Melissa Crooks
Melissa Crooks 2 August 2018
Categories Technology

Learn More About The Latest Updates On Blockchain Development

In recent times, there has been a considerable jump in the cryptocurrencies’ collective market caps with records reaching as high as $180 billion. Unfortunately, many people are yet to take notice of the extraordinary events currently taking place in the cryptocurrency and blockchain industry.

Just like in the past (about two and half decades ago) when only very few people understood what the internet was, most people today are still yet to fully understand what the blockchain technology represents. Apart from insiders, this is a technology that is still very new to most people and even internet users.

Like the internet, this technology features an extremely simple and infinitely complex process at the same time. This includes a decentralized ledger and cryptographic hashes and deep algorithms. Basically, the blockchain development is no different from the way people considered the internet in its early stages.

The internet itself came into existence in the early 1990s. As at then when many people were still wondering what the global computer network was all about. This is exactly what blockchain and cryptocurrency are right now. They are both happening right now and there are no signs of stopping any time soon.

What is this technology?

In a bid to help solve those problems that are commonly associated with records, transactions, and contracts, blockchain seeks to provide a more efficient and verifiable means of recording transactions between two parties by presenting an open, distributed ledger. Through this means, transactions could be triggered to function automatically.

Thanks to blockchain development which has helped to embed contracts in digital code and store them in visible, shared databases so as to provide ample protection from unwanted revisions, tampering, and deletion. This new development has helped to enhance the process of identifying, validated, storing, and sharing information. Basically, every payment, every task, and every process would secure a digital record and signature.

No doubt, these are immense blockchain solutions that would freely enable algorithms, machines, organizations, and individuals to effectively interact and transact with one another with little friction. Apart from helping to redefine economies and companies, this is one technology that will also help in revolutionizing businesses across multiple industries.

What’s its current stage of development?

While things may seem to be slowing down at the moment, it is important to note that there are no indications showing that the industry will fade out any time soon. As a matter of fact, people have always been on the lookout for the next big thing since the remarkable advent of the internet and the subsequent digital gold rush.

Simply put, blockchain is creating a platform which technology can leverage on to disruptively transform the industry by building on sophisticated industries and disrupting outdated ones. There are many outdated industries that just require the right technology to transform them.

From shipping to oil and gas and even to farming, it is interesting to see how these blockchain solutions are rapidly replacing traditional processes and transforming many old industries. Since the last couple of years, token sales have been on the radar taking over the entire venture capital industry.

Years back, it would have been difficult for anyone to believe that the venture capital industry would be disrupted by something of this nature. In fact, according to recent calculations, ICOs have helped to raise more money than all of VC combined.

The current effects of blockchain technology in the industry can be compared to what Uber did to the cab industry. Right now, this technology is presenting itself as the driving force in the banking sector and many other industries. This is one major reason why many bank CEOs are making desperate attempts to discredit the rising tech. basically, they believe that apart from annexing the industry, it could make their roles in the sector redundant.

Embracing blockchain technology is certainly the only way to accept what is happening and go with the trend. In some regards, this tech is making waves along with cryptocurrency in some financial markets. Currently, there are several ETFs that are making series of attempts to create funds that would allow people access cryptocurrencies such as Ethereum or Bitcoin via traditional accounts. This will help to bring lots of funds (institutional money) into the industry.

So, what does the future hold?

Every single passing day, the mainstream is focused on learning more about the blockchain technology, as well as the related currencies. No doubt, the snowball effect is well under way. However, many researchers are beginning to worry about the hype of the technology despite sharing the enthusiasm for its potential.

Along with the recent hacks of cryptocurrencies and collapse of certain bitcoin exchanges, there are looming pleas as regard its security concerns. If blockchain development must continue to bring about that long expected technological innovation then many protocols – societal, organizational, governance, and even technological – will have to be broken.

Rushing headlong into an innovation of this sort without having proper understanding of what the future holds could be very hazardous. To this end, it is important to understand the strategic implications and insight of the technology before investing in it. As waves of technological and institutional change gain momentum, there will be no sudden development. Obviously, a gradual but steady adoption process will be required to achieve the needed blockchain solutions.

While there are still many more years ahead to achieve an authentic blockchain-led transformation of government and business, it is imperative to note that blockchain development will only help to enhance traditional business model and not destroy it. As a foundational technology, it offers lower-cost solutions aimed at improving transactions.

No doubt, blockchain solutions are opening up new opportunities for growth and development within and across multiple sectors. As a result, it becomes essential for executives and business owners to start figuring out where to start developing their organizational capabilities. They need to help their workers, staff members or tech crew learn and understand every bit of the technology. This will not only help them invest in the infrastructure but also enhance the development of efficient company-specific applications.

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