Is Blockchain the most hyped technology ever?
It’s easy to dismiss Blockchain as a fad. With the roller coaster ups and downs of its Cryptocurrency offspring like Bitcoin, many remain sceptical of distributed ledger technology. How can a phenomenon that claims to have such a high inherent value, spike 900% in a year and then drop 30%…in a week? But don’t let the media speculation and skepticism fool you. Blockchain is here to stay and Blockchain is here to transform!
Don’t believe me? We spoke with Danette Wallace, senior consultant at self sovereign identity Dapp, Blockpass — and self-proclaimed “Blockchain buff”- for a behind-the-scenes talk about how Blockchain really is going to change current systems. “From a market standpoint, Blockchain will be the most transformational thing to have ever hit human history.” Okay, clearly we are not dealing with a Blockchain pessimist here. “Before Youtube, no one would’ve guessed there would be twenty-year olds making millions of dollars on minute-long videos. There are thousands of Youtubers who are now making six figures! Here are individuals who did not have to apply for a media job to get an income. This was not possible before Youtube and with Blockchain technology many more niche markets will emerge…maybe even millions!”
The point that Danette makes here is a valid one– although Youtube allows easy access and contribution, it is still an intermediary. Whereas Blockchain enables peer-to-peer network without a middle man. Imagine a Youtube-like video sharing platform without Youtube itself? Or an Airbnb or Uber without any intermediary? Distributed Ledger systems can disintermediate sharing platforms by doing the matching algorithms itself, which would not only lower the costs but also increase its scale and accessibility. Instead of relying on a centralised organisation to stipulate and manage the content that is displayed, Blockchain-based systems aggregate the work of disparate groups and presents it through the technology itself: This could have an immense impact on people living in developing nations.
“Through proper implementation of the Blockchain technology it will create markets where anyone can sell ideas or products and services, regardless of their location. Since Blockchain apps are accessible by cellphone, even people living in developing nations can access the technology, which will allow it to spread like wildfire. It will enable individuals who currently have little to no income to earn money which could make a big difference in their lives! We may see developing nations as lacking access to resources that we have in the ‘westernised world’ but in truth, we are also lacking access to them. People are interested in other people, no matter where they’re located. That’s something we’ve become aware of through apps like Instagram. You don’t have to be a celebrity or well-known to gain a following or to be interesting. There are a multitude of ways to share your value.”
Over the past decade, we have moved away from traditional centralised organisations. Just think about crowdfunding and crowdsharing platforms that have become highly popular in the last decade. They are regulated and aggregate the resources of multiple people to provide a service to a greater number of consumers. However, these platforms will only be able to ‘crowdshare’ until they hit a wall. In order to attain a truly decentralised network, Blockchain is critical to creating a more cooperative form, described by Harvard Business School as “platform cooperativism”, where users are both contributors and shareholders of the platforms they contribute to. With such a system, the value produced within platforms can be more equally redistributed among those who have contributed to the value creation. A more equitable and honest world, thanks to Blockchain. So to those who are sceptical of the potential of distributed ledger technology, I challenge them — if you truly value the concept of a sharing economy, where individuals are fairly rewarded for their output, what alternative do we have if it isn’t through Blockchain? So is it the most hyped technology ever? Yes and rightly so!
