Blockchain in the Cycle of the Techno-Wheel of Samsara
An intriguing question arises: we have blockchain, an advanced technology in the IT field. At first glance, one might assume that blockchain adoption is happening quickly, but in reality, it has yet to reach mass market proportions. But why is that?
Blockchain serves as a disruptive force for numerous existing IT technologies, rendering them obsolete. Consider this: significant investments have already been made in previous-generation technologies, and their functionality still remains satisfactory. It only makes sense to wait until a portion of these investments can be recouped. It's all about economics. Think back to how early cars coexisted with traditional horse-drawn carriages for a certain period of time.
This economic aspect intertwines with the psychological factor. It is ingrained in human nature to resist change and favor the familiar. Even when a new technology appears attractive, there is always an inherent risk associated with it. "We abandon the old without any guarantee of success with the new!" Fear of uncertainty triggers our instinct for safety, which is one of the most powerful drivers of human behavior.
The desire for the best clashes with our innate conservatism. This tug-of-war ensures balanced growth and an optimal risk-return ratio.
When it comes to blockchain, it shouldn't be regarded as the ultimate solution. Yes, it currently holds the upper hand and will undoubtedly secure its deserved position. However, new replacement technologies will emerge, and the cycle will repeat. This is the techno-wheel of Samsara.