How will blockchain technology enter the mainstream?
Since 2009 we are witnessing the rise of a new technology which has the potential to change the main aspects of the daily life — communication, finance, business, entertainment, commerce. This technology is called blockchain. In 2009 it burst like a supernova — once in a life-time — to shake all the traditional decisions that we were flooded with. Then, of course, as each supernova, it took time to be spotted by our telescopes (by “our” I mean the vast majority of tech users). Not until 2017 when the superhype began. This was the golden age of the cryptocurrencies. No surprise — money is hidden in the core of every hype. Too much hope, too much assets — most of them wasted. 2018 was a huge crash, a fundamental crisis for the blockchain but just to come up fully renewed.
The mass adoption of the blockchain is still in question but I firmly believe that this is what we are going to witness in the next few years. And this time it will enter the mainstream with no more speculations, bubbles and hypes. It will enter our homes, devices and businesses quietly and modestly. I see the adoption as a practical one, not as a “currency” one.
As cryptocurrencies perform relatively bad because of low scalability, lack of regulatory protections and high vulnerability, the cryptocurrency adoption is falling far behind the blockchain adoption. And the first to embrace the blockchain technology are the enterprises. Industries from retail to manufacturing are adopting the technology to ease their processes and spare their budgets. From retail corporations such as Walmart and Carrefour through service providers such as IBM and DXC to automotive giants such as BMW and Ford blockchain is not only adopted, it is already deeply embedded to improve the industries and their supply chain.
One sub-product of the blockchain made this possible (and it is not cryptocurrencies). We simply call it a dApp (Decentralized Application). dApps are the breakthrough which will let the blockchain float into our dimension.
But to create useful dApps we need the right ecosystems for building these innovative applications. Platforms such as Aeternity enable developers to create smart contracts with real usage. Aeternity’s main features make the future of blockchain looks real. The State Channels change forever the communication between the users (or between the users and the machines) in order to turn it into transactions recorded in the DLT with no chance to be refuted later on. The Oracles make the interaction with the real world data simple as never before. The Bitcoin-NG protocol generates blocks at higher speed so to process more transactions and enhance the scalability. PoW via Cuckoo Cycle enables the efficiency of mining hardware to become dependent on RAM, rather than CPU speed, hence it will let you mine from different kinds of devices. Aeternity makes now possible for developers to use all these innovative features, because these features are built into the system.
As a conclusion, let’s not forget that the internet was first invented back in the 80s but adopted by the US households in 2001. According to The Gartner Hype Cycle for Emerging Technologies we can say that blockchain is in the “Slope of enlightenment” phase where the enterprises are the first to realize the real advantages of the technology and to start using it. By developing really working dApps we will soon enter the phase of mass blockchain adoption.