Bill Lakeland, Co-Founder and CEO of Spexi: “Over the last ten years, blockchain has evolved to extend far beyond digital currency capabilities”

Blockchain used to be the trendy technology, a role now taken by generative AI. Now that it’s past its hype phase, we’re attempting to uncover how blockchain is powering businesses. We call this series Blockchain at Work, which is why we were so pleased to sit down (virtually, of course) with Bill Lakeland, Co-founder and CEO of Spexi .

Spexi describes itself as the largest ultra-high-resolution decentralized drone imagery network. And, as you’ll discover through this interview, blockchain plays a vital part in its business. For Bill, though, it’s geospatial imagery rather that’s dominated his career, including leading and exiting two aerial imagery firms as both a Co-Owner and Vice President.

Spexi leverages “a global decentralized network of drone pilots”, which means it can deliver detailed and frequently updated imagery to a variety of organisations. That could be to “support disaster preparedness, infrastructure inspection, smart city planning, environmental monitoring, AI and gaming applications”. Or, to steal a quote from the interview below, “Uber for drones”.

Our thanks to Bill for taking the time to answer our questions. If you want to know what’s going to happen in this space over the next five to ten years, we can’t think of a better person to ask.

What was your first impression of blockchain technology when you started exploring it?

I have been an aerial imagery expert for over 20 years, and when I first started exploring blockchain, I saw it as a transformative way to unlock a scalable, trustless system for Spexi, making high-resolution aerial imagery more accessible, verifiable, and efficient. 

From the beginning, we wanted to create an “Uber for drones” and as I learned more about blockchain, it became clear this technology could be a natural partner with what we set out to achieve: creating a network where anyone with a drone could contribute high-resolution imagery within a system that incentivized and rewarded them for their data, with trust and verifiability built in.

How would you describe blockchain technology to someone unfamiliar with it?

Blockchain, at a fundamental level, is about transparency and security. It is a way to record and share information that everyone can see but no one can secretly alter. Instead of relying on a single entity to verify data, blockchain distributes that responsibility across a network, making it more secure and transparent.

At Spexi, we see blockchain as a shift in how information and value are exchanged. Whether it’s ensuring authenticity, improving transparency, or creating new economic models, blockchain opens the door to a future where data isn’t just stored but also verifiable. This is a key component to how we are scaling and enabling a decentralized network of pilots to contribute in a permissionless and secure way.

In your opinion, what industries are most likely to be disrupted by blockchain in the next five to ten years?

DePINs (decentralized physical infrastructure networks) are already emerging as crypto’s next buzziest sector, and in the next ten years, blockchain will be a key factor in how we better engage with the physical world.

The possibilities of DePINs are endless. They enable physical infrastructure to become more accessible, efficient, and resilient. Instead of relying on large corporations to build these networks, communities and individuals can contribute resources that they’re already using– from drones to solar panels to cell phones– and get compensated in a decentralized, trustless way. 

Over the next decade, we’ll see entire industries disrupted by this decentralized approach, creating a more open, efficient, and user-empowered future.

Geospatial computing combined with DePINs can revolutionize industries like agriculture, forestry, mining, transportation, and utilities. By providing real-time, location-based data, it allows for more informed decision-making and optimized operations.

How can blockchain be used for social good or to promote transparency?

The immutable and open-source nature of blockchain are key characteristics that lend to transparency, which ultimately promotes social good.

At Spexi, we see this firsthand with our decentralized drone community, where pilots globally contribute high-resolution imagery to the network, and since blockchain records are immutable, every image has a transparent history, preventing data tampering or misinformation.

Being a key technology that can unlock this network to grow and thrive, also now means a more environmentally friendly method of aerial imagery collection can grow and scale, creating clear positive impacts to the global community.

How do you see the relationship between blockchain and emerging technologies like AI or IoT evolving?

Blockchain can supercharge advancements across AI and IoT, by solving key challenges around trust, security, and data integrity. 

Across the AI data race, there’s never been a greater need for accurate, high-quality data. Blockchain provides a transparent, tamper-proof history of training, ensuring AI models are trained on accurate and ethical data, while also enabling the advancement of AI applications. 

By having these technologies work together in an effortless and user-friendly way, it creates a digital economy that unlocks new and exciting opportunities for users. This collaborative environment contributes to a larger ecosystem where participation is recognized and rewarded.

What are the biggest misconceptions people have about blockchain?

One of the biggest misconceptions people have about blockchain is that its only use case still lies in cryptocurrency or financial applications. Over the last 10 years, blockchain has evolved to extend far beyond digital currency capabilities– from DePIN use cases to onchain governance, digital ownership, and next-gen applications.

More on blockchain

• Why the European Central Bank wants a blockchain-based payment system
• Can Elon Musk’s DOGE blockchain ideas fix the US government?
• Bart de Bruijn, Co-Founder and Director of EstateX: “Blockchain is set to disrupt industries that rely on middlemen, outdated systems, or lack transparency”