When it was launched, the blockchain did not have the popularity it has today. Little known, it was reserved only for a specific elite, a group of well-informed people. Fortunately, things have changed a lot, as today many people hear about it and even more people use it to transact. But what justifies this popularity?
The strength of this innovation
Analysts believe that the growth of the blockchain can, in a sense, be compared to railway development. In the beginning, these routes were not particularly used by many people. However, over time there has been a change.
Hunael Stuart said that ” great mechanical horses, which spit fire and smoke and pull incredibly heavy trains at unimaginable speeds, across a landscape transformed by embankments and cuts, viaducts and tunnels that required their passage ”. The practitioner thus describes the powerful role that the emerging, often frightening and speculative industry has played in Britain, a case chosen for close scrutiny.
Railways have “it transformed the way war was fought and peace was found.” To some extent, it would be the the same with blockchainbecause it can upset political regimes and even destroy people’s arguments against blockchain.
The comparison between blockchain and railways is not limited to their effects. It is also possible to take into account the future. If the first trains were the main engines of the “Spectacular industrial growth of the 19th century”, blockchain has the power of revolutionize finance.
Blockchain and railways in the 19th century
The cryptocurrency did not become popular when it was launched. On the contrary, it took a long time. Of course, Satoshi Nakamoto created the blockchain with the aim of fighting the injustice and lack of transparency of global banks. But it took years for this system increase his fame.
As Burniske and Tatar point out in their book Cryptoassets, cryptocurrency gradually took hold of the minds of various people, from cyberpunks to traders and traders, until a reporter asked an interesting question: what is this proof of work anyway? PoW)?
Ironically, Satoshi never mentioned blockchain in his 2008 white paper. It was the Bank of England that argued in 2014 that a “great book” was “the main innovation of digital currencies”. The following year, two popular financial magazines raised awareness of the concept when Bloomberg Markets published an article titled Blythe Masters tells banks that blockchain changes everything and The Economist published The trust machine.
Blockchain and cryptocurrencies seem destined for a glorious future and certain success, according to analysts. For them, the reason is simple: these systems are like nineteenth-century railways. It took a long time for people to part with it. It will be the same with cryptocurrencies and blockchain, many people think.
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Luc José Adjinacou
Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.