As blockchain technology has come more into the public eye, it has faced extreme hype. When cryptocurrency boomed, people flocked to blockchain. To many, cryptocurrency and blockchain became synonymous.
This became one of the challenges of the technology. As this idea grew, blockchain’s true value became largely hidden. It was not seen by the wider public, including large businesses, as a massive opportunity to secure data. Instead, it was viewed as a decentralized money platform, and a potential dangerous one, at that.
The future of blockchain in 2020 has been different. In 2019, blockchain began to shrug its overhyped reputation. No longer was it synonymous with cryptocurrency. It had many uses that were practical: from company data storage, to supply chain tracking, to easier auditability.
Hype didn’t do blockchain any favours
While blockchain gained massive popularity amidst the rise – and then downfall – of crypto, it didn’t quite gain the right popularity. The value of cryptocurrency was – and still is – incredibly tumultuous. It has value in the blockchain sector, but its value is much more muted and does not drive the blockchain industry.
Because of the unstable nature of cryptocurrency, many people, especially executives, became wary of blockchain. This gave rise to the sentiment of ‘blockchain, not Bitcoin,’ which was especially prevalent in the 2019 Davos summit.
This movement was focused on one thing: blockchain’s potential extends much further than crypto. It doesn’t ignore the place of crypto in blockchain’s growth, but rather moves towards a more diversified idea of blockchain as a valuable underlying technology.
Part of this aims to encourage adoption in major companies. Only a few have, over the years, taken interest in blockchain technology and how well it could transform their companies and supply chains.
Blockchain, at its core, is an invaluable, but underlying, technology. Its potential is not merely in itself, but in its ability to support other platforms and create better security and traceability.
Blockchain’s place in 2020: is the hype over?
As 2020 progresses, there’s been limited discussion of blockchain. This is not necessarily a bad thing. While hype is valuable in increasing exposure, it’s often short-lived and fundamentally unproductive.
With its potential in a variety of sectors, blockchain needs to be recognised for what it is, instead of a glorified and fantastical idea of what it could be.
2020 is the year for what Gartner calls ‘practical blockchain.’
Practical blockchain goes much further than cryptocurrency and overhyped platforms. Instead, it focuses on the true value of blockchain technology in the corporate space, in data storage and in supply chain tracking.
The core value of blockchain is in its ability to back other platforms. That is to say: it provides little value on its own. In partnership with a platform, blockchain technology becomes far more powerful. It is designed to secure and protect data integrity, rather than act as a usable database itself.
Blockchain needs a key platform that it supports and provides decentralised visibility and transparency for. This is where it excels.
Blockhead Technologies has created practical a blockchain-enabled platform that easily and transparently tracks company data, excelling in the fuel and supply chain sectors. You can find out more about STAMP here or contact us here for a demo.