Crypto is overshadowing blockchain potential

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Cryptography is the underlying technology of blockchain. To support the development of blockchain project and mining n a decentralised way, cryptocurrencies were created to pay block producers and also support the project development. So projects like Bitcoin, EOS, Etherum created their cryptocurrencies to support technology development and building of the ecosystem.

Blockchain has many users and can exist without needing cryptocurrencies. Blockchain can be used in many industries and sectors without the need for cryptocurrencies to support it. However, blockchain seems to be suffering from the cryptocurrency backlash from governments and some experts, globally. The high level of regulations and criticisms against cryptocurrencies have made people view blockchain as a fraud. You can’t blame them because cryptocurrencies and blockchain are intertwined and have led many to wrongly classify blockchain technology and projects as illegitimate.

Sadly, the uses of blockchain have far-reaching potential than the narrow and naive view that blockchain is ultimately cryptocurrency. Blockchain technology has uses in healthcare which can give patients decentralised and secure access to health records globally. Such a project has little dependence on cryptocurrencies. Take the sector of democracy as a second example. Blockchain has uses case for free, fair and transparent elections and will reduce the cost of holding elections. It will also give people the power to vote from their phones without having to join long queues. This is blockchain without crypto. Yet, such use case is ignored in the blockchain debate while the majority of the is narrowed down to cryptocurrency.

Many policymakers, and surprisingly institutional investors shun the blockchain DApps because of the seeming connections to cryptocurrencies. The over-regulation of the cryptocurrencies is having an indirect effect on blockchain in general. It is time for a change in the narrative and has a nuanced discussion about the applicability of blockchain for economic and civic growth.

Be part of this change.

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