Is 2018 the Year to Enter the Blockchain Developer Field?
The year of blockchain technology has arrived, with 2018 marking a significant shift in the way we perceive and utilize this revolutionary technology. This is not just another trend or passing fad. Rather, it is a powerful disruptor that has the potential to reshape multiple industries, from finance to logistics and beyond.
The Current State of Blockchain Technology
Popular blockchains, such as Bitcoin and Ethereum, have captured the imaginations of many. However, the majority of these coins are merely clones of each other, with slight modifications in the code. The true potential of blockchain technology lies far beyond copycat cryptocurrencies.
Despite the hype surrounding cryptocurrencies like Ethereum and Initial Coin Offerings (ICOs), most people outside the tech and finance sectors still do not fully grasp the impact these technologies can have. This lack of understanding has led to speculation and overgeneralization, much like the internet boom of the 1990s, where many companies simply added "dot com" to their names without knowing the underlying technology's true potential.
The Comparison with the Dot-Com Boom
Comparing today's blockchain revolution to the dot-com boom of the 90s is not only fitting but also insightful. Just as most people did not understand the internet back then, the same applies to blockchain technology today. The dot-com boom was characterized by speculation and hype, yet, despite it all, many successful companies emerged, transforming the tech landscape.
Similarly, the current blockchain landscape is full of speculation and hype. Many companies have changed their names to include "blockchain" to attract investors and attention. For example, Long Island Iced Tea, now renamed to Long Blockchain Corp, experienced a massive stock price increase due to the perception of being a "blockchain company."
Why the Current Hype Is Different
The key differences between today's blockchain revolution and the dot-com boom are crucial. Firstly, in the 90s, people invested in Internet companies but couldn't exit easily. With Ethereum, investors can buy and sell Ether, or use it to invest in decentralized applications. This dynamic marketplace offers more flexibility and a broader investment opportunity.
Secondly, while the dot-com boom hinged on the success of a few companies, today, when people buy into Ethereum, they are supporting an entire ecosystem of decentralized applications and platforms. This collective support fuels innovation and growth, creating a self-reinforcing cycle that drives the value of the entire blockchain network.
Key Industries Pioneering Blockchain Innovation
Freight and Logistics: The industry-specific use cases of blockchain technology are already making waves, particularly in areas like freight and logistics. For instance, ShipChain, a blockchain platform, aims to revolutionize the outdated world of freight shipping. Its partnership with Perdue Farms is a monumental step towards implementing blockchain efficiencies and capabilities in traditionally slow-moving industries.
Decentralized Development Platforms: Another example is Dragonchain, an open-source blockchain platform incubator and marketplace. Dragonchain acts as a catalyst for other blockchain projects, making it easier for developers and innovators to create and adopt decentralized applications. This platform not only supports but also accelerates the development of new applications and industries.
Conclusion and Future Outlook
As we move into 2018, the landscape of blockchain technology is set to become even more dynamic and innovative. Both industry-specific applications and widespread blockchain adoption will continue to grow, fostering a wave of innovation that we have yet to fully envision.
While the dot-com boom saw many companies fail, the blockchain revolution is more resilient. The value of blockchain technology will only increase as more applications and platforms are built, attracting more investment and user adoption. As the industry matures, the potential for transformation in various sectors is immense.
For aspiring blockchain developers, 2018 is a prime opportunity to enter a field that is just beginning to show its true potential. It's an exciting time to be part of this innovative journey.