Blockchain is a new technology. It is even younger than the Gen Z that is the youngest addition to the already cramped carousel of the world filled with screaming struggling humans. Like every other glittering thing that captured the human interest, blockchain too had its time of namelessnes in the world of blinding billboards.
But it seems like the spotlight has now chosen its next star of the night. The explosion of familiarity and appreciation for blockchain is finally happening. Cryptocurrencies, with the show they put in 2017 are now slowly but surely becoming accepted as one of the normals.
Let’s see what the rich guys occupying the top echelons of the financial market have to say about the addition of blockchain to financial inventory. JPMorgan’s chair of global research, Joyce Chang, said in an interview:
“Blockchain isn’t going to reinvent the global payment system, but it will provide marginal improvements. The most meaningful impact will probably be three to five years away and mostly on trade finance.”
Looking around you, you may feel that except for getting a few guys some hot lambos, blockchain, on the cryptocurrency end, hasn’t done much for the domestic users that just keep their heads down and work their lives away for surviving the uncalled-for gift of existence they were bestowed with. They still can’t buy coffee from their favorite coffeeshop in the evenings after work. They still have to pay their rents manually. Nothing has changed, right?
It’s true. The revolution of blockchain hasn’t permeated the low levels of social structures yet. Investors and traders might have their world turned upside down but not all of the world is an investor or trader.
The reason for this delay: scalability, integration, cost-efficiency and regulation
Unless blockchain deals with regulations and scalability, its integration to the foundational community lives looks like a thread of dream that escapes the mind as soon as you open your eyes.
And work is in progress on these issues. Experts are working hard on bringing this shining star on the ground. We just have to wait. Like Chang said,
“We need to separate out blockchain from crypto. There’s been progress made on blockchain, there are successful use cases.”
Photo by Malhar Garud on Unsplash