The world is changing, and so is our understanding of transformative technologies such as Blockchain. It is becoming the buzzword everywhere, but how realistic are some of our expectations on this promising new technology? I wanted to dedicate this post to take a step back to ask “what do we think this is going to solve?” and “How long before we could even accept this technology?”.

If you do some research, you will quickly find out that blockchain appears to solve every possible problem known to man. Literally. Every single day, there are 30-50 ICOs (Initial Coin Offerings), whitepapers, new tokens showing up on crypto exchanges, and companies’ use cases that promise to solve everything from advertising, manufacturing, supply chain management, insurance, to well… absolutely nothing.  Yes, I’m talking to you DogeCoin.

But with the promise of our world changing at such a rapid pace, we are going to hit a wall with the concept of BlockChain tech. Just as we do with many new technologies that we as humans are naturally not yet comfortable with. As a perfect example, let’s talk about autonomous vehicles. Do we have the technology? Yes, however, as a society, why are we not fully ready to commit to the idea of not being in control, and letting a machine decide what the next turn is?

Why Our Expectations for Blockchain Might Be Setting Us Up for Disappointment

The New York Times reports that over 40,000 people died (in the US alone) as a result of vehicle traffic accidents in 2016. This represented an increase in roadway deaths in the US reported year over year. So we have a technology that can save people’s lives on the roads. In comparison, what are our expectations for autonomous vehicles?

Our expectations as humans immediately gravitate toward the idea of zero deaths on the roadways; it must be perfect. Doesn’t this bring an unrealistic expectation into the picture? The first time a person died in an autonomous vehicle, it not only made major news headlines but also spread massive fear and doubt. Doubt that made us stop and think, “Should I trust a technology to make the right decision in my life?

So, vehicle manufacturers have now dialed it back and slowly started implementing “semi-autonomous” features such as lane assist, emergency braking, parking assist, and others to ease us into the idea that these features actually will make our driving habits safer.

Blockchain Hype vs. Reality: Are We Expecting Too Much?

The more that I network with individuals around the technology, the one thing is becoming clear. The majority of participants in blockchain are experimenting with highly speculative and over-hyped cryptocurrencies on the belief that they will wake up a millionaire once they purchase the “miracle token” today. The fear of missing out with these individuals increases on a whim, depending on what Reddit user of the week decides to pump up the communities’ hodlers. The cryptocurrency space we forget is just one potential application of blockchain technology.

I have also heard the parallel many times from people I speak with that say…this is reminiscent of the “dot-com” days… If you were not in technology at the time, I would suggest that you educate yourself on the story of Pets.com. The expectations for investors shelling out millions on any idea would provide huge returns, once in a lifetime opportunity, and they wanted a piece of the action. Isn’t this a perfect comparison to the way ICOs are being run today?

Are We Banking Too Much on Blockchain? A Reality Check

If we learn anything in life, it should be from our history. The fact is that the dot-com bubble wasn’t a complete bust! The promise of the internet changing everything was a hoax… or did it succeed? Sure, it did, but not in the way originally thought, and not how we imagined.

We must never forget that many people invested before and rode the “dot-com” crash and lost everything before companies like Amazon and Google emerged. 1.75 trillion disappeared instantly and surprised analysts, investors, and day traders before they even knew what was happening.

Blockchain Promise or Pipe Dream? Managing Unrealistic Expectations

The problem in my mind is that Blockchain is a transformative technology for many industries and verticals. Will it change many things? It absolutely could and most likely will, in time. But just like with any world-changing disruptive technology, we must educate ourselves about not only the possibilities but the hurdles that await the tech.

We should make sure that we are not placing such high expectations on something that is still in its infancy. Blockchain can and, I believe, will eventually solve some real-world problems. But we have to realize that it is more likely going to end up being those “lane-assist” level features, and not everything all at once, and if anything, this is not going to play out the way most of us imagine.