“We’re at a point in time that is akin to 1998 – before the dot com boom. There will be countless billion dollar companies built on this technology, but many are failing to see blockchain’s larger potential” – said Co-Founder and CEO of Ternio, Ian Kane, in an interview with BlockPublisher.
Dot Com bubble was a phase of extreme growth and adoption for the internet that happened from 1995 to 2000. During this phase, people realized the potential carried by the internet as one of the biggest use-cases of it, “Email”, appeared on the scene with aims of eradicating the traditional and extremely slow postal system. Almost two decades later, we are seemingly headed towards another bubble of growth and adoption. This time around, it’s not the internet but something that is built using it, the blockchain technology. The “Email” this time is bitcoin that aims to eradicate the traditional banking system.
Blockchain is a technology that promotes decentralization; elimination of the single controlling party of a network. It promises the world a trustless and completely transparent system of operation and its biggest use-case, bitcoin is an entire financial system, handling billions of dollar on the internet right now in a decentralized fashion.
In the past couple of years, areas other than finance have also started exploring its usage in their respective frameworks. Blockchain is not aimed at a specific industry rather it focuses on a specific problem, centralization. Nearly every industry is finding the use of this tech in its operations. With the amount of capital that is flowing into the world and the pace at which innovation is taking place in this space, it looks like the pre-dot-com boom phase of this technology.
Every technological innovation takes time to grow and find it’s usage. Just like the internet in the 90s, blockchain is trying to find more and more of its use-cases. Just as email pivoted the internet to build more inclusive platforms like social media, bitcoin is steering this space towards finding more of its use-cases. Cryptocurrency is the base use-case of this tech and it’s only a matter of time before other industries adopt this revolutionary tech. Ian further said;
Blockchain is absolutely the technology of the future and we are all just starting to realize it’s applications. The most common use cases are for an exchange of value (cryptocurrency), transparency of supply chains, and data security. However, in the coming months and years we will see numerous other applications
But what is it that makes blockchain stand out? Blockchain makes any centralized system that is controlled by a central party, decentralized. The control is divided into the nodes maintaining the network. Every node in the network carries the record of every happening taking place on the network and it establish a layer of trust among every participant of the network. In the traditional framework, trust is established by a central party but with blockchain, the trust is put in the network itself and transparency of the network is maintained as every node carries a copy of the entire record ensuring the validity of the network.
Blockchain is the technology of the next generation. If different industries want to adopt this technology, the need of the hour is to find the problem that it can solve in that respective industry. If governments want to solve the issue of elections rigging, blockchain can be used to conduct the elections on a blockchain-based network where instead of monetary transactions, votes are stored in an unchangeable fashion. As stated by Ian:
Blockchain isn’t the solution for all problems, but without question it can make any industry better, faster, or more efficient in some capacity. Blockchain brings trust to any trust-less environment through decentralization.