You can hardly find a technology that would be blamed in being overhyped as often as blockchain is.
Whenever a security breach or malware attack occurs, there suddenly appear thousands of bricks flying towards blockchain with one word written on them all — Hype.
Blockchain is overrated, this is how the saying goes. Cryptocurrencies and ICOs are just one big bubble and blockchain itself is more of a tough talk than an actual change.
Could we presume that it might be true? Perhaps, instead of throwing bricks back to blockchain haters, developers and enthusiasts should ask: are the issues truly non-existent?
Blockchain IS overhyped
It’s about time we face it. Instead of going on some crazy rants trying to prove the innovation’s worth, let’s face the issue as it is. Blockchain is highlighted in media all the time, and it’s not always done right. Innovation’s advocates, with their loud statements and big words, contribute to this reputation more than haters do.
Why does blockchain have a reputation for being an overrated innovation?
Whenever a worthy technology appears, people start talking about it. Browsing through media headlines, we see no fewer articles about Artificial Intelligence or chatbots than about blockchain.
It’s not the issue of how much people talk. It’s the question of what they say. What are the reasons of blockchain getting this status — among all other technologies?
Reason #1 — Media does not know blockchain so well
When at the end of 2017 Bitcoin started growing like crazy, everyone was talking about it. Of course, media had to take the lead. The real madness started. The words ‘blockchain’ and ‘Bitcoin’ that you could firstly read on dedicated tech resources, started spreading to mass media.
Source:
https://lfb.org/gold-meat-rise-bitcoin-carnivores/Awareness, brought to the innovation, contributed greatly to its development but it also became its curse. Not only blockchain and Bitcoin were perceived almost like synonyms but also, neither some of the journalists, who highlighted the topic nor their readers, could properly understand the nature of the technology — and its risks.
CoinDesk has even a dedicated article about it, and we share a great quote here:
The Internet gives you the power to go directly to knowledgeable sources on most topics — the real experts — and leapfrog the info-gatekeepers. Every topic has a specialist news service and hard data. For bitcoin, there’s CoinDesk, Kaiko, Reddit and a bunch of others. If you want to go deeper than that, pretty much every bitcoin insider and expert has their own blog.
Jon Southurst
Reason #2 — Social media don’t know blockchain as well
Again, as soon as something walks the line of the mainstream, it’s evident that social media supports the hype, nevermind the absence of specific knowledge. When you go on Twitter, you see plenty of experts and just curious minds, willing to ‘explain blockchain’.
Sometimes there are some real gems from people who worked with the innovation from its beginning, but also those who have just heard a word “Bitcoin” and think that this is what blockchain is about.
We won’t give any particular examples (not to offend anyone) but you can find them on your own. It’s enough to go to Tweeter and search #blockchain — and enjoy.
Reason #3 — Blockchain is a funny word to pin in
As soon as innovation conquers the market and mass media along with it, it’s so tempting for businesses to keep their company up to date. For that, the latest innovation is picked up and hugely advertised.
Even if the development team is well-qualified and business owners made serious efforts to understand the technology, it often happens so that the mere use of blockchain is irrelevant for the business.
Innovation for the sake of innovation is not the best strategy. 92% of all Chinese BitCoin projects have already proven it, failing in less than a year.
