Blockchain as we know it is completely changing. One year ago, there were hundreds less individual crypto-currencies than there are now.
While a majority are still based on bitcoin or ethereum or a number of other lesser used blockchains as a basis network, as things expand, there is a significant change in how individuals and corporations are treating it as a developmental tool/the basis for the future of financial and medical technology.
What’s not to love about a perpetually synchronizing network that assures accuracy and prevents manipulation by one central party?
Contents
How Blockchain Will Change
Private blockchain development is increasingly occurring. Using a telnet to build out ideas and then moving onto building a main net is a massively used technique by development teams and ICOs to raise funding/demonstrate capability of their future product/blockchain infrastructure.
Private blockchain development can have some nefarious uses, but the implementation itself is where the challenge lies. At its current stage, there is a need for blockchain developers at an alarming rate. Especially because even with its widespread trendability, few still actually understand what blockchain is and how useful it is.
As developers pick their blockchain to standby, there are factions of developers that are trying to make it easier to adopt their blockchain of choice by offering tutorials and tutoring to any aspiring coders that want to get into it. Any blockchain is only as powerful as its adoption. With Ethereum’s founder preaching Solidarity (both the coding language and regarding supporting his metaphorical child Ethereum), we see the limitations on blockchain development isn’t only in government adoption.
True mass adoption requires an easy to integrate a system that fulfills and brings ease to the average consumer/user. That has yet to be the case for any blockchain system. Not to mention, blockchains suffer from being difficult to scale.
ICOs
The private blockchain development that many ICOs start off with are good for learning/understanding parts of the blockchain and its functionality at best. Many craft complex ICO papers without having the ability to carry out the actual actions that they outline.
It comes across to many as lofty but possible, and until the point, it has worked well. In the future, ICOs are going to have to offer something tangible in return for the massive amounts of funding they receive beyond the promise of listing on Binance. The biggest red flag for investors and potential developers/users is the inability to share code/github for proof.
All In All
The blockchain is not going anywhere. It is estimated that mass adoption will be far beyond what anyone had thought was possible, with at least as much as $37 billion being saved by banks by 2030.
With major companies and firms killing smaller projects or buying them out, the drive for many is to recruit and build out a test-net or private blockchain that will allow them to ensure their future competitive edge as a “company that uses blockchain.”
How things from there for both developers and users remains to be seen. As the technology is explored and built upon beyond this rudimentary phase, remains to be seen.
Thoughts? Questions? Comments? Leave them below.