Blockchain vs. the Telegraph

Telegraphy is the long-distance transmission of messages that existed until the end of the 18th century. The telegraph revolutionized how people communicate and allowed people for the first time to send long-distance messages.

Yes, exhibitions and conferences across the US early 19th century were popular on how the telegraph would change the world. The drivers of such promotions are, of course, business interest and the expected behavior of people. Promote the telegraph technology to sell a ticket to a conference, get some investment, and so forth. When asked, say it is the most critical innovation ever, gain attention, and make some money. Smart?

A few years later, during the early 19th century, the telegraph died and got replaced by the Fax.

Is the Blockchain another Telegraph?

There is a programming language called LISP. LISP is a linked list programming language similar to Blockchain but existed 40 years before the Blockchain. If you believe Blockchain is the most incredible technology in the world, it is up to you, but the Blockchain is a type of data structure that implements a linked list in a decentralized fashion. Blockchain uses decentralized nodes for processing, and those nodes are distributed all over the Internet. If somebody controls more than 50% of the nodes, they can control the entire platform. So, the assumption that Blockchain is 100% robust or decentralized is not valid as every technology has its limitations. If you do not see me showing crazy excitement about Blockchain is because I am a computer scientist, and I know exactly how it works and its potential use. I am not a salesperson trying to take your money to invest in crypto.

Blockchain is famous because of its use of crypto commodities, and when billions or even trillions of USD are involved, Blockchain becomes, "I don't know what today. :)"

Blockchain is still exciting from a computer science perspective but way behind other data models used to host massive services like YouTube, Google Search, TikTok, Facebook other AI-based services. Blockchain has good use scenarios as the model is attractive with other exciting technologies such as Web 3.0 technologies.

Innovation is not considering what can be done using the Blockchain data structure. Innovation starts by thinking about how we can identify and solve significant problems, and the tools are part of the solution, not the answer themselves.

The future of Blockchain

Blockchain will stay popular as far as crypto assets use Blockchain technology. Once this changes, Blockchain will be a part of a chapter in a good computer science book. Expect more technology to show up in the coming years and another telegraph for those who live in a world of speculation, who are a lot. Moving the world toward digital money can happen with or without a blockchain data structure. Innovation in the financial world starts with developing a suitable economic model. Meanwhile, you can make or lose some cash speculating with the existing crypto commodities.