Blockchain frees itself from bullshit
In the 2017/18 Crypto Hype there were many PoCs and product ideas, where I asked myself why they were realized with blockchain. If the word blockchain had been replaced by database in the projects, the ideas would still have made sense and would have been much more efficient to implement. Blockchain was used as a pure marketing vocabulary to attract investors with budgets. Most of these ideas have fizzled out, some are still working because of the dubious amount of money they made from the ICOs.
Also on the technical side, many have not understood the implementation of DApps and decentralized systems, the programmers have built centralized systems with decentralized technology. Not infrequently, all nodes of a private or permissioned blockchain in the same data center ran under the administration of a central service provider and decentralized operation was neither technically nor legally possible. Ethereum was used in many projects, but hardly anyone set up their system in such a way that it could easily have been run in the public Ethereum Mainnet.
Why should I map central business, which individual market participants want to control, with decentralized technology? For me, the only really valid reason at the time was that people wanted to learn how to use the technology.
The Blockchain Business Year 2020 feels like the Internet Business Year 2002 and many small Internet shops are just closing. According to Gartner, the Blockchain is in the valley of depression. In 2002 the wheat has separated from the chaff. Many old companies felt confirmed that the Internet is just a fad that is disappearing again and you can not make money with it.
A few industrial blockchain projects are left and have the potential to establish themselves. They follow the original crypto and blockchain paradigm and use the blockchain as a “network of trust”. The blockchain technology still has a social component. The network brings together partners who previously had single systems with extensive, time-consuming reconciliation processes that radically streamline their processes in a joint project. The advantage is not one of the network’s members, but all participants have a significant benefit.
I don’t have a crystal ball telling me the future, but there are some very logical conclusions. In the future there will be companies that participate in blockchain networks, with lean, fast processes and new products and services and others that go straight ahead, and there will still be wax candle manufacturers and horse breeders.
