Apple co-founder and noted bitcoin bull Steve Wozniak say’s the hype around blockchain is similar to what he saw in the dotcom era, with businesses going belly-up at a swift rate.
So, is blockchain a hype?
Financial Times gives us Exhibit A – “the sudden diminished use of the term “blockchain” in marketing of many of the ventures (that previously used the term to attract investments)”.
And Exhibit B – “the realization that getting competing companies to co-operate on data sharing and storage is hard. Collaboration comes with oligopoly risk, lack of autonomy and loss of privacy”.
On the flipside though, Gartner Trend Insight states “By 2022, at least one innovative business built on Blockchain technology will be worth $10 billion” and “By 2025, the business value added by Blockchain will grow to slightly over $176 billion, then surge to exceed $3.1 trillion by 2030”.
Although, it also adds that through 2022, only 10% of enterprises will achieve any radical transformation with blockchain.
Summing up it succinctly- blockchain has the long-term potential, but there is little evidence in the short-term reality.