Blockchain technology is gaining momentum. With Bitcoin and Ethereum ETFs driving interest, the crypto investment landscape is opening. Concurrently, decentralized finance (DeFi) projects continue to expand their user base and assets. Many regulators are looking for a collaborative approach to this technology. This presents an unprecedented opportunity for those developing blockchain-based projects.

However, we risk wasting this chance.

The blockchain community has historically been characterized by an optimistic outlook for the future. The successful transition of Ethereum to proof-of-stake in 2022 was expected to resolve scalability issues, paving the way for widespread adoption. Similar hopes are tied to achieving greater regulatory clarity, predicting a surge of institutional interest. Yet, such optimism may be misplaced unless we adapt our approach.

To truly leverage blockchains, we must re-evaluate their purpose: they are fundamentally about time, not merely about finance. A blockchain operates as a timestamp mechanism, recording transactions in a transparent and unalterable manner. This capability is crucial; amid diminishing trust, a blockchain could serve as a universally reliable source of truth.

Every transaction includes valuable information: who performed an action, when it happened, and the rationale behind it. This data is verifiable and doesn't hinge on trust in any one individual. Time itself is “trustless,” transiting forward regardless of belief.

The transformational potential of this technology is immense. If we recognize blockchains for what they are intended for, we can create systems that rival antiquated infrastructures established long before advancements like jet-powered aircraft. The blockchain can help develop fairer, quicker, and more rewarding systems.

Nevertheless, the current reality shows that outside a few exceptions, blockchains primarily underpin intricate financial products aimed at high returns. This grim reality persists, largely because of prevailing misperceptions about blockchains being solely about digital currencies like Bitcoin and Dogecoin.

The challenge is compounded by the overemphasis on financialization within blockchain projects, resulting in underutilization of their capabilities and fostering an insular environment that restricts participation.

Conclusively, it's crucial we redefine the narrative surrounding blockchains—shifting from viewing them as mere financial tools to appreciating their potential for broader applications. Everyone involved—developers, investors, and advocates—needs to embrace this ethos. Recognizing that blockchains fundamentally represent time and its associated trust will enable the creation of essential products that cater to real-world needs.