The State of the Chain

Where is blockchain going?

Last october, blockchain was in existance for ten years. Blockchain was born with the publication of the infamous whitepaper by Satoshi Nakamoto, describing a digital currency he referred to as bitcoin.

From that moment in time, blockchain probably became a much bigger movement than Satoshi had envisioned, as bitcoin was further developed, leading to great heights, but more interestingly, developers all around the world started to embrace blockchain as the technology of choice, often in the form of the carrier of another cryptocurrency, and later in use for other things than digital money.

Today there are thousands of blockchains active. Several are launched each week, and just as much cease operations. It is a developing technology, used for many things, from initiatives trying to replace other mechanisms, such as identity provider to insurance systems and other financial systems. There are even charities that are built upon blockchain. The common denominator is total transparency. The ledger is shared with all participants, and with the general public if it knows how to find it. The secrets are out, just as all financials have always feared. This explains why adoption amongst institutional financials is slow, as they try and find out how to keep their controlling position while also using the latest technology to claim to be open and transparent.

But things are changing. The most promising cryptocurrencies have seen a steep decline in value. The application landscapes that are built on top of blockchains are not used as much as hoped. Blockchains are hacked and money is stolen. Promising companies are downsizing, some even closing. The blockchain world is in decline, so it seems.

But I believe that something else is happening. I am convinced that these signs are good signs. I firmly believe that blockchain, as a technology, is growing up and stabilising. I think this is the first glimpse of the acceptance of blockchain as a technology that has many possibilities. Blockchain is finding it’s place in the world, and will be embraced by those who understand its true value and capacity. I think we will see the use of blockchain rise. The decrease in companies betting on huge profits because of blockchain, the losses traders are seeing, and the disbelief of some in the possibilities that blockchain can offer, will result in the technology shining bright, and coming out of its’ shell of shadyness, weird ideas and wild estimates of profits that are not based upon any logical or comprehensible business plan.

Blockchain is growing up, and will have a promising future. I am ready. Are you?

The State of the Chain was originally published in The Parttime Visionary on Medium, where people are continuing the conversation by highlighting and responding to this story.

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