Let's be honest here! BitCoin is the reason everyone hopped onto the BlockChain train. Everyone wanted a slice of that digital gold but it seems our interest was directly proportional to the price of the bitcoin. As prices peaked so did our interests but once that volatility resulted in a downward trend, we automatically started tagging bitcoin with the term "bubble".
Whether or not Bitcoin did any personal favors upon you, it introduced us to one of the breakthrough technologies of this decade.
IS BLOCKCHAIN A FAD? A BUZZ WORD?
In 1903, President of the Michigan Savings Bank stated:
“The horse is here to stay but the automobile is only a novelty – a fad.”
At the time, he was advising Henry Ford’s lawyer, Horace Rackham, convincing him not to invest in the Ford Motor Company.
A hundred years later, Ford employs 200,000 people around the world producing 6.6 million vehicles per year.
Every time the emergence of a new technology tends to disrupt the status quo, people make great attempts to get rid of it.
Why you ask?
Either the revelation of something new will make their efforts expendable, or they just don’t understand what the new technology brings to the table.
Fact is you don’t have to understand how a technology works to accept it. Prime example being the internet! We use it every day but never really 'pop the hood to see how the engine runs'!
The real question we should be asking is what problems the blockchain can solve and how it can be applied to our daily lives.
Blockchain surely isn't the solution to everything but remember it was initially created to revolutionize our existing financial systems. Yet, today people have implemented Blockchain solutions to several different industries around the globe.
In my next post, let's talk about some of the prominent use cases of BlockChain technology.