An interesting chart compiled by Deutsche Bank compares the early evolution of the internet and blockchain technology. It shows that the two have relatively similar rough starts, but ultimately the former receives more mass adoption than the latter.
Today, it is difficult to imagine living a normal life without constant access to the world wide web. The Internet was one of the most disruptive and ingenious creations of the XNUMXth century.
Blockchain, on the other hand, has been touted as an equally disruptive and intelligent technology in the XNUMXst century by many. Deutsche Bank recently released a chart showing how the two have started, the midpoint and projected future adoption. On the left, you can see the number of internet users in millions and on the right, the number of blockchain wallet users (again, in millions).
[amazon box="B00R6MKDDE"]Internet vs. Blockchain adoption rates
The graph indicates that both got off to a slow start, particularly in the early years. It reveals that after eight years of existence, the Internet had around 500 million users, while during the same period, blockchain is approximately 50 million. All of this 10x difference is projected across the entire graph. The Internet also took less than 25 years to reach more than four billion people around the world. Deutsche Bank's forecast for mass blockchain adoption suggests that after a quarter of a century, it will be used by around 350 million.
Although the internet seems far more dominant, Changpeng Zhao recently offered a different perspective. The CEO of Binance, the largest cryptocurrency exchange by volume, stated that “ blockchain will have a greater impact on our society than the internet .” Despite the undeniable impact of the internet on the world, it had a difficult initial adoption period. History books reveal that it was created sometime in the 1960s in a very different form than it is today. However, it wasn't until the late 80s and early 90s that it began to be adopted in Europe, Australia, and eventually, Asia.
Difficult beginnings
But even after so many years of existence in various forms, it was expensive to use and often unreliable. The largest internet provider in the United States in the 90s charged $9.95/month for 5 hours of unlimited access, with each additional hour costing $2.95. With all the improvements, such as the introduction of DSL, 3G, 4G, and so on, the internet became a much better version of itself over the next two decades. A recent report reveals that today's speeds are 136 times faster than they were back then. Furthermore, internet access is 90% cheaper.
What does this have to do with blockchain? Well, the latter is simply in its early stages, where the promise of its future developments and disruptions is more significant than its actual use, at least according to some non-believers. Similarly, there are challenges with cost and scalability that ultimately prevent its mass adoption. That said, blockchain has come a long way for its relatively short period of existence. Users can safely assume that improvements will continue with cost reductions, increased scalability, and faster transactions.
