The USD 13.7 billion earning earnings figure reported that the initial coin offering (ICOs) this year will show that the public interest in ICOs has not yet died down but the signs show in recent days that the emerging of a low-level backlash against promises that blockchains and tokenization are going to make the world more efficient and simple place.
It was declared by the Hyperledger’s Brain Behlendorf that “Blockchains are not a faster way to do anything” while the Oracle’s Emmanuel Abiodun also argued that the tokenization is not solving any fundamental problems and it is “actually creating more complex society than I can envisage.”
In July, at the distributed blockchain conference, a number of speakers railed against the unrealistic hype. But their concern about the indiscriminate application of blockchain are well founded and there are constructive use cases for blockchain in certain clearly specified different sectors and it is also argued by other figures within the blockchain industry.
Focus on finance and Interoperability
“Any industry which goes through rapid expansion as it opens up to new possibilities goes through the phase when numerous players dive into the market with the hope of making it big without adequately researching on the industry.”
In addition to this, the Sankalp Shangari is the CEO and founder at LALA World, a Singapore based startup that is building a global decentralized financial ecosystem that gives focus on the un-and underbanked. Later, he also agreed that the glut of companies promising too much, but he also tells very confidently that a process of natural selection will bring the most valuable projects to the fore.
Not only this, does he expect the industry to crystallize around a few dominant players but he also expects that tokenization will become simpler with the platform and standard for blockchain interoperability worked by the likes of Polkadot, Cosmos and the ICON.
More importantly, there are some blockchain based systems particularly in the area of finance which offers real profit for people on a larger scale which as a result of harnessing lack of crypto borders and its cost-effectiveness.
He says that “When it comes to developing economies, I can foresee that the digitalized money will bring the underbanked under financial inclusion. The things will not stop here and further, he said that “The ease of assessing to finance and related services will enable the creation of inclusive economies.”
Gavin Brown also knows that a thing or two about the cryptocurrencies and blockchains which being the co-founder and director of hedge fund Blockchain Capital as well as the lecturer in cryptocurrencies and finance at the Manchester Metropolitan University.
Brown also acknowledged that the process of speculation, uncertainty, and experimentation will be required before a dominant design appears. As common as the blockchain for x may now be, Brown affirms that there are some non-money blockchains are likely to have considerable utility. In terms of the way the IOTA network works, the micro-payments will be made by every truck which is benefitting in the platoon to the lead truck in real time.