Blockchain is a hype that is driving digital projects to new heights (and downs). But do you really want to get involved?

Although blockchain is a new technology, it is catching the attention of many businesses from all over the world and, before you even notice it, it could affect your own business. Will it take years to transform businesses as claimed in this excellent paper on the Truth About Blockchain?

has it become the driving force behind a new business model that is on the brink of mass adoption?
has it been created to decentralize the financial system, making it easier and faster for businesses to transact?
is it trustworthy enough to be used for eliminating the need for middlemen, like banks or governments?
is it the next big disruptor in IT and Digital, reshaping businesses and industries around the world?
has blockchain reached its hype peak?

Delusional times

Admit that you are still a bit skeptical about blockchain technology. After all, the hype around this “new” technology has been huge in the last few years, while now showing signs of cool down… Indeed, blockchain could become more interesting than ever!
Blockchain is still a disruptive technology. It is still being used in many sectors and is here to stay. The fact that this technology is running out of steam does not mean that it has lost its luster.
Blockchain is used by banks and other financial institutions to track ownership of assets as well as transactions between them, which can help prevent fraud. it is also used by many companies for their own purposes: for example, Coca-Cola uses blockchain to track its supply chain and product distribution; Walmart uses it to manage its loyalty program (and other customer data); Netflix uses it to ensure that customers only pay once they’ve watched an episode of their subscription (saving money). And there are still plenty of people who use this technology every day - including yours truly.

Where the hype is falling off

The fact that you’re not convinced that blockchain is still one of the next big things, probably means that its major benefits have been overshadowed by its most publicized expression: cryptocurrencies.
Actually, there are many businesses adopting it: music streaming, social networking, commodities trading, property registries – the list goes on.

Why blockchain is still around?

Beyond cryptos, blockchains (you have many of them) are decentralized, distributed ledgers. The technology may shape the future of the internet, and it is going to be used for more than just cryptocurrency.
Blockchains are also critical in cybersecurity: they allow users to verify themselves transactions without having to rely on third parties like banks or governments. This helps prevent fraud and hacking attacks from happening.

So what will blockchain technology do for us?

Beyond Bitcoin and Ethereum, it also has applications in areas like identity management and supply chain - still being challenged by the business.
Blockchain technology will have an enormous impact on every industry you can imagine: finance, healthcare, insurance, logistics, commerce and more.
It will mean better security for consumers who are able to store their personal information on the blockchain rather than having it stored by central authorities like banks or government agencies which can be hacked easily when compromised (which happens all too often).

Blockchain against fraud and abuse

Blockchain offers a reliable solution to combat fraud and abuse, providing an effective way to track the provenance of goods, data, identity and more.
Blockchain can help solve traceability and authenticity problems in supply chain management.

Self-sovereign identity could make life easier for everyone

Self-sovereign identity means that you are in control of your own identity. You can choose to share it with the world, or not. You can access it from anywhere, and use it to prove who you are.
Blockchain is a powerful tool that provides numerous advantages for both individuals and businesses. But how does this relate to blockchain?
For self-sovereign identity technology to be effective, there must be a secure way for people from all corners of the world, who are strangers to each other, to validate their data and prove their legitimacy. This system guarantees a perennial security and will be able to evolve regulations such as the GDPR.

Utility tokens vs. security tokens

Utility tokens are backed by real assets and offer ownership in a company, while security tokens offer the same but are not backed by any underlying asset. Unlike utility tokens which can be purchased and sold on popular exchanges (such as Coinbase or Binance), security tokens cannot be traded outside of their issuing companies’ platforms.
Therefore, if you decide to invest in a security token but do not keep it for the long-term, you will not reap any benefits from your purchase since there is no market for them.

When it comes to your data, it’s going to be silent but deadly.

Data is the modern-day currency, a powerful tool in our arsenal that can be used to bring about meaningful transformation.

• Data is a commodity: it has value and should be treated it as such.
• Data is currency: it can give you an edge over others in business and social interactions if you possess more of it than they do.

You can leverage this asset by offering guidance to those in need of assistance or seeking something from you – be it advice on how to make the most of their resources or providing them with access points for easy retrieval of what they require when necessary.

Blockchain is only getting hoter

Despite recent market volatility, the hype around blockchain has not gone away and there is no indication that it will be going anywhere anytime soon. Investment into this technology has been growing steadily over the past few years, with many companies developing their own products and services based on it.
Blockchain has been hot for years now—but its potential hasn’t been fully realized yet.

Final words

Despite the waning hype, blockchain technology remains an invaluable asset for businesses. It is not merely about cryptocurrencies, but has a range of uses spanning multiple industries such as creating more efficient supply chains or securing consumer data.
When used responsibly, it can be a powerful tool to help you stay connected with the world, protect your privacy, and simplify your life. However, if not handled carefully and securely, the repercussions of a data breach or malicious - as experienced recently in the crypto finance ecosystem - are catastrophic.
The future of blockchain looks bright, because it offers so many possibilities…