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Blockchain Parallels the Internet

October 28, 2019
Ross Peili

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Blockchain Parallels the Internet

Blockchain technology, Bitcoin, and cryptocurrencies were among the top trending keywords on the world wide web for the last couple of years straight. 

Yet, we’re still talking about these aspects as they are not really a thing, even if they practically work and probably shift our every day lives already in multiple ways. 

Our approach to anything related to decentralized distributed ledger networks is similar to the approach we have to aliens, artificial general intelligence (agi), and space colonization. 






In this article, I’ll posit some hot topics involving blockchain technology in the latest news and see whether these articles are talking about blockchain because it’s a hype, or because it’s a part of their respective realities and business models, in an attempt to showcase the mass adoption of DLTs by governments, central banks, and tech giants in a regular fashion. 

Blockchain is everywhere nowadays

So, JP Morgan is considering shifting to Hyperledger-affiliate Besu, ditching Ethereum. That might sound like a ‘crypto-focused new’, yet again, it is a corporate/banking development that regardless of the change of partners, still utilizes blockchain technology. 

Deutsche Telekom, not only has its own blockchain research team, but it also participates in many other open-source and private DLTs and has even patented several blockchain-powered use-cases that affect the telco and supply chain industry.

This shows us that blockchain has infiltrated one of the most important telecommunications companies on the globe and it is a norm for the German business world, regardless of their respective field of operations, relationship with DLTs etc. 

Lastly, Mastercard is not a newcomer to digital payments, and if anything, cryptocurrencies and blockchain technology should be a threat to their operations, yet Mastercard, Visa, among other cream payment giants are already utilizing blockchain in their own means.

So, again it’s not that this should be necessarily labeled under the crypto umbrella, but it is a typical fact about a company that understands the value of distributed networks and utilizes them in many different ways. 

Why are we still talking about blockchain?

Why is it then that some of us are still skeptic about whether blockchain can be useful or not when it is clearly not only working, but it actually changes how modern industries work from the core?

Similar to the introduction of the internet, where for more than a decade, news were talking about the internet and its use-cases, and the numerous ways it shapes our society, blockchain technology is the focus of modern societies, exactly because it is something that radically shifts our perception of what’s possible. 

Being a 90’s gen Greek, I remember when news regardless of their field of focus was somehow related to the internet in late ’90s/ early 2000. For example, news would say something like “oh, the government uses the internet to distribute electronic documents”, or something like “this company allows you to do this via the internet”, or “you can now order this from the internet”. 

This ‘spam’ was continued until the day we used the internet practically on an every-day basis, if not spending much more time on the net, compared to the time we spend with direct physical reality. Think of your day today for example and you’ll get the point. 

While we use the internet almost 24/7/365 nobody seems to talk about it. You won’t see banks saying anything about you being able to order your shoes on the internet, as it is considered as a de facto. 

Verdict

Blockchain technology is now at the point where the internet was in early 2000, and it is a ‘spam’ indicating the new norm of the future. As time passes we will focus on blockchain and cryptos less and less, until the point they’re a basic part of our every-day reality. 

This is not something I personally believe or something I am predicting, but it is a solid fact, based on historical data, and when you see not just your neighbor talking about it, but government leaders such as US’ Donald Trump, Russia’s Vladimiros Putin, and China’s Xi Jinping, you know that this is not something that will be irrelevant in the future. 

When you see tech giants we trust our lives with, investing time, R&D resources, and capital into blockchain advancement, you should already know that these companies will deliver distributed ledger technology in our houses through their products, which again, we already blindly trust. 

It is a matter of years before blockchain becomes a standard and moves its existence from the trend/spam folder to the ROM folder, where things are pretty much self-explanatory and do not require intense intellectual attention.