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Author Topic: Is the Blockchain overhyped? Blockchain Digital Transformation [Infographic]  (Read 166 times)
avivsun
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September 04, 2018, 11:22:32 AM
Last edit: September 04, 2018, 11:38:31 AM by avivsun
 #1

Hi Guys

Is the Blockchain overhyped?

Option A-
"The truth in no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works."
By Clifford Stoll 2/26/95

Option B-
We are at the beginning of the Second Digital Transformation => The Blockchain Transformation.  
Enterprises and organizations are going to take advantage of blockchain technology by optimizing their network and automating it.

I am more like with Option B.... Which option suits you best?

I spent much time on creating this infographic with 30+ Blockchain Transformation Examples



Credits 101blockchains.com

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September 05, 2018, 12:16:39 PM
 #2

I don't think that blockchain is overhyped.

There is a ton of potential that could be explored through the use of blockchain that probably hasn't even been thought of yet. Nor are there nearly as many adopters of existing blockchain technology uses such as bitcoin itself to say that it's anywhere near being mainstream. Thus, the potential for blockchain technology is pretty much endless, ranging from being an immutable ledger replacing conventional databases to being a currency.

I do have to say though that there are a lot of projects whose aim is to raise as much money as possible for the founder through the guise of an ICO that are overhyped, to the point that they are quite shady. Never invest in those.

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September 05, 2018, 12:51:20 PM
Last edit: September 05, 2018, 01:18:31 PM by butka
 #3

I think one should carefully consider using blockchain technology on a case by case basis. For example, does health care need a patient database on the blockchain? I'm not convinced. See for example these potential problems. Other areas may have other problems. I know that the word "Blockchain" is very fashionable these days, but does every business need a blockchain? IMO, not all of them do. Only when you absolutely need decentralized consensus should you use a blockchain. And when you use it, there are some obvious downsides to it. Why would you use a technology which is (still) inefficient and slow in achieving consensus if high degree of decentralization is not needed? Just because it's fashionable? Not a reason good enough. There are many areas when a simple client/server architecture can solve all your problems. In any case, I'm looking forward to following the progress of blockchain technologies and their application in the future. While I think the monetary and banking sector will be changed forever, I'm not sure if that's true for all of the above examples.
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September 05, 2018, 01:12:55 PM
 #4


Blockchain is staying for good, much like the dotcom bubble that is also here to stay. Price will be pumped and will also be dumped but the good thing about blockchain is that developers can concentrate more on its usefulness and it can be set up to be immutable. If the government acknowledges blockchain, then more companies are going to be more interested to it.
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September 05, 2018, 01:14:49 PM
 #5

ITs funny how you look back at old videos and many people were calling the internet a fad and that it would never amount to anything.  I have a feeling these same type of people are going to be very wrong about blockchain technology.
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September 05, 2018, 02:36:43 PM
 #6

The blockchain as revolutionary world changing "technology" is incredibly overhyped, especially when it comes corporate blockchains.

In case of corporate blockchains, they don't need any sort of decentralization, which means that they technically don't need a blockchain at all. I have seen various in use replicative data-base systems that do their job just as efficiently, allows you to reset/change data when needed, and allows you to scale x1000, but the only difference is that it isn't a blockchain, but who cares? The only reason you want to use a blockchain is because of the hype, which pretty much translates into free marketing.

Bitcoin is the perfect example of why a blockchain is useful. I don't think we'll reach a point at which something else will be able to convince me of proper blockchain use.

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September 09, 2018, 03:44:24 PM
 #7

given how many large companies are connecting to bitcoin, I believe that we will soon see the General use of cryptocurrencies
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September 12, 2018, 09:37:21 AM
 #8

I think that in some aspects, yes. In some other aspects, it is actually still quite underrated.

For example, the fact that people still think that there is going to be one single ICO that will be able to disrupt the entire digital economy or a sector of that economy (whether gaming, shopping, or so on) without the project having any sort of prior experience with actual business is absurd. Centralised cryptocurrencies and blockchains are also over hyped, like certain projects regarding institutions issuing their own tokens, etc.

However, actual decentralised cryptocurrencies like bitcoin as a store of value is probably underrated in my opinion. People still don't realise that bitcoin is able to run parallel with fiat, and serve as a store of value and safe haven asset.
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September 12, 2018, 11:01:17 AM
 #9

I think that in some aspects, yes. In some other aspects, it is actually still quite underrated.

For example, the fact that people still think that there is going to be one single ICO that will be able to disrupt the entire digital economy or a sector of that economy (whether gaming, shopping, or so on) without the project having any sort of prior experience with actual business is absurd. Centralised cryptocurrencies and blockchains are also over hyped, like certain projects regarding institutions issuing their own tokens, etc.

However, actual decentralised cryptocurrencies like bitcoin as a store of value is probably underrated in my opinion. People still don't realise that bitcoin is able to run parallel with fiat, and serve as a store of value and safe haven asset.

There might be some areas where certain ICOs can become very successful. The thing is that the absolute majority of ICOs are trying to enter markets that do not need any sort of blockchain-based solution.
The sheer amounts of projects begging for funding, without even having a working prototype to show, is just astounding to me.

I also think that we'll see more and more people recognize Bitcoin as a better store of value, especially people from countries with unstable economies.

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September 12, 2018, 11:42:00 AM
 #10

The blockchain technology is overhyped in a wrong way.People have wrong expectations about what the blockchain technology can do,in order to improve their lives.Those wrong expectations are created out of two factors:
1.Most of the people still don't understand how the blockchain works.
2.The bitcoin hype,which creates a lot of unrealistic dreams about futher blockchain adoption.

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September 12, 2018, 01:13:26 PM
 #11

Blockchain has been the most important innovation of the recent memory, it has a potential to be as big as invention of wikipedia or similar strength. There are so many sectors that can take a use of blockchain and the more it is improved by new ICO's the more it is getting closer to be the norm to use in software for all of these sectors.

I mean right now we have coins all improving one part of blockchain but one day we will have a coin that has ALL the improvements in one coin added together and that will get a lot of usage from the regular companies for their business' and get a lot of attention from brick and mortar stuff and not just crypto people.
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September 12, 2018, 01:54:16 PM
 #12

I think that the demand for blockchain technology is too exaggerated. Many corporations are laundering billions of dollars because of their corporate secrets and opaque activities. Therefore, they will not rush to introduce this technology.
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September 12, 2018, 02:03:03 PM
 #13


There might be some areas where certain ICOs can become very successful. The thing is that the absolute majority of ICOs are trying to enter markets that do not need any sort of blockchain-based solution.
The sheer amounts of projects begging for funding, without even having a working prototype to show, is just astounding to me.
And this is a serious matter as icos are using the blockchain trend to hide their evilly plan. And so OP thought that blockchain is over hype even it's far from that. Since blockchain is an open ledger, everyone can freely create anything that they can think of and even unnecessary can become a necessity. It's mournful that technology always taken advantage and misuse, instead to be use to innovate our community.

Honestly, blockchain was overrated.


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September 12, 2018, 02:45:34 PM
 #14

In a way, yes, and most giant companies are using the word 'blockchain' to entice the masses into their propositions and to exaggerate their claims for a certain service they offer. We can't deny it, blockchain is really a good application to integrate on some established services, but to overly use the word for something so typical seems overrated to me. Also, most ICOs are banking on this word to garner interest and support, which I think is not a good marketing strat to begin with.

Blockchain is a good innovation, but not everything needs the blockchain to be better or to survive.

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September 13, 2018, 03:10:11 PM
 #15

Not overhyped at all.

 It is a technology for people who want  independence, freedom, honesty, privacy, transparency, durability, decentralization, smart society, accountability, fairness, security, justice and economic freedom. If you are scared of these things you'd most likely be very scared of Blockchain.

It is the greatest technology of all time. Nothing that is being promised is impossible to be achieved. The best is yet to come.



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September 13, 2018, 03:20:05 PM
 #16

I think multinational companies will agree in the 2nd option as it is pretty evident because they are the ones who are trying to exploit the blockchain technology throught their patent claims. If you will even google "Blockchain Patents" right now you will see hundreds of results showinh known companies filing their patents to their own version of Blockchain and they are hoping to make billions out of it. Blockchain is still young and it will be here for a long time.

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September 13, 2018, 03:26:47 PM
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 #17

This infographic is not based on existing blockchain projects, it's based on the words of ICO's and companies that only promised how blockchain will be used in those cases. I'll believe that blockchain is useful when there will be blockchain products with millions of users. The fact that we haven't seen any successful applications since the beginning of blockchain hype can be a sign that the tech is overhyped.  It's not correct to compare it even with the dotcom bubble, because during that bubble the Internet already had users and there were solid companies around like Microsoft.

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September 13, 2018, 03:37:50 PM
 #18

This infographic is not based on existing blockchain projects, it's based on the words of ICO's and companies that only promised how blockchain will be used in those cases. I'll believe that blockchain is useful when there will be blockchain products with millions of users. The fact that we haven't seen any successful applications since the beginning of blockchain hype can be a sign that the tech is overhyped.  It's not correct to compare it even with the dotcom bubble, because during that bubble the Internet already had users and there were solid companies around like Microsoft.

Yeah I do agree with this one and exactly the same thing always happens. I guess it is all the promises of ICO that are coming out of thin air. I agree that some of the projects that are mentioned in the infographic are existing today but not all of them. I mean this is showing too much goodness of the blockchain but that is not in reality. What I believe is these are just things that are on the verge of happening. Most of them tried hard but filed eventually and thus I dont believe in all of them. Most of them just made the projects with the goal of making money within the crypto and nothing else.

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September 13, 2018, 04:19:48 PM
 #19

Hi Guys

Is the Blockchain overhyped?

Option A-
"The truth in no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works."
By Clifford Stoll 2/26/95

Option B-
We are at the beginning of the Second Digital Transformation => The Blockchain Transformation.  
Enterprises and organizations are going to take advantage of blockchain technology by optimizing their network and automating it.

I am more like with Option B.... Which option suits you best?


Over-hyped by definition would mean giving excessive credit to something that does not worth it. However, to conclude that something is over-hyped, there must have been evidence that it must have gotten to the peak and there is no room for growth again at the same time the objective set is yet to be achieved.

For blockchain, those who argue that is over-hyped could be right or wrong but I don't think so. To them, I would say they should wait till the period when its explored and harnessed to the maximum before we know the extent of the solutions that it can provide then we will all see if its truly a fake hope or this is the solution the world is yet to see.

The growth stage is still at the infant level that posits that there is room for growth. Current happenings also suggest that the potentials is just too enormous from countries developing projects in blockchain, to companies researching about its application to their processes.

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MainIbem
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September 13, 2018, 05:19:58 PM
 #20

Blockchain is an amazing technology. When you get an understanding of it, there is no way you would not be wowed. It is the wow effect that seems that it is overhyped. You will notice that much is still being studied and further developments are being discovered. So how can it be overhyped when it is not yet fully evolved?

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