overrated or underrated?

Blockchain technology, in good French, blockchain technology, is it overrated or is the value of its utility still too little known? And what about the business world, will blockchain finally reveal its practical function? Here’s what you need to know as fans of this new technology.

Blockchain, fad or revolution?

With the recent collapse of FTX and despite statement made by its new CEO John J. Gray III – the first since his accession to the head of the exchange platform – according to which the latter, now known for his flash bankruptcy, could resume service, the vast majority of investors are worried about the future development in the world of cypto-assets.

While some of these investors blame the technology that supports the ecosystem, it is worth remembering that it’s men who are corruptible, not blockchain ; it remains a tool in our hands, and just as a hammer can be used to hammer a nail into a board, it can just as well be used as a sledgehammer to hurt someone, so the chain technology of blocks can be used for good or bad ; the responsibility lies with us.

This technology, based on the principle of distributed ledger (shown by the image below), which is the cornerstone of any decentralized system, is still as disturbing today as it was when it first appearedin 2009 when Satoshi Nakamoto gave birth Bitcoin. Alas, meltdowns like the one experienced by FTX support the argument that blockchain is more of a fad than a true revolution.

As this new technology made it possible to imagine money, its exchange and its coining in a new way, there were many information technology companies who began to believe that they could use it to modernize their economic model as well as their respective activities.

But other areas such as global supply chainswhich is not yet working optimally, has very little use for this new technology, even though it could make it possible to solve more problems.

A decade later, blockchain adoption in business is lagging, the best. This technology is still unable to seduce the heads of multinational Internet companies such as Microsoft, whose famous founder, Bill Gates, recently attacked Web3.

But it is a technology that is still in its infancy. Visionaries dream of its massive adoption and the full realization of its potential, this is what creates fashion effects because the dream cannot be reached for a long time. This is the problem with new technologies, the mods they create mask their real potential.

Do you remember the cloud?

When the technology of “cloud computing” came along, it was still young. The developers struggled to work on what is called SaaS (Software as a Service) – or software as a service – and managed to offer consumers the option of buying “service” software – precisely its user license – which saved them from having to install the software on each of their computers.

Twenty years later, grown up without fanfare, cloud computing now enables billions of data exchanges daily.

Today, the use of cloud computing, popularized under the term “cloud”, seems normal and even essential. But if you go back to its youth twenty years ago, you will notice that the same fashion effects were at work and that they sparked the same debates that the blockchain is now generating. Go back even further, say 50 years ago, and you will find many people will tell you that computers are just a fad which will pass quickly.

In short, these fashion effects, however damaging they may be to the public image of a new technology, do not also part of the general adoption process that the latter inevitably pass before they reach maturity and become so ubiquitous that we forget how we did it Before ?

Facts

Blockchain accompanies the ever-increasing movement of digital information to different locations. It is therefore our society needs this technology ; because it protects, secures the process of “moving” digital information from one “place” to another, in a physical space that is nevertheless invisible to us. When a Bitcoin is transferred, the registry that recognizes this transfer never changes and can never change.

What may change, however, is the state of cyber security set up around this transfer process. Because software is a human creation, error will certainly occur as they are used. Our society deals with this almost daily. So yes, there will be mistakes; it is a fact. But this is a problem that can be easily overcome.

Another important point is that blockchain technology needs to be connected with other technologies that are not associated with fads. A good example of this is securing cloud computing and the software-as-a-service it enables using Wi-Fi. is sure, the solution of errors will happen naturally, by elimination.

Although some tech enthusiasts see blockchain as just a passing fad, what does it mean and what do the companies want with it? Facts in technology are a cultural phenomenon started by sheep waiting for a shepherd to show them the way.

Everyone knows that blockchain is future ; but few people have the will to become pioneers. Unfortunately, when one of these pioneers fails (like FTX), it tarnishes the image of the technology; the leading companies, then concerned, withdrew.

However, bankruptcies as spectacular as FTX tend to be make serious progresswhich enables the technology to be lives up to its reputation. Fashion effects do not only have negative aspects.

Integrating blockchain into businesses

For businesses, the blockchain hype has had a clear impact on the solutions this technology can bring to supply chains as the world searches for a better way to manage international deliveries.

Walmart and other large retailers, whether online or in-store, clearly need blockchain technology. Global supply chains are not working as well as they could; Therefore, businesses need this technology, just as the healthcare industry uses the services of nursing staff to address the shortage of medical staff. From this point of view, the fashion effects resulting from blockchain may allow the emergence of new pioneers.

Enterprise Adoption of Blockchain technology is slow, but that is no surprise. In our modern society, we want everything, immediately. But if the digital revolution has taught us anything, it’s that change is incremental, progressive.

The best way to confront the use of blockchain is to use it little by little and test its potential against specific goals. Once this potential is realized, it will be easy to see how to integrate blockchain into more ambitious applications.

Patience and fads must therefore try to better coexist. Because the pioneers of technology, out of impatience, risk ending up as victims of these fashion effects, which they themselves have helped to initiate. It takes small steps, but big steps – for example, integrating the operation of blockchain into a single, small part of a global supply chain, and then suffering the consequences.

The processes and systems needed to achieve incremental change do not consider methods.

This article is a free translation from English to French by a opinion piece written by Steve Taplinpublished by Entrepreneur Media Inc.

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