This is my first post here, and I do not want to pretend to be some smarty-pants, acting like a know-it-all. So here is my suggestion how you can know the answer on this question: Do not try to be smarter than Michael Novogratz and Tim Draper!
Why them? Because they both answered this question and know more/are more experienced than you and me in dealing with successful high technology investments.
So here is what they said. I will post a youtube video clips of them speaking, with transcription of what they said under so you can read it real quick.
Here is what Michael Novogratz said:
I keep thinking what’s the killer app for the blockchain, and the killer app for the blockchain is identity. And, you know, we give away our identity for free right now.
I used the example of my daughter who’s 22, goes to a bar, she gives to the bar man her driver’s license and it has her address on it. So why does this man who doesn’t know her, now need to know where she lives? We do it as a function.
Once you take identity back, and you take your privacy back… which the blockchain is going to allow soon, it can change everything. The data that we give to Facebook for free, you can charge them for it.
When I buy my underwear online next thing I know is the whole world knows I like pink underwear. That’s not really necessary, you know, their right to know that. Tod and Kim know that because they own the company.
Pretty soon you’re gonna wear the Apple watch, and your biometric data is gonna go right to the cloud and someone’s gonna know: “Hey you’re 53 old male and your heart rate 62 on average.” And they’ll know it all.
That data is wonderfully valuable, and so you could even kind of wax all the way to the Universal Basic Income, just by living because your data is worth something.
I think when we can get to an identity… and there’s lots of cool identity projects being built on.
You know, in the developed world there’s 2 million people without identity, and so just through attestation… I say this is Sue, all of us say this is Sue, and therefore she is Sue, and all of a sudden she’s got identity.
In the developed world, you add on your passport, your driver’s license, and you’re gonna see a real revolution in things, and then you start becoming a real threat to the dominant data owners: Facebook, Google. As investors, I keep telling people: Put something in the space, maybe not even for the money you will make in the space, but because in 2, 3, 4, 5 years all the the landscape is going to shift, and the companies that you think are infallible are gonna be at least at risk.
Now, I don’t think any of these guys are just gonna go to sleep and say: “Yeah, take my business away from me.” Right? There’s gonna be a fierce fight from Uber to decentralized Uber, from Facebook… Even Mark Zuckenberg finally woke up and said: “Hey, we’re gonna spend a lot more time thinking about this.”
And so, it’s gonna be a fascinating you know, game to participate in. But it’s coming.
Now let’s see what Tim Draper says:
You were just naming like different industries that are potentially going to integrate blockchain for the better, for everyone. Is there one, like health care, government… is there one of those that you think needs it the most?
Anything that’s tied to data or the individual. So I think identity will be very important because anybody who’s affected by data is going to have a much improved situation because that data will be on the blockchain permanently there, tied to each individual.
Once that’s the case, that can help with all sorts of other industries, whether it’s healthcare, or commerce, or Improve retail experience… it could be any number of different things that could be helped, just because they will have better data on you.
There you go, thank me later on this billion dollar worth advice.
I really enjoy this article. Thank you for the post…