With increasing anxiety around the lack of blockchain regulation, some people might find themselves asking: Is blockchain dying before it really got started?
The short answer: No.
The long answer: Definitely not.
Cryptocurrencies have experienced fluctuations and difficulties, but blockchain as a software holds more potential than you might realise. The software can be used for a variety of things because of its flexible, decentralised nature, including:
- Voting
- Government
- Mineral mining
- Real estate
- Medicine
And that’s just to name a few. Fluctuations in cryptocurrency have very little to do with the technology itself. Most blockchain-backed software is unaffected by crypto value. That’s because cryptocurrency is merely one use for blockchain. It’s not all there is.
Volatility in blockchain
With discussions of cryptocurrency exploitation and unimpressive Bitcoin prices, faith in disruptive technologies is not exactly at a high. Cyber crime has made companies distrustful of ICOs. But here’s the other side of things:
- Blockchain and crypto companies have raised $3.9 billion through venture capital this year alone.
- Courses at top universities are at an all-time high.
- The market is anticipated to reach USD$60.7 billion by 2024. Currently, it sits at a reasonable $706 million.
Does that sound like a dying industry to you?
It’s more than just a cryptocurrency
Blockchain is a decentralised ledger that allows for the building of platforms and applications. Cryptocurrency is merely one aspect of it. Essentially, this means that, even if cryptocurrency as we know it was to collapse, the digital ledger would still remain useful to the wider global economy. Crypto is a very small aspect of blockchain’s wider use.
Blockchain enterprises like Patron (for social media), Gameflip (for crypto-token trading) and Buddy (for application development) show the flexibility of the technology. Companies like Apple, Samsung and IBM have also begun to look into the software. But blockchain isn’t just useful for entertainment. At Blockhead Technologies, we’re bringing blockchain into supply chains with STAMP.
The technology is only young. Undoubtedly, time, regulation and implementation will bring blockchain to the forefront of the technological sphere.
To contact us with any questions, or to see a demo of STAMP, click here.