Bient Tech — Blockchain has developed tremendously since its inception in 2008. Right from the first paper written by Satoshi, the technology has come a long way. In modern times, it is one of the trending topics in the tech world. However, owing to its newness, there are only a few skilled employees available for dealing wth such a rampant technology. This has, consequently, brought Blockchain developers in high demand.
At the time when Blockchain made its first appearance on the world technology map, a lot of people were speculative of its success rate. Some even condemned the utility of a technology that was cryptic in nature. To be fully honest, it’s baffling to denote how blockchain is already powering businesses worth billions of dollars. Despite how its functioning, the true value of cryptocurrencies is believed to depend on the predictions of the future.
Let’s look at a few ways in which the Blockchain technology has been observed by fault-finders with regard to its global usage:
If we trace the earliest nodes of civilisation, we will find that the invention of the wheel was actually criticised by a great strength of people in their times. The reason could be that any technology that is en route towards a revolution has to undergo the criticism of those who do not fully understand it. The Blockchain is somewhat a modern-day example of the technology that people are finding hard to understand.
Where on one hand, crypto promises high growth, on the other it is nuanced with a high level of volatility. This has led to the overvaluation stemming from the hypes, before it finally emerges as a technology with international utility. Once this happens, critics find some points to highlight. That point, this time, is that of crypto being an inevitable monopoly.
Something similar happened with the internet revolution of 2000s, and was reinforced to its resurgence and the spread of Social Media around 2010. People in the early 2000s were of the mass opinion that internet was no longer a source of competitive advantage and that the internet revolution had been blown out of proportion. Its easy to see today how that opinion was farce and almost childish, given all that we’ve been able to achieve via the internet technology.
Something similar happened with Social media on the onset of 2010. After Facebook’s booming success with a close to 500 million users in 6 years, people still felt that social media platforms would be unable in delivering the valuation stakes that masses and placed over it. To the best of our knowledge, Facebook is still going strong despite their recent, unfortunate legal episode. What’s to note here is that the company still mined $15 billions in just a year after they monetised on mobile.
Now the questions of whether social media is a fad or Facebook is overvalued have silently faded away. The new question is whether Facebook is an unstoppable monopoly that requires government regulation. This may be a legitimate question; however, it is a wholly different one from the contention that social media was a mere trifle or passing fad.