This is the new era for Blochain tech. There are so many people out there that claim blockchain technologies are now dead and buried. It is a bold claim that mostly comes from cryptocurrency prices rather than researching or reading about the technological advances of blockchain technologies over the course of 2018.
Writing Off the Blockchain Using Price Alone Is Incorrect
One of the issues with public opinion is gossip, which is unfounded hearsay. People that do not invest in cryptocurrencies see a news report that shows BitCoin has lost thousands in value over 2018. However, many have failed to consider that even at Bitcoin’s current price in Q1 of 2019 versus Q1 of 2017 is still way up. In Jan 2017 Bitcoin was worth $972 and today it is worth over $3,500 per coin.
That is a 350% increase for early adopters of Bitcoin. Still not a bad investment. Plus, many of those early adopters sold or made purchases using a lot of their Bitcoin when each crypto was worth over $10,000. The wealth they gained is phenomenal wand you rarely hear them complain.
Who thinks blockchain tech is dead?
- Those that saw Bitcoin and other cyrptocurrencies suddenly rise in value and invested are the ones that disgruntled. They lost huge amounts of cash and have gone as far as calling the entire system a scam.
- Others that did not invest and speak negatively are those that participate in gossip. This group of people read the news and see price declines resulting in their conclusion, which is ‘Oh well, lucky I didn’t invest’ proceeding with participating in conversations that support the notion blockchain technologies are always set to fail.
- Governments that were worried about the power of blockchain technologies also denounced blockchain technologies. That said, now regulatory rules are being formed across the globe and new blockchain apps and platforms are solving public and private sector issues such as how to manage housing deeds as well as managing medical records.
Most people that believe blockchain techs are dead are not fully acquainted with the entire inner workings of how the blockchain ecosystem works. Their conclusions are based on news reports and their own assessments made by looking at declining price pairs on exchanges.
What Proof Is There That Blockchain Technologies Are Not Dead?
There have been a number of applications released during 2018 that have basically improved the way people can interact with various industries as well as get accurate information in areas such as law, retail, food, housing and more. Below are just a few examples of these apps.
- Open Law Application
We have seen the introduction of Ripple’s blockchain tech being introduced into the Japanese financial market. An app that has ultimately started to replace the current old-style tech that has been holding back Japanese retail transactions. Read more here.
- IBM Food Trust App
On top of this, IBM have come up with a solution that tracks food and other produce from A to B. This amazing app has been designed for those that want to know exactly where their food came from. The app can be used for all types of industries but has mainly been piloted with large supermarket chains such as Walmart. The app is names Food Trust and you can read more here.
- Ripple’s Money Tap App
Money Tap is an application that means no more weekend breaks for the banks of Japan. What was happening is people would make a card transaction on Friday after the banks closed, and their bank accounts, as well as the movement of the funds, did not occur until the banks reopened on Monday. There were other flaws in the current banking system in the Empire, and so Ripple’s Money Tap filled a gap to modernise a financial sector with aging technology.
Ignore Price and Look at Blockchain Tech Advances
There are just 3 examples of how Blockchain technologies have contributed to making the world a better place. It is also proof blockchain technologies are working. People only need to look more closely at how blockchain techs are developing.
We will be producing more reports on successful applications that are helping solve problems in both private and public organisations as well as in people’s personal lives.
Keep an eye on more blogs!