Does Blockchain Need a Killer App?
A killer app is a specific use case for a new technology that makes the public view it as supreme to other offerings, and as such, it is mainstream. Many have argued that a killer app is what has held blockchain back from being mainstream. Skeptics suggest that if blockchain were to have a killer application, it would have happened by now (after all, Bitcoin has been around for over ten years now). However, enthusiasts counter blockchain doesn’t require a killer app. It is a killer app. These perspectives all differ significantly, so what is the right answer?
While we can’t say for sure, we can provide you with some context. Namely, what are some of the possibilities for a killer app that might be worth keeping on the radar? And what is holding back all businesses from implementing their own?
Supply Chain Management
In a recent post, we uncovered the supply chain as a popular blockchain use case. Food suppliers and complex distribution systems have taken advantage of the opportunities to track products from point A to point B with increased transparency and efficiency. With the blockchain, the whole process is securely recorded and creates an extensive audit trail. This helps reduce some of the human errors associated with managing a complex network and has proved useful when organizations have increased their focus on corporate social responsibility and need to prove to their customers they know exactly where the items have been.
Protecting Patient Health & Immunity Passports
With significant security benefits, the health industry is just one more area finding a use for blockchain technology. Typically hospitals carry data that is subject to hacking attacks due to their high value. Blockchain has since provided its use as a more secure medium of storing and sharing confidential information. In light of the Covid-19 pandemic, others have suggested a killer app for blockchain might take the form of an immunity passport that would contain the health information of each individual.
Bitcoin (And Other Cryptocurrencies)
Without a doubt, cryptocurrency has taken the world by storm, bringing to light the underlying blockchain technology. In the early 1990s, bitcoin concepts were first developed, although they didn’t meet the public eye until 2009. It was then that the token (and underlying technology) became widespread. With bitcoin, traders could transact with each other without a third party with complete security.
Blockchain Needs a Platform That Promotes Easy Adoption
Since there are several use cases, there has been ample opportunity for a killer app to be born. Companies are still finding new use cases for the technology and investing heavily in it. This answers our question earlier that no blockchain does not need a killer app for it to be taken seriously in the technology space. Instead, we must lean on other reasoning to determine why blockchain technology is yet to reach mainstream adoption.
From our experience, the answer is simple. That is, blockchain is a complicated, decentralized technology with a steep learning curve. As a result, businesses that don’t handle the technology day in and day out face a steep learning curve when it comes to applying blockchain to existing business processes and managing a team, whether externally or internally, can take time or resources. To hit mainstream adoption, it is the availability of an easy to use solution that is needed. Bringing this vision to reality begins with a cloud-based blockchain solution that offers solutions for enterprises and service providers to build, operate and manage trusted blockchain networks. We stand behind the belief that with the right solution to simplify and accelerate the implementation of blockchain technology, a single killer app will not be necessary.
What do you think? Is a killer app still needed for blockchain? Comment what you think this will look like below.