A bridge to blockchain scepticism


Peter Lee
Published on:

I realize my mistake within minutes of sharing with a colleague the notice from Dentacoin of the first blockchain solution for the global dental industry, including its own cryptocurrency token to pay for dental care products on a new trading platform.

This sounds very much, she tells me, like a story I should get my teeth into. The editor chimes in to politely inquire if I can drill down beyond the press release for further details.

In vain, I attempt to rescue my blunder, pointing out, perhaps a little sharply, that the dental industry is highly decentralized when it comes to parts and materials, relies heavily on effective transfer of funds to increase productivity and live up to the fast-paced demands of its clients and that until now it has been stuck having to change between currencies to source the materials needed to manufacture products for intra-oral scanning.

In my opinion, Dentacoin is not only the future of dentistry, it might be what lies ahead for all connected supplementary industries.

Somehow my colleagues sense that I am paraphrasing. “That just sounds like an amalgam of all your blockchain stories,” the deputy editor tells me.

I ponder the sheer volume of notices I now receive on new blockchain initiatives, not just in banking and payments but in the real economy. The latest is one of Spanish banks collaborating with energy and telecommunications companies on the world’s first regulated national network based on blockchain to accelerate the digital transformation of different industry sectors. 

I am starting to harbour doubts. I speak to technologists who say that the decentralized distributed ledger was welcomed by banks suffering from costly delays in settling payments because their ledgers could not talk to those at other banks. 

Tech entrepreneurs told them to rip out the old plumbing and shift to new shared ledgers. But other technologists now say they can build translation software that lets existing ledgers talk to each other.

I might write a story about this. But I’m not going to tell my colleagues until it’s finished. I regret even mentioning Dentacoin to them. 

I should have kept my mouth shut.