Blockchain is Dead. Long live Blockchain!

Why isn't blockchain dead yet? It should be, right?

If you want to talk about a spectacular trajectory of disaster, CDPR over-promising on Cyberpunk 2077 and then crashing and burning at launch has nothing on the path Web3 and blockchain mass adoption has charted.

The initial surge of growth in blockchain was driven by a haze of get-rich-quick schemes and the inevitable scams that followed. Everyone launched a token and the phrase 'pump and dump' entered popular usage. NFTs were 'THE' thing, and then they weren't the thing because they went to zero and they never were the thing...I mean they are 'THE' thing but just not yet.

Go on LinkedIn or X and all you see are blockchain fanatics trumpeting Web3! Web3! WEB3! and the holy trinity Saviours Tokenisation, Decentralization, and Ownership. It's a small community of fanatics (hodl on frens, I love you guys and I consider myself a degen, but be honest) who are excited by what the greater population of the planet Earth DO NOT CARE ABOUT or understand.

And now they don't want to.

We don't want to even begin to list, look at, or talk about the many, many, many examples of blockchain and cryptocurrency being used for nefarious purposes. These many, many, many, MANY incidents of malfeasance have destroyed the reputation of a transformational technology. The very words used to talk about the technology are burned, you can not use them in business conversations outside the circle.

Those of us who are actually working in the industry now take care with the language we use pitching our solutions to businesses. Everyone in the room knows what we are talking about...you just can't say the words or the meeting is over. NFT? No. Digital asset? Passable. Digital product...

While it’s tempting to judge a technology by the antics of its most opportunistic adopters, it’s essential to separate the wheat from the chaff. Blockchain, as a technology, stands robust and promising. Here’s why.

The promises are real.

Ignore the current abusers of the technology and focus on the tools themselves. Blockchain, cryptocurrency, smart contracts, tokens, the entire technology group, has been quietly maturing. Many projects that survived the early days have continued to develop their technologies and refine their use-cases. Instead of focusing on quick riches, there's a growing emphasis on genuine problem-solving and innovation.

While startups were undoubtedly the pioneers in the blockchain space, established corporations have started to take notice. Companies like IBM, Microsoft, and Morgan Stanley have started to invest in blockchain research and development. Even Ferrari has started accepting cryptocurrency as a payment method.

The entrance of these behemoths not only provides further legitimacy to the technology but also ensures that there will be a continual inflow of resources and talent, driving innovation forward.

It's crucial to remember that every groundbreaking technology has its highs and lows. The internet, now an integral part of our lives, was once seen as a playground for hobbyists and a dubious business proposition at best. E-commerce was a 'minimal impact technology' with low adoption probability, then a threat not only to brick-and-mortar stores but to consumers' financial safety (sound familiar?). Similarly, while blockchain had its tumultuous beginnings, it holds the promise of a decentralized and transparent digital future.

The naysayers might harp on the early days' mistakes, but visionaries and industries see potential. Blockchain is not dead; it's just getting started. And as the technology continues to mature, we can expect even more transformative applications that will reshape our world in ways we can't even imagine yet.

LFG.

Still curious about the technologies in this article or are interested in integrating web3 technology into your business? Nefta provides a frictionless platform with easy-to-implement APIs and SDKs for any project, web2 or web3.?Reach out?or respond in the comments.

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