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The explosive interest in the world market will cool blokcheynu, says the founder of incubator Distributed Lab Pavel Kravchenko. According to him, blokcheyn promising, but many companies do not need.

The gradual withdrawal of excessive demand on blokcheyn technology will begin in 2016. And in 2017 the same trend and cover segment smart contracts, wrote in a newspaper column Kravchenko. As a result of declining interest and blokcheyn bitkoin- many start-ups that are now have a high market valuation, fail, and it will happen soon.

The reason for this is simple - "blokcheyn no one needs." In one of the messages in his Twitter Kravchenko remarked ironically:

"I spend 70% of their time, urging people not to implement blokcheyn in their company."
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Until now, no bank or financial institution is not introduced into its system in full blokcheyn-scale technology. Even if the company and make statements about these intentions, in practice they are limited to a pilot version of the test or project. Financial institutions are not ready to make big investments in such projects. Kravchenko cites three reasons to explain the unwillingness of banks to introduce blokcheyna:

1. To change the basic IT-infrastructure - is very risky and expensive (banks still use traditional accounting data processing system)

2. The paradigm of security in blokcheyne different from the traditional, and we are not willing to change it: blokcheyn assumes that users do care about keeping their keys (and financial institutions not the main database is required to protect the usual way)

3. Blokcheyn paired with cryptocurrency and decentralization (and again, it comes to the displacement of trust model), and it is truly a political issue

"Why do people then so worked up? - Asks Kravchenko and then answers it. - The point is there is a problem of perception, which is that people mean different things when we say blokcheyn ".

There are three interpretations of the word blokcheyn, said Kravchenko:

1. Blokcheyn Bitcoin system

2. Blokcheyn as the technology that would be more correct to call the approach

3. The particular case of implementation of the approach blokcheyn

Many companies do not take into account the differences in the meaning of the term blokcheyn. So are born and spread in the financial environment, the assertion that "blokcheyn can guarantee the credibility of certain information", "blokcheyn check transactions" and "blokcheyn help us get rid of our servers." We can not say that such statements do not fully correspond to reality, but they do not fully reflect the actual state of affairs.

In practice, you can spend a year and hundreds of thousands of dollars to create a pilot blokcheyn application that will do the same thing, that the usual IT-department made in the traditional business logic and legal framework and to the creation of this application.

"Why, then, the big four [consulting firm Ernst & Young, Deloitte, PWC, KPMG. - Note CoinFox] as active blokcheyn offers its customers "- given Kravchenko next question.

According to him, this is due to a desire of these companies to capitalize on the services on the introduction of blokcheyn applications in the work of financial institutions. "Implement blokcheyn in the main business is difficult, so the amount of the contract will be enormous," - says the founder of Distributed Lab.

Bitcoin startups and blokcheyn expect difficult times. While 90% of them "just burn the money without making a profit." During the last year of activity in the segment Bitcoin startups, many moved into the category blokcheyn advisors for financial institutions.

"The market is full of start-ups that have realized that if they put the word blokcheyn in one line with its name, it increases their market valuation of 3-5 times. Well, I think it's a good investment ", - grins Kravchenko.

Many projects Bitcoin startups interesting, but can be applied in very narrow areas. If Bitcoin developers are on the 51st level, representatives of the financial sector are stuck on the ground. Kravchenko stressed that move in the direction of technology development is necessary, but we should not forget that to do so with an eye on the industry and its readiness for the introduction of such technologies.

"Otherwise it would be like investing in anything that looks like a helicopter as soon as such a car described in the XV century, Leonardo da Vinci."

The main task, which is now trying to address the representatives of Bitcoin and blokcheyn community, it is a question of monetization technologies, the main properties of which are supposed to be is its independence and the absence of intermediaries.

According to Kravchenko, to achieve this there should be a completely open set of protocols and tools for sending messages and payments.

"I believe that thinking about monetization only in the context of service fees - it is the same that to see the only way to monetize the Internet to pay for sending data in MB / s."

Do not overlook the author and issue smart contracts. Kravchenko said that the contract can be called "smart" only when it is able to take in real assets management. Thus, the biggest obstacle to the use of smart contracts is the lack of real digital assets that could be controlled by using a cryptographic key.

Another problem associated with the use of smart contracts is the lack of regulatory framework.

"Just ask any guy from the financial institution, which delighted smart contracts: who will check these contracts and who is legally responsible for the transfer of assets in the management of contracts? Just curious to verify that their lawyer thinks about all this. "

Kravchenko said the next development strategy blokcheyn projects most appropriate:

1. It is necessary to prove that blokcheyn will work with real scenarios of use that relate to traditional financing. People need time to understand that it is a reliable technology.

2. It is necessary to digitize assets through the creation of the State Register, core banking systems, software, stock exchanges, etc.

3. It is necessary to build a cross-linkages with other projects that use the same API-interfaces (especially with respect to the code private key management and execution of the operation between the institutions). So financial intranet appear.

4. It is necessary to scale the infrastructure to build a financial internet. Then it will be the real value of these technologies.

The main advantages of the introduction of blokcheyna are potential reduction in transaction costs by reducing the number of intermediaries, the release of funds that were previously required for risk insurance for a long period of settlements, optimize the matching process and the use of open source.

But technology has its drawbacks: the cost of staff training and the integration of technology, the emergence of new risks and costs to the discussion of the new standards.

"Technology blokcheyn useful to those who have not inherited the legacy systems and infrastructure starts from zero," - concludes Kravchenko.