How is blockchain doing these days?

General Forum
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A few years ago, did your business or clientele become really excited about blockchain technology? With regard to blockchain technology, have you done anything to justify the hoopla (apart from cryptocurrency)? When I was a consultant, I had a few customers who were very excited about their blockchains. However, after I changed organizations and industries, I don’t think I’ve heard of blockchains again.

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Forget paper contracts! Blockchain is the new way for governments, hospitals, and real estate agents to make super secure and automatic agreements. Think contracts that execute themselves! Companies like Chainlink Labs are helping make this a reality.

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Bitcoin and Ethereum are still popular, but their value can change significantly.
In Business Use, Companies use blockchain for things like tracking products and verifying identities, but it’s not widespread due to challenges.

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A few years ago, particularly around 2017-2018, there was a notable surge of excitement surrounding blockchain technology.

The Hype:

  • Cryptocurrency Boom: Bitcoin and other cryptocurrencies surged in popularity, sparking widespread interest in the underlying blockchain technology.
  • Potential Applications: Industries began exploring blockchain beyond finance, envisioning applications in supply chain management, voting systems, and secure data storage.

The Current Landscape:

  • Beyond Cryptocurrency: While cryptocurrencies remain significant, attention has broadened to explore blockchain’s potential across diverse industries.
  • Maturing Technology: Blockchain continues to develop, with ongoing challenges in scalability and energy efficiency.

Why It Might Not Be as Prominent Today:

  • Focus on Implementation: Initial enthusiasm has shifted towards practical implementation, with companies concentrating on deploying real-world blockchain solutions.
  • Industry-Specific Applications: Blockchain adoption may be progressing in sectors outside of mainstream attention.

Examples of Ongoing Interest:

  • Supply Chain Management: Companies are leveraging blockchain to enhance transparency and traceability in supply chains.
  • Digital Identity: Research persists on using blockchain for secure and verifiable digital identities.
  • Voting Systems: Some nations are exploring blockchain to secure and safeguard voting processes against tampering.