April 25th, 2018
Blockchain technology is an innovative concept that is drawing the interest of major businesses and companies from around the world. It is still in its early stages, but it is good enough to make news all over the world. Developers have started asking, whether blockchain will have a transformative effect on all settled jobs. The new blockchain technology is different and unique, which is reconfiguring how the internet functions in the near future. However, it is still too early to assume so much about this emerging technology. There are some issues that need to be resolved before you can use this technology for traditional systems.
The blockchain technology is already being considered by top businesses and companies around the world. It is a new concept that is becoming popular because of it’s transparent, immutable and distributed features. Many people around the world are excited about this technology; most of them even believe that it could become the foundation of a new internet. The recent price rise of all digital currencies, including Bitcoin is all because of the underlying technology which comes with long-term benefits and use. There are many speculators involved, but it is time that you look at the list of investors who are giving this new technology a second look. Some of the biggest names in the market are showing interest in this technology and it is all because of its wide use and features.
In the future, Blockchain protocols may take the place at the base of a new decentralized internet system, on top, there will be layers of other apps and systems. In few ways, it will be a mirror of what is already existing. That’s the reason why it is important for developers to immerse themselves and their employees in this new technology now, this will help them understand the technology which will underpin the future market. Moreover, a proper understanding is also necessary to know why this technology isn’t established in many places or sectors yet.
There are numerous potential paths that lay ahead for this new blockchain technology, but there are still some issues which it needs to overcome. One of the most significant issues with the technology is scalability. The approach of a validating ledger makes it extremely secure and trustworthy, but with time it will need to address the issue of scalability. Everyday transactions are increasing, thus the computer power may reach a point where growth may start seem impossible. What will happen then?
This is a serious problem, but to overcome it there are multiple solutions proposed by experts. For instance, having bigger blocks that can store more than one transaction, this is one approach that results in a Bitcoin cash ‘fork’. Another solution is proof of stake. In this case, a stake is put up as a security feature against false transactions, rather then using proof of work. Another solution, is the use of off-chain protocols; this will facilitate fast transactions by interacting with the blockchain at certain points.
There are many possible solutions to this problem, but nothing has emerged as a winner yet, hence developers would be inexperienced if they focus all efforts on one particular solution. It’s time to focus on building apps which can be used on any blockchain.
Don’t wait until all the issues are resolved before you jump on the blockchain bandwagon. People can start developing a decentralized application, without committing to a single blockchain. New processes and tools are continually emerging, the open-source software is providing a much-needed driving force of progress as capable developers are trying to take this technology forward.
It’s important that developers understand the whole picture behind this new blockchain technology. For them, the focus should be on building new applications which can solve all real problems for people, as of now it’s the most important thing.