Blockchain is up there with the internet in terms of technology to keep an eye on. Of course, the internet is now fully grown but when it was just an emerging technology, there were naysayers and haters, but there were also supporters too. Just like the crypto community and blockchain, people were bound to go against it.
Many proofs-of-concept and tests have gone on around blockchain but it doesn’t seem like many enterprise applications have made it into the market. Some argue this does the technology a disservice. Blockchain is more than just the groundwork for cryptocurrency, it has a lot of real-world applications too.
The Chief Executive at Evidential.tech, Peter Fellows-McCully commented on the technology and said:
“This time last year, we were seeing proofs-of-concept and lots of announcements of what people were intending to do but only one or two real applications. At the same time, there was a lot of hype going on around cryptocurrencies and when that started to diminish, things started to get a bit more real.”
He believes that the best thing to happen to blockchain over the last year is the change in focus in the industry from cryptocurrencies towards other uses of blockchain.
“A lot of people equated blockchain with Bitcoin, and to be honest, we had to move past that. Now people understand that blockchain is a technology and not just a cryptocurrency thing. However, there are still a lot of people out there coming to us and suggesting they need a blockchain solution for a project they’re working on and the reality is that maybe one in 10 actually does… so blockchain is suffering a little still from being a ‘buzz term’, from being fashionable for lack of a better word.”
Blockchain hasn’t fulfilled some of its early promises in the supply chain as it was originally suggested by many commentators that this was to be one of the bigger applications of blockchain, according to Fellows-McCully who went onto say:
“It looked like a classic application, and in some cases it actually is, but the use cases are quite specific. Where you have easily identifiable items such as containers, it can work. But I came across a company recently that was in the honey business in Europe and wanted to use blockchain to add biological tests at the point of origin of the farm, and then again at a warehouse, and then again at retail,” he said. “The idea was that the customer could point a smart phone at a QR code and get information on its origins and the test values along the way. But it’s very hard to prove the link between the original natural honey and the code assigned to it. They’ve spent a long time trying to get it to work.”