What is the future of the Blockchain revolution?

Blockchain found its first real-world application with the launch of Bitcoin cryptocurrency in 2009. Since then, entrepreneurs in various industries have begun to explore the technology’s potential.

Blockchain technology is finding its way into many different fields, such as health record management, digital identity verification, supply chain tracking, and video games.

The ability of Ethereum and other blockchains to store and execute computer code has multiplied the number of use cases for this innovative technology.

The past sets the framework for the present

As we look to the future of the blockchain revolution, we can learn from the history of similar disruptive technologies.

When desktop computers first appeared on the market in the 1970s, they found a ready market among hobbyists and enthusiast users. But it was a relatively small number of people.

Computers made a splash with the development of the first “killer application”, a spreadsheet program called VisiCalc. The software was so useful and flexible that it justified the purchase of PCs in small and large businesses. VisiCalc was what launched the use of computers.

When the IBM-compatible PCs came along, Lotus 1-2-3 was what justified the purchase. The PC was good technology at a good price, but it didn’t show success, except when it became a prerequisite for running 1-2-3.

Microsoft Windows brought many innovations to computer users in the 1980s, but its future was uncertain until the release of Microsoft Office, an exciting suite of productivity tools that you couldn’t use without Windows. A few years later, Microsoft founder Bill Gates identified the Internet browser as the killer application for Windows 95.

It is reasonable to believe that the future of blockchains will follow the same path. The technology is a foundation very similar to the first personal computers, the IBM PC or Microsoft Windows.

For blockchain to realize its potential in all markets where it can be useful, it must first become the foundation of an application or service that will have broad appeal across all markets – a killer application. Why are blockchains important? Because they run an app or provide a service that people find irresistible. A killer app.

Blockchain and killer apps

Blockchain technology is inextricably intertwined with Bitcoin and other cryptocurrencies. Most of the people who interact with blockchain networks today do so because that is the only way they buy and sell cryptocurrencies. For them, cryptocurrencies are the killer application of blockchain.

But most people still haven’t bought into cryptocurrencies, and a future where you can make all your daily purchases with Bitcoin or some other cryptocurrency seems pretty far off. Cryptocurrencies alone are not enough to push blockchain to its full potential. If this is all blockchain is good at, then blockchain will fail to become a mainstream technology.

But… there are more others!

An exciting decentralized financial application could propel blockchain into the mainstream. Hundreds of DeFi applications are now available, with more appearing every day.

Non-fungible tokens have brought many new users to the world of blockchain through games, artwork, collectibles, and investments implemented with NFT technology. Some of these domains consist of millions of potential users, so one of them could turn out to be the killer application of blockchain.

The metaverse could prove to be the service that brings blockchain to the masses. Many of the metaverses under development use blockchain technology covertly, solely to verify identity and represent personal items as NFTs.

Blockchain technology meets real needs in all of these areas, and any one of them could seep into consumer consciousness and make blockchains ubiquitous. It is difficult to predict who she will be. How big is the future of a blockchain? Potentially, it’s huge.

What does the future look like?

If the past has taught us anything, it’s that once blockchains become a necessary part of everyday life, we’ll stop talking about them. This is the case with the basic technical foundations of killer apps.

When Microsoft Office was released, everyone at the time was talking about Windows. Computers had to be Windows-compatible. You had to buy a copy of Windows. You had to make sure your version of Windows was up to date to run the latest version of Office.

And then, once Windows reached critical mass, people didn’t need to talk about it as much. Office users could take Windows for granted. Windows continued to be essential, but the focus of users shifted to the applications that ran on Windows rather than the technical foundations.

This is the future of blockchains. For a while, blockchains will be at the forefront. We are looking for developers who can build blockchain applications. We are looking for services that can integrate blockchain applications with non-blockchain data or services that operate on incompatible blockchains. We focus on scalability and security.

When the revolution comes, it will be because blockchain technology is a mature, stable foundation for the applications and services we want. We will focus on those and stop talking so much about blockchain.

We will know that blockchain technology has achieved its goal when we stop talking about it.

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