While you read this blog post, please enjoy these mixes by the Mayan Warrior art car, one of the most impressive sound, light and laser projects I have ever seen. I like to think of art cars in the same way as technology innovations such as Blockchain. The Mayan Warrior has taken the concept of the art car and borrowed from the best early implementations such as Robot Heart and the Bump Bed, and then improved upon it. In the same way, Sawtooth Lake has borrowed from Bitcoin, Ethereum and other blockchain implementations, improved upon it and added their own innovations on top.
This is the how the power of open source and the sharing economy can be used to super charge innovation.
Dan Ourada and I went and had a nice visit with the team at the Linux Foundation over the holidays. Blockchain technology, also referred to as "DLT" or "Distributed Ledger Technology" is very interesting to us and we're interested in exploring more and learning if there are use cases that may be of use to Vantiv. These are very early days for blockchain technology but it seems clear to me that the future of financial transactions between collections of parties will, at a foundation level, be enabled by some flavor of blockchain technology 5-10 years in the future. The idea of blockchain, or DLT is foundational technology to transactions between parties much as DNS, Apache, Linux, and SMTP are the foundational layers of the Internet we all know and love.
Sawtooth Lake is a recent entrance into an implementation of the blockchain concept. This is an interesting read because they talk about the reasons they've embarked on a new implementation of the blockchain concept which sheds a lot of light into the state of the science for blockchain technology and the current implementations that are in place today.
For example, if you read the link below, you will learn about the different type of "consensus algorithms" that researchers are experimenting with. Also, Sawtooth Lake is exploring different architectural approaches to "smart contracts" than what the creators of Ethereum have implemented.
I hope you enjoy!