Caught in a landslide no escape from reality (blockchain technology)
Kudos to you if you were able to guess who we were quoting. I have started realizing more and more how relevant these old classic gems are to blockchain orrr… I just need to stop listening to classic hard rock from the 80s and 90s every time I sit down to write.
Anyway, with everything that’s happening to us with this innovation, it really seems like a blast from the past which is why it is even more important to quote old classics. Back in the dot-com boom days, people were wildly investing in the connected future and were making millions of dollars overnight. It wasn’t widely adopted but boy oh boy, everyone was betting on it.
Doesn’t this sound like a similar story? Blockchain seems to be going through this phase as well, where the future is hopeful and full of speculation. Another time it reminds of is the great American gold rush that happened in the mid-1800s; when word first got out that gold has been discovered in California, businesses began to boom in the hopes of capitalizing on this opportunity. People were selling pans, picks, shovels required to dig gold and large companies started investing in transportation. All done prior to when it was actually found!
The blockchain is going through its speculation stages as well, where investors, innovators, technologists are all wondering what “pans, shovels, and picks” are going to be in the blockchain.
At the moment, it seems like there is a pool of opportunities out there. People are developing new things every now and then. Though in order for these things to scale, the issue of language remains consistent. Remember, the internet didn’t spike till people were given a universal language that everyday users could build on top of. These global protocols are what brought internet to the layman and many companies are trying to do the same for blockchain.
Most of the language is driven from the finance world and people don’t know what “mining” or “fiat currency” is. So, until we come up with widely understood terms, it’ll be challenging to convince the masses.
Another barrier is the entry for the consumer; the inaccessibility of a wallet. The ones that currently exist are confusing and serve one purpose; trading cryptocurrencies. What made iPhone successful was the easy to use interface. When they launched their first touch phone, they were smart enough to make it easy to comprehend as the technology was something very new for people. It understood the complications people face and how daunting using new technology could be for some people, especially old folks! With every new model, they started making things a little more complicated than before. The crypto needs to do the same; making wallets user-friendly will reduce half of the problems. They need to be as accessible as ApplePay.
Few of these shifts need to happen for it really boom in the market. It has been doing considerably good but for it to come off as a sound structure, changes need to be made.
Hoping blockchain would undergo something similar. It is only a matter of time.