Blockchain: Overhyped But Not Overused

Recent research suggests that we are to see real-world application of the blockchain technology over the next two years. Although I believe this is already set in motion. Blockchain has been part of major industries like banking, healthcare, sports, arts, media, etc.

More than 23 percent of developers out of the 71,281 who contributed to HackerRank’s 2019 Developer Skills report said that the real world application was very much realistic in the next 24 months. However, the remaining 27.54 percent were not so optimistic, they said it was “somewhat” realistic, 21.89 percent were unsure, 19.77 percent felt the technology was over-hyped, and only 7.01 percent thought it was unrealistic.

The one thing that the report stated was that Internet of Things (IoT) would be the most adopted technology for the next couple of years. There are many reasons for it.

The blockchain technology is still budding, it is new and not very common. The word is, however, the technology? Not so much. IoT’s adoption is driven by the increasing connectivity of homes, cars, and cities.

Deep learning, a form of Artificial Intelligence, is also unsurprisingly popular. Whether it is Sophia or some other AI robot that has got everyone interested, it is popular among developers. Jokes apart, the main reason why we think it is growing rapidly is because it is working it’s way into mainstream industries like automotive and healthcare, where artificial intelligence is used to diagnose, treat and even prevent disease.

Catching Up With the Rest

Blockchain is something is still picking up speed. It is increasingly trialed and piloted by mainstream institutions across many sectors, but hasn’t gotten to the point where it sticks.

Though it is making its mark quite remarkably, blockchain still hasn’t found firm ground yet. Couple of companies won’t change the course, blockchain is waiting for the mainstream adoption and only time can deliver that. The prospects seem fruitful and more work needs to be done.

If more trial and tests are turned into real world applications, we might see the scale tipping on the over hyped side.


Soha Ali

As vanilla as it sounds, a filmmaker in the making. Soha brings the irony out of the crypto world by contributing to the Unfiltered section of BlockPublisher. Contact the editor at editor.unfiltered@blockpublisher.com

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