There are many prejudices, misreportings and misunderstandings when it comes to the topic of blockchain. The technology offers enormous potential. So that everyone can benefit from it and the technology and its possibilities become more tangible, we clear up the prejudices.

No. 5

Blockchain is just a hype.

On this topic, we like to refer to the hype cycle, better known as the Gartner Hype Cycle. Typically, any successful technology that is newly introduced goes through five phases of attention. After an initial trigger, attention climbs the peak of inflated expectations before sinking into a deep valley of disillusionment and then reaching the plateau of productivity via the slope of enlightenment.

Blockchain technology has already passed through the peak of inflated expectations and the valley of disillusionment. No technology will be a universal panacea, including Blockchain. There have been some promising application examples, but there are always some challenges associated with the use of new technologies.

Currently, the technology is on the slope of enlightenment. There is an emerging understanding of the benefits, practical implementation, but also the limitations of Blockchain. The technology is becoming more tangible and more concrete use cases are appearing.

So blockchain is not hype. The Blockchain Europe project wants to take all interested parties along the way of enlightenment, so that the plateau of productivity can be reached together and in a timely manner, and the technology and its areas of application can be continuously developed.