The blockchain technology, has for a decade, gone through a roller-coaster of hypes and name-calling – some good, others not so good. Among the many reasons leveled against the blockchain is the volatility of the cryptocurrency market, which in itself stems from a misconception of the blockchain to mean cryptocurrencies. But beyond these hypes, name calling, and misconceptions, the blockchain technology has undoubtedly proved itself as the ideal system that will power the next generation of applications on the internet, and this is why.
The increased mainstream investment
As a technology that was first thought to power only cryptocurrencies, blockchain initially grew as an invention for only tech enthusiasts and programmers. But as the ecosystem matured and mainstream companies got hold of how the technology could revolutionize almost every sector, from finance to governance, investment in the ecosystem peaked.
Among the companies driving mainstream investment in blockchain are Microsoft, IBM, The Linux Foundation, as well as international organizations, including the United Nations. Whilst these organizations are championing blockchain development in the enterprise world and for humanitarian solutions on the part of the UN, other companies, including Mastercard and JP Morgan are chasing blockchain-based solutions, one patent at a time.
These decisions indicate that though the blockchain is still in its infancy, companies, individuals, and governments have realized its importance in our digital world and would go the extra mile to make it work. The blockchain is here to stay.
The increased spending on new startups and talent.
Over the years, the number of blockchain-based startups has soared beyond imagination and blockchain related jobs are on the rise as well. Angel List reported that by April 2018, a total of 2,191 blockchain-based startups with more than $4.4 million in total valuation had already been listed on the platform. Crunchbase News equally stated that by February 2018, VC fundraising for blockchain related enterprises had already reached over 40% of the amount raised in the entire 2017. With global blockchain spending pegged at around $2.1 billion this year, the industry is bound to grow, new startups will spring up, and new talent will be needed – the blockchain is gradually building its path as the internet’s backbone.
Rising interest in blockchain by individuals.
Apart from companies craving for blockchain patents and the next enterprise blockchain solution, individuals are interested in the blockchain technology for something else – the elimination of the third party. From insurance companies to banks to brokers, individuals go through hectic processes to get anything business-like achieved. With its decentralized, distributed and immutable capabilities, the blockchain will provide trustless systems that do not rely on third parties, allowing individuals to undertake transactions between and among one another directly. This peer-to-peer future that the blockchain promises are what is driving individual interest in the distributed ledger technology and the craze is not stopping any time soon.
Conclusion.
The blockchain technology is still in its infancy. Though there is a lot to be done in areas of education, research, and implementation, the growing interest from the various parties will only create an excellent path for blockchain to flourish in the future.