With the rise of digital currencies and other use cases based on the ultra-secure blockchain technology, software developers have a unique opportunity to create new protocols that have real value. Meanwhile, industry analysts openly wonder whether some technology companies, sitting complacently on legacy models, are missing the significance of fast-moving developments in the cryptocurrency world.

“This feels like the PC revolution, a bunch of pioneers coming together,” said John Furrier (pictured, left, @furrier), co-host of theCUBE, SiliconANGLE Media’s mobile livestreaming studio. “But it’s got a different vibe; it’s bigger.”

Furrier spoke during the kickoff discussion as part of theCUBE’s live coverage of the Polycon 18 event in The Bahamas. He was joined by co-host Dave Vellante (pictured, left, @dvellante), and they discussed opportunities for blockchain developers, the potential for some legacy tech firms to miss the wave of change, and bringing innovation back to protocols.

Opportunity to build a new web

Blockchain developers are currently in hot demand, with median salaries substantially above those of their general software colleagues. The need for expertise in decentralized applications, such as smart contracts, are driving more engineers to develop experience in major blockchain platforms like Ethereum.

“Blockchain is about building out a new distributed web on top of the old web and rewarding those who are building it,” Vellante said. “This is happening; it’s real. It is going to be the foundation for the next-generation internet.”

Heads were turned in January when Eastman Kodak Co., founded in 1888, announced that it had created its own cryptocurrency, using blockchain technology to serve as a platform for digital photography. But the company stood out against a backdrop of numerous legacy enterprises that have remained on the sideline as the digital currency industry develops a life of its own.

Could this be a problem for legacy firms in the future, even for some of the major cloud players? “People squabble over cloud market share … and there’s a bigger thing coming over the top,” Furrier said. “Decentralized cannot be ignored. From my perspective, I just don’t think those guys are seeing it.”

One of the major developments surrounding growing blockchain adoption has been the creation of new protocols for a wide range of use cases. The Ixto Foundation, for example, is developing a way for philanthropic donors to track specific project data, such as whether a child had been vaccinated, using the blockchain distributed ledger.

“Protocol development has stagnated,” Vellante said. “Blockchain is bringing back innovation to protocols.”

Watch the complete video interview below, and be sure to check out more of SiliconANGLE’s and theCUBE’s coverage of Polycon18.

Photo: SiliconANGLE