Over the many years of blockchain development and expansion, many so-called experts have declared that the blockchain was either dead or dying and claimed it was losing steam. Just about every time this death bell has been tolled, the blockchain has survived and even expanded to become bigger.
Recent diving prices in cryptocurrency and concerns over NFT security have people, once again, screaming that the blockchain is on its last legs. Are we truly seeing the death of this technology? We don’t think so, and here’s why you shouldn’t either.
Is Blockchain Dying?
If you’ve been following the blockchain regularly, you’ve probably seen more than one article loudly announcing that the blockchain was finally dying. Many people have been calling this revolutionary technology a scam for years and have hoped that it would die a painful death.
In this article from 2019, the blockchain was declared dead, though the author stated that there was a chance that it might bounce back. The article discussed various ways it might thrive: ironically, some of its predictions came true as the blockchain continued to grow and expand.
Why do people keep predicting the death of the blockchain only for it to rebound? Some people are simply afraid of change or even jealous of the success many people have had investing in Bitcoin and other tech. As a result, they patiently await the “inevitable” failure of this technology.
As a result, article after article pops up gleefully stating that the blockchain is “finally” dying and that it will be dead soon. Some are bold enough even to predict when it will finally collapse. Like all such predictions, boldness is typically not rewarded with high accuracy.
People predicting the blockchain’s death typically don’t realize how much work people like Brock Pierce have put into its development. They also seem to have forgotten the fact that many tech revolutions go through ups and downs before finally stabilizing for good.
All Tech Has Ups and Downs
While it is true that blockchain does have many challenges (such as its high energy need and protests from environmentally conscious groups), it is also fair to say that all technology has faced such difficulties. At first, automobiles were considered either a fad or a dangerous innovation by many.
Obviously, these fears had some validity (death by automobiles happened almost immediately), but these concerns were managed and minimized. The same is true of the blockchain. Its innovations are inevitable and embracing them is a wise decision for those interested in future tech.
The Potential Future Of This Tech
The blockchain has the potential to change the future when used properly. As it continues to survive its many, many alleged deaths, it keeps expanding and adding more amazing possibilities. These could change how we live forever if they’re given the chance to thrive. Just a few features that we may see in the future include:
- Using cryptocurrency alongside traditional monetary solutions
- Various security options that minimize hacking risks on the blockchain
- Increasing use of NFT to establish ownership of various products
- More investment in green-based blockchain technology
- Expanding cryptocurrency options that may fit many needs
Tracking the Blockchain
If the blockchain interests you, or you want to try investing in it, it is important to know that its many changes aren’t likely to happen overnight. Investing in cryptocurrency or other blockchain innovations is a long-term prospect. Patience is important here because minor dips in prices and investments may seem incredibly concerning at first. So stay patient and resolved to get the best results.