The development speed of blockchain will far exceed that of the Internet

Today, blockchain technology is more than just a distributed ledger of bitcoin transactions. It is a cutting-edge technology that ambitious startups, software giants, large banks and even governments are scrambling to research. Decades ago, the Internet changed our lives, and now, blockchain will change our future.

Although blockchain technology is still in its early stages of development, its existence is inevitable. Similar to the way all new inventions develop, the evolution of blockchain from concept to reality has also gone through challenges such as acceptance, trust, and adoption.

Experts in blockchain technology and cryptocurrency were interviewed by CoinIdol.com about the future development of blockchain. From concept to reality, multiple factors accompany the development of blockchain. Appropriate use cases, continuous work, and patience are the most important factors.

Improper use

David V. Duccini, executive director of the Strength in Numbers Foundation, pointed out that one of the factors hindering the development of blockchain is the inappropriate use cases.

In addition to the value factor, mainstream acceptance of blockchain is also attributed to industry standards and real-world use cases.

Duccini said that Bitcoin is a store of value and that for him, most altcoins function only as currencies but do not have any real use.

I think the best use case for blockchain is land and property registries, which is what Nathan Wosnack (CEO of blockchain real estate platform Ubiquity) and his team are working on.

He concluded that blockchain is a protocol and a technology. We may need it to focus on a certain aspect, just like we need a specific notarized document or seal to identify the authenticity of something.

There is still a long way to go

Vishal Gupta, founder of Bitcoin Alliance India and CEO of SearchTrade, said blockchain is a distributed trust network and its acceptance depends on the ideas within the system.

The actual use cases of blockchain technology are still in their early stages. I don’t think it will be adopted by large enterprises anytime soon. The news that banks have adopted blockchain technology is hype because most banks are still in the learning and testing phase. After 8 years of development, our industry is still struggling to create standards for custodial wallet services. Every year, we witness hacking incidents. I think the current discussion about the advantages of blockchain is still in the theoretical stage, and it will take at least 5 to 10 years for these advantages to become reliable products.

Depends on the market

Ubitquity CEO Nathan Wosnack said the development of blockchain depends on the industry itself and its real-world use cases.

There is no point talking about blockchain in and of itself. The reason why the technology exists is not important, but the customers and the actual use cases are what matters.

Wosnack also pointed out that if there is market demand and there are pain points in the market, then blockchain technology has the potential to change or even subvert the entire industry. However, if blockchain is forced into the market when there are no problems, it would be putting the cart before the horse.

Patience is key

Cashaa founder and CEO Kumar Gaurav believes that the journey from concept to reality requires a lot of work and patience.

He said that first, the blockchain industry must "overcome the hype," and secondly, it must continue to go through the process of "trying, failing, and then trying again," which is the best development path for real-world use cases of blockchain.

However, Gaurav also admitted that the current development status of the blockchain ecosystem is indeed very suitable for expanding acceptance and actual use.

I think blockchain technology is developing and we have to be patient. The replacement of the old system with the new one is not something that can be done in an instant. Many companies have developed some trustworthy practical use cases that are enough to replace the old system. Development takes time, but the development of blockchain technology will definitely surpass the Internet.

Gaurav mentioned some industry giants that have done extensive research on blockchain, such as Deloitte, PwC, Allianz, Accenture, Philips Healthcare, etc. In addition, startups such as Abra, Bitpesa and Cashaa are also committed to using the potential of Bitcoin blockchain to solve real-world problems and can be used directly by ordinary users.

In the future, there will be more and more startups and projects, and their emergence will help to create a complete blockchain ecosystem quickly and efficiently.