![]() ![]() Sometimes it implied more complexity than what it solved, both technologically, operationally or in terms of governance between the actors involved. After the initial analysis it did not bring clear benefits. ![]() Especially when we were looking at complex processes with multiple actors.ĭuring those two years we probably discarded 90% of the scenarios where we proposed to apply Blockchain. It seemed difficult to generate revenue, but it did seem possible to obtain efficiencies (cost/time savings). We had to solve a problem that had not been solved until then, or we had to do it in a different way. To identify use cases where its application was differential. Where does it make sense for a company to integrate some Blockchain technology? Does it really add value to the business? Is it just one more of these purely technological trends that do not go beyond proofs of concept and pilots?Īt that time, the objective of those of us who worked with this technology was to answer these questions. Well, that’s great, but… ‘what’s the point of it’, you may ask. They take advantage of the characteristics of immutability, traceability and transparency of the information in Blockchain networks, in those scenarios where these aspects represent a differential value The Modern Age: Technology in Search Of A Problem Once deployed on these networks, they allow different use cases to be implemented securely (without any actor being able to affect their operation). These applications, known as “Smart Contracts”, make it possible to define business logic. They did not focus solely on payments and used public and private Blockchain networks. They were based on the basic concepts of cryptocurrencies applied to the deployment of general-purpose applications. Gartner Hype Cycle for Emerging Technologies – 2017ĭuring this period, new technological solutions began to emerge. ![]() Nor did users have any incentive to replace credit cards or services such as Paypal, which were easy to use and already accepted as the usual and secure means of making online purchases. In addition, there was the risk (technological, legal, economic, reputational, etc.) involved in adopting bitcoin. The number of users was low and the cost savings in the form of lower fees compared to alternatives were unattractive. ![]() There was no clear return for the companies. The reason was simple: it did not solve any problems, for either party. But the use of cryptocurrencies for the purchase of goods and services, integrated into the online shops of these companies, quickly fell into the abyss of disillusionment. Companies such as WordPress, Microsoft, DELL or Destinia (to mention some Spanish companies) saw in this cryptocurrency an alternative means of payment for their customers. Probably this year, 2015, was a turning point for the first wave of bitcoin adoption. Two years earlier, in 2015, we could find cryptocurrencies on this curve. Strictly speaking, 2017 was not the first time that Gartner introduced something related to Blockchain in its “Hype Cycle”. What has happened during this time? Are there already successful applications of this technology, four years later? What areas is it being applied in? What does the future hold for us? The Ancient Age: The Beginning of Cryptocurrencies Today we are going to review the experience of companies like Telefónica in making Blockchain’s expectations a reality. It was also beginning to descend into the “abyss of disillusionment” alongside companions such as Machine Learning, autonomous vehicles and drones, among others. Back then he estimated that it would take 5-10 years to reach the mass market. It has been several years since 2017 when Gartner first included Blockchain at the top of its “Hype Cycle” of emerging technologies. ![]()
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