Blockchain Technology Overhyped Yes or No
No. Blockchain technology isn’t overhyped. Blockchain technology is next-generation technology. People that think that blockchain technology is overhyped are those who can’t do without legacy systems.
Let’s face it. Legacy systems have brought us this far. Things that weren’t possible a decade ago are now occurring faster than the speed of light. The sole reason that seemingly made blockchain technology overhyped is the fact that it is still very young.
That will change soon due to several reasons.
The first of them is that the perception of those who think that blockchain technology is overhyped is based on a centralized perspective.
Most millennials were born into a world where everything worked off centralized models.
COVID-19 is a Black Swan Event
As such, everyone is used to everything getting centralized. It’s 2020 (at the time of writing this article) and, we have had a decade of black swan events. This year, the COVID-19 pandemic has changed various patterns of behavior. It has also led to the collapse of several technological and economic ecosystems.
People are now starting to question the accuracy of claims about centralized technologies being the ultimate thing that there is.
It is also the reason that people are now considering the first use-case scenario of blockchain technology: cryptocurrencies.
Bitcoin (BTC) prices for the first time since last year crossed the $10,000 mark. It indicates a new influx of investors into the first of the digital assets. It also shows that as things continue to go topsy-turvy, more people will continue to put their trust in the world’s trustless assets.
Inflation has Set In
More governments have pumped paper money into their economies to keep them afloat. Various kinds of stimulus measures are already keeping several economies from tipping, though they are teetering.
By the time the COVID-19 vaccines come through, we will be looking at massive runaway inflation in the world’s economies. The smart investors have seen this and have considered why cryptocurrencies aren’t subject to inflation.
They have also jumped on the cryptocurrency bandwagon. It is an indication that everyone will be paying curious attention to the underlying technology that has aided cryptocurrencies to thrive.
Centralized Technologies Weaknesses has Outwardly Made Blockchain Technology Overhyped
Secondly, things have reached a peak with centralized technologies. The various disadvantages that occur with centralized technologies have come to a standstill. Their insecurity, the expensive nature of maintenance, their mutability, the lack of neutrality and, others.
The rise of distributed ledger technologies (DLTs) is antithetical to single ledger systems. Central ledger systems have as one of the foundational basis of computing for one reason: they are simple and easy. The perception
It is this ease of use that made them gain traction. As such, everyone decided to work with such models even when they have proven to be unworkable and unprofitable in the long term.
It also left the control of information flow in the hands of a few people. It has left the flow information subject to manipulation by anyone with the right access credentials.
No matter how cryptographic technologies advance as far as centralized systems are concerned, there will still be loopholes that bad elements will exploit.
Hackers Always Exploit Centralized Systems
Hackers and their kin always find ways around the various centralized technologies that are currently holding sway. It is a matter of time before someone figures out how exactly such encryption systems work. As long as the information flow is in one direction, there will always be problems. Everyone will attack the final destination of the information flow.
If information is flowing in many different directions in a seemingly uncrackable manner, it makes things difficult for these bad guys.
It is one of the reasons that has made blockchain technology overhyped. Cracking the information on blockchains once they have achieved public use-cases has proven to be a nightmare for hackers.
The best they do is to fight the intersections of blockchain technology with central systems. It is why attacks on centralized exchanges, blockchain oracles, and other such mechanisms are always at risk.
Even then, the rise of new decentralized methods of protecting such mechanisms will prove to be another headache for the bad guys!
Corporate Centralized Systems are on the Decline
Thirdly, the corporate bodies that evangelize centralized technologies know that their time has come to an end. They see that the new DLTs are everything that they aren’t. As such, every effort is being made to stifle the growing consensus movement about DLTs.
Blockchain technology is the first of the DLTs. It is proof that we can run things from a decentralized perspective. The good thing is that people are thinking up new ideas night and day.
So much is happening so fast. The covert muffling of the voices that should call humanity to this new set of technologies is about to end.
The reason for this is simple. As the world goes into chaos, the only lights in the eye of the economic storm will be DLT-based systems. It will make people start asking the right questions.
Suddenly the notion about made everyone ask “is blockchain technology overhyped?” won’t exist for one simple reason: mass acceptance of blockchain technology by humanity.