- Deutsche Bank released research on the future of the payments sector, and compared the internet to blockchain technology
- Blockchain is seeing consistently increasing numbers
Ten years running, and blockchain is still firmly in the discussions of being potentially as disruptive as the internet. How true are the comparisons?
Blockchain has held its own
The multinational German investment bank Deutsche Bank has released research on the future of the payments sector, with blockchain featuring prominently in the discussion.
According to the published paper, the comparison between the internet and blockchain technology might not be so farfetched, even the magnitude of blockchain's impact could be smaller. The paper titled ‘Digital Currencies: the Ultimate Hard Power Tool explored the rise and evolution of the internet in the span of almost three decades and compares how blockchain fares with the current numbers.
The internet now has more than 4 billion users since its rise over two decades ago. Is blockchain technology, for which only a few had expected to find any use case beyond Bitcoin, ready to post the same numbers or even surpass it?
The rise of blockchain
Going by the chart published in the research paper, blockchain might not be posting the same monstrous numbers that the internet recorded within its first two decades, but the pattern so far shows there has been a consistent increase. More so, there is a curious similarity with the trend recorded by the internet.
Plotting the number of blockchain users against the internet, Deutsche bank predicts the future of blockchain and its rate of adoption in the coming years as illustrated in the chart below.
According to the chart and the German bank’s postulations, blockchain technology is set to have at least 200 million users by the year 2030. While the billions posted by the internet in the same time frame surpass this number, it is nevertheless an optimistic prediction that hundreds of millions of people in the world would possess their personal blockchain wallets.
Blockchain's underlying principle has always been decentralization. However, the research say that the only probable reasons capable of causing a surge in adoption rates would be the involvement of the world's biggest centralized powers such as Google, Amazon, Apple or Facebook.
Adedamola is a computer engineer from Obafemi Awolowo University. He’s a crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and a positive contribution to the organization that aspires for excellence.
Deutsche Bank released research on the future of the payments sector, and compared the internet to […]