There has been a lot of positive attention directed toward blockchain technology for quite some time now. New research by Intrinsic Insights confirms that technology professionals firmly believe this technology will cause as much disruption as the internet has over the years. It’s an interesting sentiment, especially given the blockchain’s lack of real-world use cases.
The Blockchain Hype may be Justified
Anyone who has kept a close eye on blockchain developments will have noticed that there is a lot of hype in this particular industry. Any mention of a blockchain or distributed ledger tends to catapult company stock prices to new heights. It seems the expectations associated with this technology have not diminished in the slightest, even though there are still very few active projects using this technology in the real world.
Even so, the overall industry sentiment remains rather bullish when it comes to distributed ledgers. The new research conducted by Intrinsic Insights confirms that technology professionals are convinced this technology will be transformative. It is certainly true that there are hundreds, if not thousands, of potential use cases for distributed ledgers. However, not every concept needs a blockchain, and it is due time to phase out the clutter at some point.
What makes this research so appealing is the fact that it reveals why experts consider this technology to be so disruptive. The cost-cutting measures, greater data security, and protection against cyber threats are all selling points for this technology as of right now. Additionally, IT experts are convinced that data privacy needs to be an industry-wide priority, and that blockchain technology offers all of the solutions one could need in that regard.
Dominic McCann, the CEO of BTL Group, which commissioned the research, explains it as follows:
In a world of increasing concerns over the security and integrity of our data, individuals and businesses are realizing the inherent benefits that applications built on blockchain technology can provide when keeping people’s data private. This research also illustrates just how many businesses are looking at using blockchain and of those that are yet to explore it, there is a significant proportion looking to do so in the next two years.
The way things stand right now, 87% of technology professionals remain convinced that blockchain technology is the way to go moving forward. Most of them even place blockchain on the same level as the internet, given how it disrupted the technology industry all those years ago. It will be interesting to see whether blockchain, cryptocurrency, or both can be such disruptive forces in the years to come.
It is evident that the role of blockchain in the technology industry should not be underestimated. There are so many ways this technology can make a positive impact on any other form of technology, assuming companies decide to implement public chains rather than private and permissioned options. Exploring all of these avenues will take a lot of time and effort, for obvious reasons.