Is blockchain technology, in good French, blockchain technology, overrated, or is the value of its utility still too little known? But what about the business world, where blockchain will finally prove its practicality? Here’s what you need to know as fans of this new technology.
Blockchain, fad or revolution?
With the recent collapse of FTX and despite the announcements made by its new CEO John J. Gray III – the former after joining the position of head of the exchange platform – so the latter, now known as bankrupt, can resume service, The vast majority of investors are worried about the future developments in the world of cypto assets.
While some of these investors blame the technology that underpins the ecosystem, it’s worth remembering that It’s the men who are broken, not the blockchain ; it remains a tool in our hands and can be used as a sledgehammer to injure someone just as a hammer is used to drive nails into wood, so blockchain technology of blocks is good or bad; the responsibility is on us.
This technology is based on the principle of distributed ledger (shown in the figure below) is the cornerstone of any decentralized system it is as devastating today as it was when it first appearedWhen Satoshi Nakamoto was born in 2009 Bitcoin. Unfortunately, the FTX debacle supports the argument that blockchain is more of a fad than a true revolution.
When this new technology allows us to imagine money, its exchanges and its productivity in a new way, many information technology companies they began to think that they could use it to modernize their economic models as well as their respective activities.
But other areas like this global supply chainsThose who are not yet working in their optimal mode rarely resort to this new technology, although it can solve a number of problems.
Ten years later, blockchain adoption by the corporate world is lagging behind, the best. This technology is not able to tempt the heads of multinational Internet companies such as Microsoft, whose famous founder Bill Gates recently attacked Web3.
However, this is a technology that is still in its infancy. Visionaries dream of its mass adoption and full realization of its potential, which creates fashion effects, because the dream cannot be realized for a long time. This is the problem with new technologies, the fads they create mask their real potential.
Do you remember the cloud?
“Cloud computing” technology was still young when it arrived. Developers were struggling to work on the so-called SaaS (Software as a Service) – or software as a service – and managed to offer consumers the option to buy “as a service” software – precisely its user license – which saved them from having to install the software on each of their computers.
Shamelessly matured after twenty years, cloud computing now enables billions of data exchanges every day.
Today, the use of cloud computing, popularized under the term “cloud”, seems normal and even necessary. But if you go back to his youth twenty years ago, you will find that the same fashion effects are at work and the blockchain is causing the same discussions that it is now. Go back even further, say 50 years ago, and you’ll find it many people who will say that computers are just a fad it will pass quickly.
In short, these fad effects, however damaging to the public image of the new technology, are not is part of the general admissions process it is inevitable that the latter will pass before puberty and become so ubiquitous that we forget how we did it. before ?
Blockchain accompanies the increasingly powerful movement of digital information to different places. Therefore our societies need this technology ; because it protects and ensures the process of “transferring” digital information from one “place” to another in a physical space that is not yet visible to us. When Bitcoin is transferred, the register receiving this transfer never changes and cannot change.
But that’s what can change state of cyber security build around this transfer process. Because the program is man-made, errors it will definitely appear as it is used. Our societies deal with this almost every day. So yes, there will be mistakes; this is a fact. But this is a problem that can be easily overcome.
Another important point is that blockchain technology should be linked to other technologies that are not related to fashion. A good example of this is the provision of software as a service that enables the use of cloud computing and Wi-Fi. It is safe, the error resolution will be done naturally.
While some tech enthusiasts see blockchain as just a fad, what does it mean and what will companies do with it? Fads in the tech sphere are a cultural phenomenon driven by sheep waiting for a shepherd to guide them.
Everyone knows that blockchain is the future; but few have the will to pioneer. Unfortunately, when one of these pioneers fails (like FTX), it tarnishes the image of the technology; the leading companies, then worried and retreated.
However, spectacular bankruptcies like FTX do happen make serious progressthus enabling technology to exist live up to the reputation. Fashion effects are not only negative.
Integrating Blockchain into Business
The blockchain hype for businesses has had some impact on the solutions this technology can bring to supply chains as the world looks for a better way to manage international supplies.
Walmart and other major retailers, whether online or in-store, need blockchain technology. Global supply chains are not working as well as they could; thus, companies need this technology, just as the healthcare industry uses the services of nurses to compensate for the shortage of medical workers. In this regard, the fashion effects arising from the blockchain may allow the emergence of new pioneers.
Enterprise Adoption of Blockchain Technology Is Slow, But That’s Not Surprising. In our modern societies, we want everything immediately. However, if the digital revolution has taught us anything, it’s that change is gradual, progressive.
The best way to resist the use of blockchain is to use it slowly and test its potential for specific purposes. Once this potential is realized, it will be easy to see how to integrate blockchain into more ambitious uses.
Therefore, patience and fashion should try to live in a better place. Because the pioneers of technology run the risk of becoming victims of these fads that they themselves helped start as a result of their impatience. It’s taking small steps, but big steps – for example, integrating a blockchain operation into a single, small part of a global supply chain and then drawing the results.
The processes and systems needed to achieve incremental change do not take regimes into account.
This article is a free translation from English to French opinion piece author Steve TaplinEntrepreneur Media Inc.