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Is blockchain overhyped? How to embrace the new technology?

Image by mmi9 from Pixabay

Sun, 01 Mar 2020, 11:55 am UTC

Some believed that blockchain technology is overhyped and there’s a reason why.

Mike Walker, senior director of Applied Innovation at Microsoft and Forbes Technology Council, is convinced that blockchain technology will have its breakout moment this year. Based on Deloitte’s 2019 Global Blockchain Survey, 53% admitted that their organizations are considering blockchain as their critical priority.

Meanwhile, 43% of executives felt that blockchain was overhyped. Walker understands why some felt that way and he gave suggestions on how to promote the technology so it wouldn’t be overhyped.

“There are many reasons for this, but perhaps the main reason is the lack of focus on business outcomes. Many blockchain pilots are focused on proving the legitimacy of a new technology. However, blockchain is a technology that forces a rethink of how data is exchanged across business ecosystems,” Walker wrote.

“To combat this hype, organizations must shift the focus from pilots that prove if the technology is legitimate to developing business case-based MVPs that clearly demonstrate business value. Otherwise, these startups will not get any attention from business decision-makers to maximize blockchain's potential.”

Walker said that the shift from the ideal to a practical perception of blockchain has already begun and almost every industry is leveraging its practical use cases.

According to Tatiana Koffman, blockchain can also transform the media and entertainment industry due to its “transparency and traceability.” Blockchain can help artists create a direct relationship with their fans while retaining ownership. For instance, blockchain-based music streaming and sharing platform Audios offers free hosting to the artists and giving 90% to its creators while increasing the artists’ discoverability.

Blockchain can also make tracking IP ownership easier and more convenient for visual and media content. It can make ticketing smoother, safer and more secure, too.

“With the help of blockchain technology, the industry could potentially eliminate fraud, vastly reduce cost and increase transparency overall,” Koffman wrote.

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