In 2008, Satoshi Nakamoto published the Bitcoin: A Peer-to-Peer Electronic Cash System, a famous white paper marking the birth of blockchain technology. Ten years later, the tides of capital, waves of investors, and surges of projects, along with distorted and exaggerated conceptions, have sparked too many hopes in the industry while mounting tremendous pressure on it at the same time, turning it into a furious battlefield. However, the blockchain technology has to zigzag its way through challenges to grow, like any others do.
Parts of the blockchain industry are coming together to form an ecosystem
The blockchain ecosystem is an integral economic complex that includes the industrial chain to support the development of the blockchain industry as an independent system. While integrity of the ecosystem means that its infrastructure is strong enough to support the industry’s take-off; the clearer development path proves the fact that the industry is becoming more mature.
An industrial chain about to be complete
You may notice that we can easily find someone in any part of the industrial chain, such as hardware manufacture (e.g. mining), infrastructure (e.g. public chain) and security service in the upstream sector; and technology application service (e.g. wallet, virtual currency and exchange) in the downstream sector. In addition, investors, media, and talent services are all in place to bolster the growth of blockchain industry.
Application of blockchain: gaining vast territories in the financial sector and most sectors of the real economy
As indicated in the picture, blockchain technology has developed close ties with the financial and real sectors, and started stretching further into segments.
Governments embrace blockchain with development strategies
The popularity of blockchain technology is also manifested by governments around the world setting rules and drawing blueprints for development of blockchain in their countries. This also indicates that governments hold an optimistic view on the technology and are driving its growth at a faster speed along an organized path.
Examples of government endorsements include US Congressional Blockchain Caucus, EU Blockchain Observatory and Forum, and South Korea’s ‘I-Korea 4.0’ strategy. China also expressed its interest in development of blockchain in its Government Work Report.
Business giants launch plans to gain an upper hand
IBM announced its participation in Linux Foundation’s Hyperledger project in 2015. This open-source blockchain project also attracted many FinTech and banking players including Intel, Cisco, and London Stock Exchange Group.
Following them, Goldman Sachs, Morgan Stanley, Citigroup, HSBC, Microsoft, Tencent, Alibaba, as well as many other financial institutions, consulting agencies, IT vendors and Internet tycoons are investing big on the blockchain technology.
The above information suggests that the blockchain ecosystem is seeing its luxuriance thanks to the mutually beneficial effects among its components.
Focusing on building a public game chain, GaiaWorld is ready to surf the tide of blockchain
GaiaWorld has been resolved to be a founder of a public chain, the understructure serving as the foundation for the marvelous superstructure of blockchain technology. Despite all the challenges in technology development, debugging, and platform building, we are making every endeavor to create a decentralized public chain that serves the upstream and downstream sectors of gaming industry and bolsters its faster, better and prosperous development as a corner stone.
Facing great doubts, the blockchain industry has also been well nourished by many favorable factors and become more robust since its early days. Although there are twists and turns along the road ahead, the blockchain technology will eventually rule out some sluggish centralized industries, just as the Internet has done before. This trustless and decentralized technology will extend to every corner of our life, bringing us to a more wonderful world with greater convenience.