Bit Of History
Blockchain could quite possibly become the latest earth shattering and revolutionary global phenomenon since the world wide web (www). There are many that are comparing the two. However, there are many that equally disagree with this concept. To make your decision on who is right or wrong, have a look at the pros and the cons listed below.
So The Positives
As highlighted above, there are many that are suggesting that Blockchain is about to become a huge life changing feature of our world. The fact that it is decentralized offers us all a much more secure and private environment as well as being more transparent than other technologies out there. Blockchain is also a lot easier to use and because of its transparency is a lot fairer and more consistent.
There are those that believe that Blockchain also has the capacity to replace certain applications that are available and are being used at the moment. There are also a vast amount of positive ways that this new technology is being used to remove the need for the middleman which in a lot of cases is a huge benefit. Many of the Initial Coin Offerings that are coming into the industry at the moment are very much focusing on this particular aspect. Whether this is in the finance, logistics or music industry, to name a few, the idea is the same – remove the middle man saving both time and money for both the end user and the supplier. This could be life changing for thousands of people the world over.
And The Negatives
However, the other camp is a firm believer that Blockchain is not a positive in this world and outside of Cryptocurrencies, the technology is useless and very limited. A large percentage of those with this opinion are also very much against the notion of Cryptocurrencies too. So it looks as if the two come hand in hand and are interrelated.
Further more, those on this side of the coin also think that decentralization is not the way forward and is certainly not going to help us. In fact it is detrimental because control is lost and the cost of installation and use of the technology is expensive.
Scalability is also a concern. This has been seen and experienced recently with the game CryptoKitties. The game was responsible for jamming up the Ethereum blockchain which did not go down well and has proved a point.
There is no question of doubt that Blockchain is still very much in its early stages and there will be many more changes along the way to enhance and perfect the technology. This can be said about all software. So the limitations which are highlighted above may well very soon be irradiated. There are big plans ahead for this new technology. Quicker Blockchains can be developed and other features can be added to assist with wiping out the current negatives. There is no doubt that there is a lot more to come from Blockchain and there will be many more chances to see how truly effective it can be.