How Will Blockchain Deliver, More importantly, ‘will’ it?
Blockchain stories are taking over the internet, the buzzword has taken over conversations and discourses everywhere, in plenty of friendships, various institutions and fractions of people, globally.
There is a great deal of debate on what blockchain can and can not do. The creators and borrowers of the technology claim that they have the power to disrupt every industry. But, like all great things great power comes with great responsibility.
There is a fine line between a possibility and future of things. The future is absurd and ever changing, today what i think of the year 2020 may change in six months. Future predictions may be based on logical assumptions bu they are subject to change. Possibilities, on the other hand are based on facts. They are logical reductions of falsifiable data that can be understood in terms of their chance of coming true as opposed to something so loosely premised such as a forecast or vision.
As much as we would love to think that we think rationally, we still go on to believing possibilities that sound as good as eradication of world hunger and elimination of unemployment, blindly.
However, the trust machines love and brilliance is undoubtedly true. The scope of its popularity and the industries it will actually disrupt or overtake actually depend on a lot of factors. Some of these factors are below:
It depends on who is producing these things we hear and dream about. Its all about the right marketing, what better marketing than the tag of big corporate giants moving to it. So if good names get attached, produce blockchain based products, then the whole industry will flourish. If the publicity is bad in the beginning, people are not hearing the tech talents in their circles, chances are that investors will not invest in the industry as such. This however, obviously, does not mean that the promises of blockchain are technically not possible to achieve, but that the people who can make it happen are not willing to take the necessary risks.
If the disruption means profits, then everything you imagine today, will happen. People will invest until applications and the clientele has been completely run out.
The idea of blockchain is a wildfire success, it is a hot topic. But, it will be worth more and valued intrinsically if it sells like hot cakes too.
Imagine i create a system of decentralised recipe generation and grocery shopping service, what will its success rate depend on? The quality of the service is guaranteed, delivery and supreme goodness in produce is checked on my end, what does it still depends on? Acceptance. This means people should be okay to order randomized food, order their grocery from me and with the idea of tech doing all of this for them. If there is no acceptance, then even if the tech is amazing it can be rejected and forgone for being too techy, too complicated or too new.
All business models rely on a mechanism called the demand curve. This graph shows how many people are interested, able and willing to buy a product.
So if this age old sign is a yes for blockchain then it is likely to scale to a gigantic level of uses, number of people reached and the number of lives realistically disrupted.
So, next time you hear great things about blockchain, do wonder to yourself about what is it that the success of it really depend on? Or are we stuck in a forever sad world?
Did we miss out any? Tell us and let us all know what you feel about the scope of this technological advancement that is all the rave these days.