Blockchain/Crypto Technology Advancing At A Pace Quicker Than Other Technologies
We are seeing rapid advancement in this industry. It is easy to get narrow focused and miss what is truly taking place.
The truth of the matter is innovation is coming in waves. We are seeing the development of so many projects across the space which are going to have significant impact. Between the advancements by major corporations along with individuals throwing their own creations up, we are seeing a transformation taking place overnight.
It is easy to forget how long it often takes place for new technologies to advance to the point they have a large scale impact. I believe 3d printing is a technology that is about to explode. However, it is vital to remember this was 30 years in the making. The same is true for virtual reality.
From the onset of a technology, it is common for decades to pass before advancement is to the point where the public can be involved.
Even the Internet was around for decades before the creation of the World Wide Web. After that milestone, we saw the technology embraced where a large segment of the developed population was utilizing it in under a decade.
With this industry, we are not even 11 years since the introduction of Bitcoin to the world. The first few years saw minimal development compared to today. I would say that the last 4 years was really when we witnessed the massive kick off of technological progress.
This is something we can expect to increase as more developers enter the same.
Here is a chart that is rather well known to many in the technology field. It charts the path to mass adoption by the public.
As you can see, the lines tend to get more vertical as time goes by. The world is become more technologically advanced meaning new applications are embraced a lot easier.
We also see the timeline it took for 25% of the United States to embrace a technology. I am going to skip over the smartphone since that was really just a convergence of a bunch of technologies that were already in use.
However, looking at the adoption rate of the Internet, which was the last major societal change, we get a glimpse into how quick cryptocurrency could be adopted. With development starting to kick into high gear, more applications will roll out to foster adoption.
https://articles2.marketrealist.com/2015/12/adoption-rates-dizzying-heights/
It is safe to say that the adoption time will most likely be around 5 years based upon the accelerating pace of technological acceptance.
This is going to present massive opportunities over the next half decade. It is unlikely that the early adopter phase is going to last too long. Because of this, those who are on board today stand to benefit the most.
If you found this article informative, please give an upvote and resteem.