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Why Has Blockchain Not Disrupted The World Yet

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ICOs were meant to help raise funds for good Blockchain projects with committed teams

Blockchain is not the magic wand that generates immutable truth

Smart contracts on Blockchain maybe useful for achieving conditions based trigger conditions in the Blockchain

Blockchain World

Blockchain World

Blockchain World-To put it in layman terms, at the risk of some repetition, a blockchain is a special ledger “out there on the internet” which no one owns or controls, which anyone can download (using a free client software) to view or create accounts, and to which anyone having an account can then broadcast a transaction to be added, and if a majority of the participating computers agree, it will be validated and added.

What you can’t do is delete or amend a transaction once it has been validated. Special computers (the miners) that facilitate this validation get digital reward tokens generated by the blockchain software itself for doing so. The more the tokens move between accounts, more are the transactions needing validation, and more new tokens get mined and rewarded to the miners, thereby increasing the digital tokens in circulation in a self-reinforcing loop.

As quoted in the book Squaring the blockchain circle, it requires deconstructing some of our existing social and philosophical constructs, such as how we trust each other and how we arrive at the truth and then record it. There are also our economic and commercial constructs, such as how we set up contracts and agreements and how we resolve our disputes.

For centuries, these assumptions have been the edifice of our commerce and have changed little, or not at all, over time.

How Blockchain Came Into Existence?

The move from paper-based systems to digital systems and then onto the cloud never challenged these assumptions, just enhanced our capacity to process ever-increasing amounts of data more efficiently. Up until about 2008, when the Global Financial Crisis (GFC) struck us.

The GFC and its aftermath exposed systemic flaws that brought the world economic order to the brink of collapse. Nations went bankrupt, currencies went into a free fall, the world’s biggest insurers failed, investment banks collapsed and the central banks of the world faced a situation rapidly spiralling out of their control. If it all had to be summed up in one line, that would have to be — the collapse of trust.

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Article Credit: INC42

 

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