend to require a level of technical skill and know-how that “regular” people lack. There are lots of piece parts they have to fiddle with before they can do anything useful. A smooth, intuitive end-user experience is typically not to be had, according to Kalyani.

These are simply not the makings of a smash hit in the consumer tech market. “People really need to step back and look at the user experience and say, ‘What are the friction points, and how can we eliminate them?’ And that needs to happen before blockchain and cryptocurrency can have mass adoption,” Kalyani said. 

Kalyani spoke with John Furrier (@furrier), co-host of theCUBE, SiliconANGLE Media’s mobile livestreaming studio, during the DevNet Create event in Mountain View, California. They discussed Kalyani’s work to simplify blockchain tools for consumers and build out novel use cases (see the full interview with transcript here). (* Disclosure below.)

This week, theCUBE spotlights Nik Kalyani in our Startup of the Week feature.

Blockchain fatigue
Deloitte LLP’s “2018 Global Blockchain Survey” found that 59% of early adopters in the business community believe blockchain has potential to disrupt their industries and the overall economy. “The problem, respondents say, is that for all the talk about blockchain’s promise, there are very few active use cases they can currently employ to advance their beliefs,” according to the report. “As a result, a certain ‘blockchain fatigue’ is beginning to set in among those who feel its potential has been over-communicated, while its real-world benefits remain elusive.”

Perhaps this is because many of blockchain’s useful features have been unexplored. This could be due to too excess focus on the technology as a database or financial record keeper.

“Blockchain is one of those technologies that is misunderstood quite a bit,” Kalyani said. 

Contrary to some misguided assumptions, it’s not a perfect, catch-all system for recording any kind of data. We already have a tried-and-true technology for storing data — it is called a database. To be sure, blockchain can function as a database — a slow one that does not perform nearly as well as any purpose-built database available. Any use case that simply replaces a database with blockchain is likely to fail, according to Kalyani.

Where blockchain is highly useful is in situations with a number of untrusted parties. Supply chain, decentralized business models, and anonymous content-sharing are some use cases that spring to mind.

Kalyani developed a blockchain-powered platform called WhenHub Interface that illustrates this. It enables many decentralized parties to work together without friction. It connects experts on every imaginable topic with people willing to pay for their knowledge. Beekeepers, plumbers, lawyers, bounty hunters — all offer their brains for picking via video call. The whole transaction is handled via blockchain with WhenHub’s cryptocurrency, Apple Pay or Google Pay. The platform launched just a few months ago and now has about 75,000 users, according to Kalyani. 

...


Watch the complete video interview below, and be sure to check out more of SiliconANGLE’s and theCUBE’s coverage of the DevNet Create event. (* Disclosure: TheCUBE is a paid media partner for the DevNet Create event. Neither Cisco Systems Inc., the sponsor for theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)