Is the Blockchain being overhyped or does it hold much potential that the world is yet to explore?

The Blockchain has become a very popular phenomenon in the world of developers. Since its introduction as the integral carrier of Bitcoin, the Blockchain has grown to be a technology employed in almost every aspect of existence that deals with data. From finances to education, healthcare to politics, everyone seems to want to do everything using the Blockchain.

We are just seeing the tip of the iceberg

Dr. Christian Reitwiessner, Team Lead at Ethereum, and Creator of Solidity tells Cointelegraph that while there certainly is some tendency especially in the less technological areas towards the mindset that your problems will be magically solved if you just add "a bit of blockchain", what we have seen so far is just the tip of the iceberg.

Reitwiessner explains to Cointelegraph:

“The true potential of blockchains and smart contracts is yet to be unleashed. Applications like custom tokens, DAOs, prediction markets, stable coins, two-way-pegs and connections to the real world ("IoT") are still in the testing phase and once we have them, we can arbitrarily combine them and build new great things on top of them, not even speaking about things like zero-knowledge protocols.”

Blockchain - is it overhyped or underexplored?

Aleksandar Matanovic, CEO and Founder of EC District, responds:

“We are yet to discover new potential applications of blockchain in the years to come. However, I have a sense that it is overhyped by the part of bitcoin community. Sometimes I have a feeling that there are people who would love to use blockchain for everything, even for things that are good just the way they are. Not everything could be simplified and made better using blockchain.”

The Founder of Internet of Coins, Joachim De Koning thinks that for different reasons, the Blockchain is both overhyped and underexplored so far.

According to Koning, as a storage system, the Blockchain is overhyped. He says that the banks may desire the Blockchain for reasons of security and cost cutting, but its decentralized nature doesn’t not particularly suit them. The banks will always prefer a centralised system under their control, he says.

As a security system, Koning thinks that there is still a lot of room to be explored on the Blockchain, especially for the unbanked population.

In 2017 Blockchain technology will be deployed at scale

The Vice President, WW Sales for Alphapoint, Scott Bambacigno offers a brief chronological detail of the development of the Blockchain.

Bambacigno says to Cointelegraph:

“Blockchain solutions are being discovered. AlphaPoint is actively engaging F100 companies discovering where a blockchain solution may add tremendous value over legacy systems and processes. 2015 was the year of the Blockchain. 2016 is the year of actively discovering and engaging in POC's. 2017 will be the year for budget allocations and to see deployment into production at scale.”