The recent cryptocurrency market crash has had an adverse effect on many involved in the Blockchain Industry. This recent crash points to a statement that, cryptocurrency is a major deciding factor for the future of Blockchain Technology
I myself and many others who share my thoughts would disagree with that statement. Cryptocurrency or rather digital tokens are just one use case for Blockchain which is a DLT – Distributed Ledger Technology. at its base layer. The Internet was here to publish Data, similarly the Blockchain is here to Secure that Data. Cryptocurrency is a financial use case which was started as a revolution to give the people control of the monetary value they own but has now turned into a bad actors paradise. The primary reason for that would be No education for this new technology, No regulation, and an extreme hype created in the Media. Most of the media are paid actors who will act according to your wishes if you pay them the right monetary value.
Blockchain Technology provides us with a distributed ledger which is secured by a proof consensus algorithm, that way the controlling authority is with the people. Did you understand? No? A simpler explanation would be the ‘many‘ controlling the ‘few‘ not the ‘few‘ controlling the ‘many‘. For an Example: Over here the many is the people and the few are centralized entities.
Now let us return to the question at hand – What is the future of Blockchain Startups?
As I stated above, first, lets get the cryptocurrency market crash out of the picture as that is the only aspect which has been advertised heavily and people eventually tend to link Cryptocurrency to Blockchain. Now if we do that, there is nothing left that might keep Blockchain from being adopted. So eventually it all comes down to a single factor – Education. The Media is not focusing on telling the people about DLT, it would rather focus on telling the people about How Bitcoin is the king of scams (which it is paid to do in the first place).
If everyone involved in the Blockchain Industry keeps up with Education factors in the industry then there will be no scam or illegal practice, as the people themselves will not let it happen and lose money over the same. This is a main factor which is holding back Investors from investing into Blockchain Startups as initially there were some good apples but many were bad. Investors lost alot of money because of that. But I reiterate again, this can be prevented with Education in this segment.
Blockchain Technology is a new invention which would require alot of effort to implement but implementation of new technologies is what moves us closer to a better future. Blockchain Startups should not worry much and keep working on their mission if they have a vision which will keep them on a upward growing curve. People say this is a Bubble, isn’t everything a Bubble?
What happened after the dot-com bubble crashed? Investors lost alot of Money, Yes but eventually new innovations such as Google, Amazon, Youtube etc. came into our lives and connected us across continents.
Let me end with a statement from the World Blockchain Summit 2018, Mauritius:
Hans Christensen – Vice President of Dubai Technology Entrepreneur Centre
“See you need to be clear on what you want and its funny how, if you know what you want, the opportunities will come to you. So when it arrives you say this is what I want! And then you jump at the opportunity when it comes to you, it’s not a straight line though but if you have an open mindset and you know what you want then you will be successful“
NOTE: This article is an opinion and not the law. People are free to explore and maintain their own virtues.