Longtime Bitcoin core developer Jeff Garzik acknowledges Bitcoins’ branding problem. “The bitcoin name, in terms of marketing, is something that larger institutions are somewhat reluctant to deal with, related to the history with Mt Gox and Silk Road, most notably.” Garzik bemoans how this reputation follows the word Bitcoin. Luckily, it doesn’t follow the technology. And, that’s how he plans on getting some of the largest multinational firms in the world to adopt not only blockchain technology, but Bitcoin as well. “It’s a very simple psychological trick: you switch out ‘Bitcoin’ for ‘blockchain’ and then, suddenly, they are very interested,” Garzik told CCN. Garzik believes it is very important to make Bitcoin a part of the blockchain discussion again.
“In my view and my mind,” Garzik said, “it’s absolutely critical again to get that public network software, that Bitcoin or Ethereum software, into these private networks.”Garzik calls it “Bitcoin with a training wheel.” He goes on: “The private networks, once you get them on Bitcoin technology, it’s very easy to upgrade them to a public network from a private network. That’s my halfway stealthy strategy to get Bitcoin into large institutions. And it’s an amusing game where sometimes you have to just change the name from Bitcoin to blockchain and all of the sudden they’re happy again.” For now, large institutions have not shown much interest in the Bitcoin itself. “It’s more of an interest generalizing the blockchain to tokenize their own assets,” Garzik elucidated. “They aren’t really touching Bitcoin at all.” He added:
Part of my strategy is to introduce them to Bitcoin by enabling their private blockchain on Bitcoin software. Then they are automatically able to experiment with Bitcoin.Bloq, Bitcoin developer Jeff Garzik’s blockchain company, announced at Consensus 2016 this week that his firm’s first product will be an interoperable blockchain software solution for enterprise clients so they can deploy various blockchain solutions. Bloq says the product is designed to allow users “the ability to create, update, customize and analyze their own public, private and permissioned blockchains.”
It’s a full-stack solution that really enables blockchain applications for digital currency and also non-digital currency assets such as jets, boats, planes, cars and anything you can tokenize, put on blockchain.“Then you can trade, you can exchange, you can, for example, buy a car with Bitcoin.” There’s no need for a counter-party, and there’s no reason to visit a bank. “You have full provenance on, say, the Carfax report to make sure a car is in good condition, etc. So use-cases vary on our new blockchain operating system.” Bloq BOS is based on the open-source Bitcoin protocol. “The differentiator is support, maintenance, hardening, and fees,” Garzik details. “Who do you call at 3 AM when your blockchain breaks? Who should you call when you need a high-tech security fix? We offer a solution for that. It’s taking that raw material from open-source – including Ethereum and Bitcoin- and packaging it and supporting it in a way that nobody else in the market is supporting.” Garzik doesn’t believe firms like Red Hat are exploring blockchain in the depth of Bloq. “They don’t have this depth and technical expertise in terms of blockchain like we do,” Garzik said. “Outside of Blockstream, we have the most core developers on our team of the other companies. The differentiators are expertise, software and as well as being on the market and being well-known.” Red Hat has participated in the Hyperledger project, alongside the Linux Foundation and IBM. Garzik characterizes this as “early exploration” sans blockchain experts. He believes such companies are more likely to partner with a firm such as Bloq than build their own in-house team of blockchain experts. Bloq’s blockchain operating system, while using the Bitcoin code base, is fully compatible with any type of blockchain, including Bitcoin’s. “ You want the same software running on multiple installations,” Garzik notes. “You don’t want a private chain using separate software from a public and then have them be mutually incompatible.”