Putting blockchain hype in its place

by Joshua Earle via Unsplash
by Joshua Earle via Unsplash

I get so annoyed when blockchain hypesters bang on about how “blockchain will change the world”, and it’s the “most revolutionary technology to emerge since the internet”. (And I say this as an enthusiast who is excited about what it can do.)

Why does it bother me so much? Because they are empty claims. Sure, the world will change. But that will happen even without blockchain technology. Stuff changes.

And, blockchain won’t change everything. Bagels will probably still be the same (I hope, anyway). African safaris will probably continue to run as always, and childbirth (unfortunately) is unlikely to see many blockchain efficiencies.

So, enough with the empty claims that only serve to turn thinking people away, once they’re tired of rolling their eyes.

And anyway, to put blockchain fans (like myself) in their place, check out this chart from Axios:

Axios chart
chart by Axios

Investment in AI is dwarfing that in blockchain, even including ICOs. (Blockchain investment is not included in the chart – see? blockchain isn’t even in the top three of “next-generation technologies”.)

According to CoinDesk’s State of Blockchain 2017 report, blockchain investment in 2016 reached $500m. Axios’ chart shows that investment in artificial intelligence in the same period reached $3.6bn… Over seven times as much!!!

Even when you add in the digital token frenzy of 2017, investment in AI businesses so far this year continues to outpace that in blockchain businesses by a factor of more than three.

If blockchain were the “most revolutionary technology” as some in my sector like to claim, wouldn’t smart money be overwhelmingly flowing there?

Don’t get me wrong, I strongly believe that blockchain technology will have a big impact on processes, structures and even philosophical issues. And I am excited to work in this space, I wouldn’t want to be anywhere else. But, it’s not the only show in town. And keeping a big-picture perspective will help us to see beyond the knee-jerk application and the “me-too” ICOs, and truly understand what a profound role it will play in the evolution of societies and systems.

It will also help us to understand that the impact will be uneven. And that the technology is just part of other profound changes that actually began some time before bitcoin appeared.

With that understanding, we can hopefully waste less time, and get down to some real work.

Leave a Reply

Your email address will not be published. Required fields are marked *