It is no denying that the mainstream viability of cryptocurrency as a whole is sitting in a tad dubious box seat; however, if there’s one winner which has emerged out of this bubble – it definitely is the blockchain technology
Primed to do unbelievable things, blockchain has grown from being the new kid on the block to something that is gaining a ‘necessary’ status on a daily basis. Its not just the speed of expansion but the sheer repertoire blockchain possesses is what sets it apart from other technologies which have entered the fray recently.
Here’s how Blockchain has grown over the past year or so moving on to wider applications.
Application has taken centrestage:
This is to denote that enterprises, businesses and organizations are not just reading into blockchain but applying its potential on a daily basis, integrating it with their legacy systems and more.
Initially businesses were trying to explore its potential, inducting tests and trying to figure out if there’s any use for it. However, now blockchain’s potential is being harnessed to create authentic applications
Undoubtedly, 2017 was the year for initial coin offerings, with many big names joining the bandwagon. And nothing suggests that this year or the next will go ahead differently.
Of course, if the total number of ICOs keep increasing, the amounts in question will decrease as investments will then be scattered. Nonetheless, it just proves how blockchain has taken over this segment and is not looking to stop anytime soon.
The ecosystem of digital currencies as a whole broadened to an extent which was never seen before.
Practical blockchain applications are on the up:
Be it slow, but traditional businesses are turning to blockchain to expedite their business processes substantially. The adoption is slow, but then Rome wasn’t built in a day either. According to a survey, 74% of conventional businesses can envision their organizations to adopt practical use cases arising out of blockchain.
Just as an example, a Securities Exchange has made good use of blockchain based distributed ledger technology to replace the existing model in place. That being said, this change took years to testing and reviewing.
All in all, the signs are ominous that the paradigm shift is well and truly on.
Security is the buzzword in the blockchain world
By its raw essence, blockchain was forged as a way to ensure transactions occur safely and securely. Ergo, this should come as no surprise that this is where all the magic is happening currently. Blockchain is a vital pivot in the cybersecurity industry as of today.
Right from integrating decentralized biometric data to enhance user authentication to fine tune access control systems to mitigating security breaches entirely, blockchain is everywhere. No wonder blockchain based cybersecurity firms are getting funded left, right and centre.
Its not all sunshine and rainbows
There might be light at the end of the tunnel; however, the way there isn’t silky smooth as imagined. This blockchain ride definitely comes with a whole lot of ups and downs.
In one way or the other, blockchain is a victim of overhype, in some ways similar to how virtual reality was up until a few years ago.
Even though it is being proclaimed as a game changer in the international sector, much like VR, individuals can’t seem to wrap their heads around its actual practical applications and it seems too far fetched a technology to be integrated in their legacy systems.
This isn’t to say that blockchain is not powerful; however, one needs to know how to harness this power to its maximum potential. There’s no smoke without fire, is there? Blockchain is well and truly up and running now; what remains to be seen however, is how far it can go and for how long.