Amid the crash of cryptocurrencies and the wane of the blockchain mania, some critics may say blockchain is near its end. And while this defeatist attitude has its arguments, isn’t it too focused on specific sectors and their shortfalls? Because cryptocurrency is but one of many use cases of blockchain. It does not equate to blockchain. And blockchain is certainly capable, but the hype of it — what it can do and in what industries — was built off of a foundation that was never fully secured. Blockchain has hit a minor speed bump, but this is not the end. The questions for blockchain and where it can go in the future have only just begun to scratch the surface. No. This is not the end, but rather, the beginning of something better.
A major argument in the “demise” of blockchain is the proliferation of projects and their disappointing results. Because certainly during the mania, many projects came proudly touting promises of their big dreams. And to dream big is not the issue. The problem unfolds when these projects promise big dreams with not an ounce of thought as to how these dreams can be achieved. Instead, the mania that brought about the number of new, “revolutionary” blockchain projects allowed for the most basic, to put it kindly, output of thought. Projects sometimes didn’t even commit to beginning their work until their funding had been raised. And these projects were successful in their ICOs. Essentially what was brought to the table was the non-binding phrase “believe me.” And belief was given like confetti. And now with disappointment, investors are pulling away saying blockchain’s potential was nothing more than puffery. Bold claims and equally striking raised funds were followed disappointedly with lackluster results, if any at all. And this is to be expected. The best results are usually not preceded by rash decisions and great projects are usually not preceded by IOUs. And, amid this disheartening moment of doubt, those in the blockchain industry should see this as an opportunity, not an escape path.
From a cursory glance, it might seem that blockchain’s throne in the world has collapsed and the industry is dying. But that just means you’re not looking hard enough. It is easy to simply write off the industry as having reached its peak and its subsequent fall. It is easy to simply assume that the fervor that existed was nothing more than misdirected enthusiasm. It is easy to simply say goodbye to an era of potential because some poor actors have left a blemish, albeit a surmountable one. But if it were easy, blockchain wouldn’t be.
Blockchain is an industry of recognizing hurdles and finding solutions that are radically different from the norm. Greatness is never achieved in one fell swoop. It never has been, and it never will be. But for those that recognize the potential in blockchain, a thorough sweep of the dust and dirt gathered by some failures and some scams reveals a luminous future of a truly pioneering technology. And that is to say that blockchain technology is revolutionary in its juxtaposition to previously existing systems. But it is no golden unicorn that many claimed it was. It is effective, unique, applicable, and most importantly, new.
And blockchain’s fanfare did not arise from simple overestimation. The technology is powerful, but it’s important to stress that it is not magical. And just because a hoard of fraudsters and failures crowded the shot doesn’t make capture impossible. The push forward can always continue. And if the initial image has tainted the reputation of blockchain, although a burden, the weight of polishing the image to its former glory is a task that must be done.
And how? Blockchain as a whole has captured the attention of businesses, individuals, and organizations all over the world. The promise and potential of this cutting edge technology is mesmerizing; however, the bigger issue lies in what blockchain can do for our society. Because the technology itself is confusing for the general public in that it is vastly different from what we know as the norm. So to better illustrate why blockchain is needed in the world, we need to illustrate exactly that.
Debates have abounded on what blockchain can achieve for the world. Answers span the spectrum, but nothing concretely convincing for the world has emerged. And this is the question posed that can change the tide of blockchain’s reception and adoption.
At BEXAM, this is our exact mentality in moving forward. We need to convince the world, but the perfect use case hasn’t come out. The industry has only just begun to emerge, and the only attempts have continually asked the wrong question: it is not how can blockchain fit into this industry, but rather how can blockchain transform this industry? So by bringing a malleable, scalable blockchain to enterprises, we at BEXAM believe these use cases can better emerge.
Be frank in the fact that we haven’t figured out how to shake up the status quo. Be frank that blockchain isn’t some magic dust that can immediately transform society, but rather a sprouting seed that can change it from the inside out. Blockchain is a revolutionary technology. We just need to figure out how to better use it.
Note: I am a writer for BEXAM. All opinions written here are my own and do not reflect those of BEXAM or Hacker Noon.