Blockchain’s name has been hyped up and looked down upon over the past ten years. Now, it’s beginning to make its value known.
Its value in the corporate sphere is in its ability to encourage trust and increase transparency. ‘Blockchain’ is becoming less synonymous with ‘Bitcoin’ and recognised for its potential far beyond cryptocurrency.
Here’s how the last ten years will set up the next ten for blockchain.
It started as cryptocurrency hype – but then it underwent disillusionment
Blockchain, like most nascent technology, has experienced a hype cycle. Gartner illustrates this as follows:
Currently, we’re coming out of the ‘Trough of Disillusionment’ and into the ‘Slope of Enlightenment’. This will lead us towards the ‘Plateau of Productivity.’
This is important because it signifies a change in the attitude towards blockchain: more businesses are taking it seriously.
Not all technologies make it out of the trough of disillusionment, and some simply don’t survive.
However, blockchain has made it this far – over ten years – and it is already on its way to face ten more. Most technologies – though they seem, to us, like they come on suddenly – take many years, often decades, to become normalised and accepted on a widespread and mainstream level.
The true value of blockchain is, well, boring – but useful
While the hype surrounding blockchain is, in theory, very exciting, it’s in reality unrealistic. The reality of blockchain is a lot more boring – but it has the ability to massively transform a myriad of industries.
Blockchain technology’s true value is in its ability to store and centralise data. This means it’s particularly valuable in anything from healthcare to fuel tracking to supply chain asset tracking.
Blockchain has massive value company-wide. Finally, it will become recognised for this instead of merely for its value in cryptocurrency.
So, where will it be in the next ten years?
Blockchain has matured exponentially over the last ten years. With the implementation of blockchain by major companies, it will quickly become a formidable form of data storage over the next ten.
Companies will recognise blockchain’s use: not only with crypto, but also in the wider corporate space. Blockchain’s best potential is in its ability to centralise and secure data in business, and this will become recognised on a global level.
Blockhead Technologies is bringing blockchain into mining and other sectors with our blockchain-agnostic software. Find out more about our platform STAMP here or contact us here for a demo or more information.