Blockchain: Promise or Potential?
We've heard so much about blockchain and the way it's going to revolutionize the future. A lot of technology experts we have interacted with have spoken of their intent to study distributed ledgers but did not seem too intent or keen on getting ahead with it right away.
The question that arise here is if blockchain truly holds the potentiall for a better tomorrow or if it's just a promise with no clear path. Judging by the way developments are being made, distributed ledgers have been under the radar of companies for a long time, while the subset of blockchain isn't garnering as much real exploratory efforts.
Most companies want to use a different form of DLT over a blockchain because they can code it to function as per their wishes. This means it becomes permissioned and centralized but utilizes the smooth information flow of DLT. At the same time, many companies and industry veterans are putting massive research efforts in blockchain itself. But when you look at the big picture, DLT is dominating large scale attention.
Blockchains will help transform public systems and decentralized protocols. They will form an absolute form of trustless data and monetary transfers. In today's environment, it seems like blockchain may not be as important to institutions as it's made out to be. But tomorrow may see a massive outage of trust in governments, and the promise of blockchains to every industry and avenue will finally be fulfilled.
With each passing day, this scenario is starting to seek more like a "when" rather than an "if".
- AB
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Hi @reverseacid
I suppose this is typical of most businesses when it comes to new technologies. They prefer that others try it first and meanwhile they wait it out. Very few want to be the first movers, as it involves high risks (or should I say unknown risks) and capital investment, they have not budgeted for.
Very true, @devann. What I meant to say was that despite the blockchain hype, institutions find the entire DLT universe far more intriguing than just blockchain: a subset of DLT. For example, automotive companies would prefer to study electric vehicles as a whole rather than a specific study into plug in hybrid vehicles. Hope you catch my drift!
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It is a question of time, we are now in a transition phase of test, research, and implementation.
Definitely, but the problem is people look in hindsight. They think "imagine if nobody opposed the Internet in the 90's, we would've progressed faster, we need that for blockchain". But it doesn't work that way. Looking back in hindsight and having it unravel in front of your eyes are worlds apart! You are absolutely correct on your point
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