Blockchain was one regularly appearing in major headlines around the world, but over the past few months the technology has seen a serious decline in the amount of media buzz surrounding it. Decentralized ledger technology has long been harkened as a revolutionary asset that will change the business world and our personal lives alike, but some critics are now contending that blockchain was just a trendy innovation that’s already fading into insignificance.
Blockchain may no longer be in the center of the media spotlight, but it would be foolish to count the technology entirely out. Here’s why blockchain’s time is yet to come, and why it will grow in importance as time goes on.
The technology and its proponents are still maturing
It’s easy to dismiss blockchain proposals as pie-in-the-sky fantasies, but what few critics realize is that we’re only just beginning to learn about the myriad ways that blockchain services can revolutionize our lives. The technology itself and its chief proponents are still maturing and will need time to develop their sea legs before they’re ready for the widespread adoption of blockchain services. Regulations for the technology were initially shunned, for instance, but it’s now growing clear that more carefully delineated standards for blockchain governance are necessary if the tech is ever to become mainstream.
Many contemporary blockchain laws are hasty and ill-fitting, for example, demonstrating that legislators will need to re-approach the technology with a better understanding of it if they’re to incorporate blockchain into the modern economy. In many instances, lobbyists who may not have the best intentions in mind for blockchain’s future have often been involved in the creation of regulations governing it. Mainstream financial actors who feel threatened by decentralized digital ledgers have also taken steps to tarnish blockchain’s name in the public eye,