In the past, blockchain was very popular in the tech industry. Though the euphoria has since subsided, they still believed it would change everything. A few years ago, blockchain was the talk of the town. Today, artificial intelligence (AI) and other technologies are the main topics of discussion. There have been numerous failed blockchain initiatives, some of which were even bitcoin and NFT scams.
Recent research on blockchain trends was conducted by experts at the technology research firm Gartner. Many blockchain-related concepts, they discovered, have fallen short of expectations. Technologies that once looked promising, such Web3, NFTs, and decentralized exchanges, are currently having trouble. Gartner may no longer even be monitoring blockchain trends because of the decline in interest.
Some blockchain applications have been successful; for example, the Vatican has used NFTs to preserve historical documents. Blockchain hasn’t had a significant impact on the majority of industries, though. It will be at least five more years before blockchain technology is genuinely useful, according to experts. Blockchain must cooperate with AI and other technologies, such as quantum computing, they add, in order to prosper.
Enhancing security and trust when AI systems collaborate is one way blockchain could be beneficial. But there are some significant issues with blockchain. Because of its difficulty scaling, it performs poorly when numerous users are utilizing it simultaneously. It also has trouble connecting to other devices. Due to these problems, a lot of business executives are no longer interested. At the moment, businesses are investing less in blockchain research since they are more interested in AI.
According to several analysts, blockchain is still merely a test. Although companies are testing it in tiny ways, it hasn’t yet taken the place of current systems or tools. It’s more like a project companies are exploring rather than something they fully rely on.
Not everyone believes blockchain is useful. Jim Fowler, the Chief Technology Officer of the insurance company Nationwide, thinks businesses should stop investing in it. He says companies understand what blockchain can do, but it hasn’t proven to be valuable yet. Instead of wasting money on it, businesses should focus on other things and check back later to see if blockchain has improved.
Other experts share this opinion. Salome Mikadze, co-founder of a software company, says blockchain hasn’t provided big benefits yet. Although it may be useful for supply chain management and safe data exchange, it is no longer necessary for companies.
Blockchain’s credibility was also harmed by the fervor surrounding NFTs. According to IT consultant Trevor Fry, blockchain was promoted as a necessary technology, but most businesses don’t actually require it. In contrast to AI, which is user-friendly and has obvious advantages, blockchain is costly and complex. While some organizations might find it useful for tracking products in a supply chain, most businesses currently don’t think it’s worth the expense.
Despite its decline in popularity, some companies continue to use blockchain in their backend operations. Blockchain technology, for instance, is used by the real estate investment site Mogul Club to track property ownership. Even though most consumers are unaware that blockchain is being used, this improves the security and transparency of transactions.
The reputation of blockchain has unfortunately been tarnished by fraud and scams. Many individuals believe that blockchain is associated with worthless digital collectibles and fraudulent coins. When utilized appropriately, however, it may be a very useful tool, particularly for tracking valuable assets like real estate. The ability to preserve and validate ownership history makes blockchain more secure than conventional paper-based systems.
Blockchain is still relevant today, although it’s not the most innovative technology. Although it still has potential, it must be demonstrated in practical uses. AI and other technologies that provide obvious and instant advantages are currently the focus of enterprises. In the future, blockchain may be more beneficial if it can resolve its present issues and integrate with other technology.
