We as a society constantly try to dwell in nostalgia,
We as a society constantly try to dwell in nostalgia, even though we are moving forward at a break neck speed. Every other minute there is a breakthrough being achieved in some unique project, but we continue to reminisce about the good old days.
The industries that we see around us have made significant technological development, but at the same time, there is so much more that can be done if people are more open to change. A technology like Blockchain which is highly disruptive in nature, understandably scares these industry leaders.
We tend to fear what we do not understand, and for a long time, blockchain was a technology that people did not understand. They perceived it as a threat for their industries due to its features of decentralization and transparency. We have to accept, that most people wish to maintain centralized control over their companies.
These are the very same people who do not hesitate to rake in massive revenues at the cost of compromising the product quality. The system is grey and murky, and often the regular people are not allowed to peep behind the curtain. What blockchain does is that it blows the system wide open for everyone to see. Every detail, every entry, every record is stored in a public block that can be accessed by people.
This transparency makes it possible for people to also regulate the blockchain. Any major changes happen only when the stakeholders reach a majority decision, which ensures a systemic democratization of the process. It promises a new world order where there is no scope of monopoly over data. Everyone collectively owns all their data, and it cannot in any way be tampered or manipulated.
So yes, you can understand why blockchain might come off as a threat to traditionalism, but any great emerging technology in the past has been a similar kind of threat. Take for example, the internet. People were in awe of it when it was discovered, but they also feared the destruction it was capable of causing. Today, we regard it as the greatest invention of mankind. Similarly someday, blockchain might be treated with that same veneration.