Monday, July 15, 2019

Blockchain Could Be The Bubble, Not Cryptocurrencies

Blockchain revolution is the major anthem on the lips of virtually every professional in the world right now. The technology can simplify the process of work while assuring that the customer will be duly satisfied. It has also been beneficial to the day to day life of the individuals, due to the ease it provides and the ability in making life simple.

But must we apply blockchain into everything?

The Appeal

Since the introduction of blockchain technology, it has benefitted so many people, due to its decentralized platform, and the ability to be somehow rigid, as information stored on it is regarded as immutable, in a simple language, it cannot be changed/modified once it is stored on the blockchain.

The fact that all the information stored on the blockchain can be visible by all makes the technology more appealing, as it brings to the fore a level of transparency, which is one of the unique selling points of the technology, as transparency is needed for any business to thrive.

This unique feature is only peculiar to the blockchain, though, other private chains too might also imbibe the feature in the nearest future.

Why The Blockchain?

Until this multifaceted but straightforward question gets its required answer, projects might be making a grand mistake in over trusting the technology.

Ever since the inception of the ICOs, it is clear from the outset, that not all projects in any way require the blockchain technology to thrive and succeed on its own. The unprofessional nature of most project handlers, especially the initial coin offering might be the reason why most of them will fail.

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Most project defends their use of blockchain and claims that, it was borne out of the desire to create or present its native token. This is a great aspect of the business that must be taken in cognizance, because the importance of the tokens, stop at the token stage.

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Another aspect of the business does not necessarily need a ledger to succeed. Most projects now jump on the blockchain wagon, just to prove they are in vogue and are not left behind, not necessarily because it’s needed.

A Thin Line

Currently, thousands of projects are currently on the blockchain technology, with each different recording degree of successes, but not a degree of failure. But it might not be the Utopian technology, everybody sees it as.

ICOs are kind of popular for two reasons, one is the fact that they claim to use blockchain technology in innovative ways, and investors are expecting the price of the token to rise significantly. Though, it might just be a dream that might just slip away, as adequate research is needed before investing, as hope on blockchain can be dashed at anytime.

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Jide Idowu
I am Jide Idowu. A stay-at-home dad and a cryptocurrency enthusiast. I have had my hands on freelance writing for over five years, researching and writing guides, reviews, and latest cryptocurrency news for various blogs and individuals world over.
 

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