Waiting for the Discovery of the Blockchain Light Bulb

Ever since 600 B.C., when mankind first discovered static electricity in Greece, we have understood electricity to be a mysterious natural phenomenon. It was not until the 17th century, more than 2,000 years later, that William Gilbert in Britain named the phenomenon “electricus” and it became an object of interest for scientists and etymology of today’s electricity. Beginning with Benjamin Franklin, who conducted lightning rod experiments in the 18th century, several scientists began to understand electricity as an academic subject by establishing theories about electric phenomena through experiments and analysis. Still, electricity was only the subject of scientific research to understand natural laws.

Eventually, Thomas Edison invented the light bulb in the 19th century that changed the history of mankind; electricity spread rapidly out of a natural phenomenon to real-life applications for the public. As such, electricity has become a revolutionary tool that has changed the lives of many through the development of an easy-to-use medium.

If you compare the developmental stage of blockchain, which has recently gained attention as a revolutionary invention, you can recognize the establishment of scientific theory through projects such as Bitcoin and Ethereum. However, blockchain is still only seen as an investment commodity for a small number of developers and pioneering investors. Now, blockchain is waiting for the discovery of its light bulb, the medium that brings it to life.

Since the explosive rise of Bitcoin in 2016, blockchain development has been biased toward investment-related industries as it has been deeply marketed to the public as an investment vehicle. This was also one factor that slowed the development of blockchain as a technology suitable for life. Those who develop blockchains should try to address this imbalance. To this end, we should focus on two main aspects. The first is the development of pure technology, such as blockchain…

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