Takeaways from Reversapalooza: One Analyst’s Perspective on Blockchain

I recently returned from Reversapalooza, a 2-day event hosted by Nori and designed to explore the role of blockchain technology in reversing climate change. There were farmers, economists, policymakers, academics, and representatives from many other professions in attendance. In the conversations that ensued, blockchain took a backseat to Nori’s larger mission.

Blockchain is a hot topic at conferences globally and in many sectors, but this event was one of the few large-scale conversations I have participated in where the "hash everything and put it on the blockchain" crowd were a minority. The event gave me the opportunity to reflect on how blockchain is perceived by stakeholders with a wide range of familiarity with the technology. The majority of customers who will be the end users of blockchain-based solutions probably won’t understand the underlying systems, but they still need to be able to engage with the system.

Blockchain Attracts People, but It Can Also Alienate Them

Blockchain generates a huge amount of interest even outside of tech-savvy circles. I have yet to speak with someone who has heard about blockchain and doesn't care to learn more about it. It is very tempting for early innovators to put blockchain front and center to capitalize on that interest.

However, once you get people in the door, you need to be prepared to explain in simple terms what blockchain brings to the table and why you’re talking about it in the first place. The technology is complex and difficult to visualize. Without proper care, it can begin to sound suspiciously like wizardry.

Demonstrations Help Clarify Blockchain

Nori worked hard at Reversapalooza to create interactive exercises that demystified some aspects of the customer experience with blockchain-based systems. One gave folks in the room hands-on experience with trading mock carbon removal credits (CRCs), and a second used 10 copies of the Seattle Times, some simple addition, and a 5-dollar bill to illustrate the fundamental steps involved in building a blockchain.

Results were mixed, but any explanation of blockchain must strike a difficult balance between oversimplification and a black hole of technical details. Overall, attendees left the conference knowing more about blockchain than they did when they came into the room.

Blockchain Should Never Be in the Driver’s Seat

I dream of the day when blockchain becomes a means to an end for companies like Nori, and panels devoted to its specifics are no longer necessary. When was the last time you attended a conference with a panel on database mechanics?

Today, companies that use blockchain but neglect to explain it risk appearing like they don’t know what they’re doing. They can’t afford to push it completely into the background. But startups and established players alike must recognize that blockchain, by itself, is not a value proposition. Succeeding in this space requires a clear mission and purpose—a goal where blockchain makes sense as the means to an end.

What Did Reversapalooza Do Right?

Reversapalooza succeeded because Nori kept blockchain in the backseat (or at least in the passenger seat). The event was about reversing climate change and the many processes—behavioral, economic, geological, and scientific—that are necessary to achieve that goal. Within that context, attendees could see the value of a trusted, decentralized ledger that could track CRCs and compare it against the carbon offset markets and other mechanisms that currently exist.