Why blockchain isn’t a future of anything

Blockchain is simple, and simplicity makes it useful in various fields. That was the idea i believe. Now i think blockchain failed its mission in this iteration.

Reason is simple: algorithm can’t be a religion, and blockchain definitely looks like a religion now. In search of product/market fit, there were so much promises blockchain might solve this or that problem, that masses bought that. That was easy, given how big the hype was — thanks to Bitcoin prices. So people tend to believe into Bitcoin/blockchain, and spread their beliefs among communities. That’s what any religion does, regardless of actual efficiency of some ritual or technology. And usually you don’t want want your primary tool for business processes to be that kind of thing. People usually want efficient tools.

But what do we really have at the end of day?

  • Distributed registry concept
  • Smart contract concept

And that’s it, as far as i know. These concepts are great, no argues. But these ideas aren’t nearly enough to fulfill promises like “Project X will revolutionize everything”. Don’t get me wrong please, ideas are amazing, but there’s little to none additional benefits to the original concept of “3rd party arbiter” used for thousands years now. And both ideas basically reinvent that “arbiter”.

Additional security? Arguable. Lower costs? That’s false. Performance? I hope you’re kidding.

I’m sure there will be way more useful concepts born in this field, but probably it’ll happen in next generations. At this moment, blockchain field became too toxic: too much scam, too much hype, too much regulations are coming in, too much everything that prevents talented people from looking into this amazing tech.

So, maybe let’s talk about blockchain in 10–15 years?

P.s. Why I hadn’t ever heard anything like “ArrayList is the future of X!”? 😉

Deep Learning Developer.