Blockchain is the Solution - Are people looking for the problems?

Blockchain technology offers solutions to many real world problems. The problem is people are not yet looking for these problems. The blockchain seems to be in a rut of churning out the same old thing or making small incremental gains when the reality is we are holding a technology that should be revolutionising our world.

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The Right tool for the right job

There are numerous ICOs every week focusing on the blockchain being used for currencies. A few of these are reasonably well thought out and offer genuine new applications such as XVG offering increased privacy.

Many ICOs state that they will lower fees and take power away from the banks. I believe the opposite will happen. We have already seen transaction costs of Bitcoin become unsustainable, this also happened to Ethereum when Cryptokitties became a short lived craze. The problem with the blockchain is the distributed ledger requires lots of processing, subsequently transactions costs will increase as more users adopt the currency.

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The next problem with the currencies is that there are too many to choose from at this time, when what we all really need is a common currency that we can all interact in rather than incurring increased costs by transacting between currencies.

I am not sure that the blockchain is the right tool for the currency world just yet, not until we can guarantee mass adoption in the billions of consumers, with transaction costs that are genuinely lower and a network that can handle the transactions without consuming exorbitant amounts of electricity.

Time to look for the problems

This week I have highlighted two real world problems that the blockchain can help to fix. The ticketing industry can be greatly improved with blockchain intervention by removing the ability for ticket tout and scams to operate in the market - read more here.

The other area I discussed this week was improving the visibility of our food chain, so that we can once again remove scams, fakes and improve clarity from farm to fork - read more here.

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These solutions are created by people not chasing the millions that can be reaped in launching yet another ICO claiming to offer lower transaction fees, more privacy, increased wizzamagic, etc. These are people who are looking for problems that need to be solved in our increasingly complex world.

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A side note to Mr McAfee, who I believe will actually bring an end to our current crypto world as his current actions are pushing governments and banks to bring down the regulation hard and fast! Anyway Mr McAfee, isn't it time we found a coin that solved a real problem, a coin that can improve our world beyond imagination and even a blockchain technology that we can't trade it to really highlight the benefits of the blockchain rather than filling your pockets with the worlds largest pump and dump.