Everyone panic, blockchain’s demise is upon us.
That’s what everyone seems to think, anyway.
Axios recently released a report on the break of blockchain and Bitcoin fever in corporate America. The report states that “executives are dropping blockchain buzzwords less on earnings calls and during presentations to analysts and investors. Analysts are also asking about it less.”
The idea behind the numbers and the report generally is that blockchain technology is fading in relevance. Which, honestly, is true.
The numbers don’t lie. There’s less and less talk of blockchain in these big business circles. You don’t see things like Kodak attacking blockchain anymore, and for good reason: they’re pretenders. What Axios’ report gets wrong about blockchain’s reduced popularity is that it’s not blockchain’s fault.
The problem is who’s using it, and for what.
What Axios’ report didn’t mention is that blockchain technology is literally changing the world every single day. It’s been used to improve quality and labor standards, make treating illnesses faster, and is ultimately changing the way we think about security, trust, and value.
But, the report doesn’t discredit the technology itself so much as it highlights the countless executives of failing companies throwing blockchain at the wall, hoping it would stick. Their use of blockchain wasn’t born out of a genuine interest, innovation, or faith in the technology’s revolutionary capabilities. All they saw were dollar signs.
And it’s hard to blame them. At the time, Bitcoin was approaching a USD$10,000 valuation, and businesses utilizing blockchain were swimming in funding opportunities. It reminded a lot of savvy writers of the Dotcom Bubble, but even that didn’t stop the hopefuls.
One by one, Kodak and Co began to pull back on their blockchain promises. Dollar by dollar, their funding disappeared. This has left us with a lot of angry people around the blockchain conversation, and that’s been the immediate response to this report’s release. Much of the talk around it has been more or less a “good riddance” to blockchain technology. But, some of it has been positive.
There are a lot of people who believe this doom and gloom may ultimately help the blockchain space legitimize itself. Too many false promises and unbacked claims have tarnished the true innovators and drivers in this area. Now, we’re starting to see the true innovators emerge.
Blockchain’s image to a wider, less-than-knowledgeable audience is sure to take a hit with reports and news like this. But, that might not matter.
Companies like Veem will continue to progress this technology and it’s uses regardless because we understand it’s potential. We’ve seen it work, and we’ve seen it change lives. From the social goods mentioned earlier, to getting business partners around the world paid faster, easier, and more securely.
Blockchain is a young technology, and it needs guidance. The news isn’t helping. What we can hope for is that more pretenders are left behind because this technology is moving. Fast. Whether you’re coming or not.