Bitcoin¹ was introduced as the first cryptocurrency in 2009, fast forward to 2017 there are more than 900¹ cryptocurrencies in circulation and increasing in a geometric fashion.Though it can't be denied blockchain² technology is promising but how it is being used is more of an important issue.Raining ICO's³ nowadays claiming to be next blockchain based disruptive idea has mushroomed and are getting funding of millions in a matter of days where the prime motto of both the company and investors seem to be making money quick rather than solving some important issues through technology.There are only a few promising startups that are using blockchain technology to solve unique problems, rest all are mimicking Bitcoin in one or other way.
The most alarming issue is electricity consumption of Bitcoin network, the electricity consumption of Bitcoin is now equal to Tunisia⁴.There are still some parts of the world where there is no electricity.Now consider 100's of alternate cryptocurrencies mimicking Bitcoin and straining energy reserve for no benefit as a lot of energy still comes from conventional sources like coal, oil.Global warming and e-waste will also increase due to this.
In the rat race of development and technology advancement, we are still forgetting that the basic need is still food, cloth, shelter and love.
Another pain point of cryptocurrencies is its use in crime and money laundering due to its anonymous nature, while privacy is needed in transactions but it should not be untrackable and should have some system to track those who use it for illegal purposes while protecting the privacy of those who are using the service as it intends to be.
Most of these currencies are yet to found general acceptance and currently only being used as trading and investment assets in hands of few.
There is also some good progress made in blockchain technology like Ripple which is being used by banks and is a greener alternative. Smart contract technologies based on Blockchain like Musicoin(yay it's a non-profit organization) which makes a direct connection between artist and listener.If you are an artist or music fan you can signup here.
I hope in longer run blockchain technology will be environment-friendly and used to solve the pain points in society and business rather than becoming a bubble and get rich quick scheme.
Source:
1.https://en.wikipedia.org/wiki/List_of_cryptocurrencies
https://en.wikipedia.org/wiki/Bitcoin
2.https://en.wikipedia.org/wiki/Blockchain
3.https://en.wikipedia.org/wiki/Initial_coin_offering
4.https://digiconomist.net/bitcoin-energy-consumption
Image-https://pixabay.com/en/photos/bitcoin/