Blockchain technology is a very innovative idea and it is covering all aspect of technology very rapidly. So first we see how an idea make it place among the population.
An idea, product and behaviour take it's root in society through different segment of a population. It start with innovator and early adopter with very slow rate and covers just only 16 % of population. These individuals who take early interest in that Idea or product, are those who see an opportunity to make it more significance. They are willing to experiment, take huge risks and change the status quo. After the innovation begins it spread exponentially in early majority, and worry about it than who comes early before them, but still they are eager to jump onboard. Next segment is late majority risk-averse and skeptical population. And finally come laggards the one who are more resistance to change. And this way the diffusion of the innovation completed. This model of the adoption occurred throughout history, from the abolishment of the slavery to the iPhone and Android phones.
Where is the Blockchain
So many of us thinking that where is blockchain situated in the curve. Some people believe that we are in early majority phase of exponential growth. This situation is on the cups are full adoption. We should examine the blockchain issue with two ways: investment and technology. This is very important part of the blockchain adoption analysis.
On the investment point of view blockchain is under early majority level. More and more capital is is invested in cryptocurrency today. End of 2017 total cryptocurrency market has capitalisation of more than half trillion dollar from the 18 Million Dollar at the start of 2017. In Korea and China exponential growth has been seen on cryptocurrency market as users increases very rapidly.
Where is the blockchain technology really?
Rise of blockchain open the door for cryptocurrency. Now a days there are many cryptocurrency in the cryptocurrency market. But the growth of cryptocurrency project is limited due to the necessity of qualified technologist. Mining process of the cryptocurrency is very tedious and it needs a large amount of energy. To start any cryptocurrency project large capital investment is needed.
The most technical issue with the blockchain is scaling. Blockchain network are still not able to handle large volume of transaction as happened in Industrial and financial institution. Transaction charge for the cryptocurrency are very high and it takes too long time for the transaction. Blockchain application will exert great pressure on network, due to exponential growth of activities on blockchain network. If problem is not fixed, this might result in higher cost of blockchain application. Several promising scaling project currently running in pipeline Raiden network, Plasma, Zilliqa and lightining network.
The gap between investment and technology is growing so we need to find the way to recover these gaps and fix the scaling problem that may result with proper use of blockchain. Blockchain Technology needs to cover up blockchain investment.
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