Blockchain’s underlying decentralized ledger technology has many practical applications, yet, the value of the technology itself has in practice become secondary to token capitalization.
Speculation in Coins and Tokens Routinely Overshadows Promising Developments and Initiatives
As major governments and central banks worldwide continue labeling bitcoin and its cohorts as means to engage in criminal activity, primarily because it remains out of their purvey and control, this attention overshadows a more constructive conversation on the actual value of blockchain.
With the public discourse centered mainly on bitcoin and its inherent value or threat to legacy systems, the seminal cryptocurrency has in many ways blocked out any meaningful discussion on blockchain technology’s extraordinary potential. Given that many commentators choose to paint blockchain with Bitcoin’s brush, the notion that decentralized ledger technology (DLT) is anything but speculative remains pervasive.
In reality, there are many practical applications for blockchain technologies, whether building scalable educational ecosystems, handling the connectivity and security needs of IoT systems, digital voting, identification mechanisms, and more. Accordingly, for blockchain to truly thrive and achieve more widespread adoption, the industry must refocus the conversation on worthwhile advancements and how these developments are beneficial for a wider audience.
Breaking Away From the Financial Focus
Finance is one of the prominent and most apparent uses for blockchain technology, given its speed, low costs, and scalability. Decentralized finance (defi) has been a magnet for attention in this environment but still presents a very narrow view of blockchain’s capabilities.
For instance, given its architecture, blockchain can be instrumental in supply chain management and global trade, especially when it comes to immutably recording transactions and tracking chain…