Interest For Blockchain Has Waned. Here’s Why Blockchain Is Still Destined For Success
Despite all of the hype in the media that blockchain has been receiving recently, according to a recent report by Gartner, the world’s leading research and advisory firm, it appears that overall interest in blockchain from investors and enthusiasts alike has begun to wane. Specifically, the report stated interest has passed its highest peak and started to deteriorate.
Yet, while this may seem both surprising and disheartening, in this article, we will discuss why this should not be a cause for alarm for any and all members of the blockchain community. The ecosystem, and the momentous potential of the technology that makes it up, will be just fine. Here are the reasons why, plus what our team at FST Network is doing to help address the issue.
This Is The Life Cycle For All Groundbreaking Technologies
The method of measurement Gartner used for this particular study is known as the Hype Cycle. Within the Hype Cycle, the typical trajectory of interest goes through a handful of distinct phases: technology trigger, then the peak of inflated expectations, next the trough of disillusionment (where blockchain currently sits), the slope of enlightenment, and lastly the plateau of productivity.
It’s important to note that after the trough of disillusionment comes a revival of interest and sustained utility, which are captured in the last two phases mentioned above. Thus, the fact interest has [waned] should not be discouraging by any means because this is precisely what happens for all innovative, groundbreaking technologies which hit the marketplace. First come the innovators who invented the technology along with the enthusiasts who are early adopters of it. Next, as traction builds for the technology in general, the media usually grabs a hold of it, and before you know it, the innovation is now mainstream.
All this causes overblown hysteria and hype for the technology, resulting in speculative investing, which makes investment returns swing the other way as the market corrects itself. The trough of disillusionment is only a phase, and one that will be over soon enough.
The Technology Already Has a Great Deal of Practical Uses
Blockchain technology isn’t just virtual kittens and digital currency for video games. Instead, despite blockchain still being young, the amount of practical uses and positive benefits the technology has to offer alone will make it endure this phase of the Hype Cycle. Whether it’s giving lightning-speed internet access to citizens of third world countries, ensuring land owners stay protected against corrupt governments trying to seize their property, or something else entirely, it’s clear blockchain has potential to better the lives of individuals around the globe.
The same cannot be said yet for other technologies that have also entered the trough of disillusionment phase, such as AI (artificial intelligence), IoT (internet of things) and VR (virtual reality). These technologies, while certainly forward-thinking in nature and replete with possibilities, have acted more as novelty items since their inception than practical tools that solve real-world problems.
What Needs to Happen to Fix the Problem
If blockchain wants to continue to garner the attention and fascination of investors and the public alike, then the industry must become less volatile. The unpredictable nature of the cryptocurrency and blockchain space is the main hurdle standing in the way of widespread investing and mainstream adoption of the technology as a whole.
The way to solve this problem is rooted in traditional economics: in order to decrease volatility within a particular marketplace, the number of buyers and sellers trading within that marketplace must increase. No matter if you are examining markets in traditional venues like Wall Street, or emerging spaces like cryptocurrency, without a high volume of people actively trading, turbulence will always be a harsh reality.
What We’re Doing to Help
As it stands today, becoming tokenized and active in the blockchain ecosystem is an undertaking which is still extremely difficult from a logistical, financial and technical standpoint. By making this process easier for people from all walks of life, the number of people who are active in the space will inevitably increase, facilitating stability as laid out in the point above.
Here at FST Network, our modularized, user-friendly platform makes becoming involved in blockchain easier than ever before. By bringing scalable, seamless solutions to entrepreneurs everywhere, we believe our product can truly make a difference in the blockchain ecosystem as a whole. We hope you feel the same.
Follow our journey by visiting our website today.
