After yesterday's introduction, today we continue with the sequel about blockchain - untapped potential.
Following the initial excitement into the potential of the technology, came a less rose-tinted look at the technology, that is, landing.
Comparing the pace at which use cases and proofs-of-concept are theorized with the speed at which blockchain technology is being adopted shows great disparity. While it is true that blockchain technology has the potential to provide fundamental support in a way that can revolutionize many sectors, this potential is seemingly slow to materialize.
There are a number of challenges that are slowing the adoption of this revolutionary technology. The first of these is the lack of real products. Despite the ongoing coverage of technology in the media and large investments, there are few real blockchain based products.
"The bottom line is that despite billions of dollars of investment, and nearly as many headlines, evidence for a practical scalable use for blockchain is thin on the ground," said from McKinsey & Company.
If we look at the life cycle theory popular in economic theory perspective, it is obvious that blockchain technology is in its first phase. This could explain the slow and painstaking movement shown by the technology and any of its emerging products.
What distinguishes blockchain technology, compared to other potential investment sectors, such as biotechnology and even artificial intelligence, is the intense media coverage exacerbated by the initial coin offering (ICO) funding model, the proliferation of crypto exchanges and the massive influx of speculators entering the sector in 2017.
This combination of factors resulted in expectations set on blockchain projects, both in terms of return on investments (ROI) and in terms of product delivery speed, which the sector could not deliver.
Tomorrow, in a new insight, read the third sequel about blockchain - untapped potential.