To start off with, it is important to know what hype is. Call it, promise without proof, and there is frankly no simpler way to put it. So does the blockchain hype help in the long run? The truth is, hype, in any sector, helps firms and ventures. This helps in the long run if the firm can reap the benefits of the hype.
Why do firms use blockchain hype?
Given the wave of innovations in blockchain technology, any new firm or even an existing one wants to get into the limelight and share the attention that cryptocurrency firms and blockchain-based businesses get. Many companies are using the blockchain technology successfully on certain problems or applications, however there are many companies that have jumped on the hype.
Did the hype help?
The blockchain has proved itself so far, and in fact delivered more than promised. That’s why, any hype created now will only go on to help all ventures and firms involved in with blockchain.
To answer the question, the hype has definitely helped. It has helped various startups to receive the initial investment required to jump start the company. It has also birthed many crypto-exchange sites and their sheer number is a testament to the hype Blockchain has created. These exchange sites do away with brokers and middlemen while investing. The graphs and pictorial representations help investors decide on a safe investment. There are also various companies that are using blockchain to deliver services, such as ParityTech and Aid-Tech. These companies offer their services on decentralised web.
Also read: Exciting Crypto stuff not related to Bitcoin
The unocoin trading platform. Image Source: Unocoin.com
There are also various companies which declare themselves as blockchain based in order to gain some publicity and garner stock spikes. In fact, there is a Hong Kong based start-up which had no revenues at the beginning of the year, however, its value jumped to about 1000% this year because it successfully rode the blockchain hype.