Haters Call Blockchain ‘Overhyped’ but Developers Believe More ‘Real-World’ Use Cases are Coming

According to a new research piece released by HackerRank a few days back, many tech experts believe that the coming few years will see the emergence of many real-world use cases for blockchain technology.

In regards to the aforementioned study, it is interesting to note that a little over 23% of all the developers who helped formulate HackerRank’s 2019 Developer Skills report found that ”real-world” applications for blockchain tech were bound to come by within the coming 12-24 months.

Other key findings of the study include:

  • More than 27% of the developers said that the emergence of new blockchain use cases within the coming two years was a realistic vision.
  • 21.89% of the interviewed developers were unsure as to whether blockchain would take off in the coming future.
  • 19.77% felt the technology was overhyped
  • The remaining 7.01% of the folks felt that blockchain technology was quite unrealistic and would not make it into the mainstream anytime soon.

More On The Matter

It is also worth noting that the above-stated report claims that by 2020, IoT (Internet of Things) based digital offerings and not Blockchain would be the “most adopted technology” in the world. This is because most developers still believe that blockchain tech is quite nascent and thus requires a longer incubation period. Not only that, but many experts also believe that since IoT can help in amalgamating various different facets of our daily lives (like travel, communication etc), it will continue to gain more and more traction as time progresses.

Lastly, the study also states that Deep learning (DL)— a niche iteration of Artificial Intelligence (AI) technology— could also continue to become increasingly popular with developers. This is because DL has slowly been seeping into a host of different mainstream industries such as manufacturing, healthcare over the past year or so.

Final Take

As many of our readers probably already know, Blockchain has found increasing use across a plethora of mainstream industrial sectors such as banking, energy distribution, supply chain management etc. This is because the technology helps in maximizing internal business processes as well as optimizing their overall operational efficiency.

Bearing such information in mind, it is worth remembering that as more and more real-world applications for blockchain continue to arise, it will be interesting to see how the future of this burgeoning technology pans out from here on end.

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