Let’s discuss one of the most debated questions regarding blockchain technology in this article, i.e., is the blockchain revolution real or just a hyped phenomenon?
TheBlockchainAcademy.com has previously discussed in great deal the increasing penetration and potential of block chain in different industries, however, the question about its significance is still there in many minds. Is blockchain everything it is expected to be? There has been a huge discussion, seen at a number of blogs, forums, and sites, regarding potential of blockchain as an ultra secured and ultra distributed mega global database for small and large transactions. Visionaries like Alex Tapscott, Don Tapscorr and Dion Hinchcliffe, consider blockchain as transforming as the internet itself, eliminating the brokers and middlemen away and delivering free but highly reliable and secured storage of and access to transactions.
Never the less, not every one of us sees it on such dramatic terms. Blockchain might be joined with infrastructure, restrained by compliance and legal frameworks, or even might just become too hard to handle and thus marginalized. One of the moving sensations behind Bitcoin, Stefan Thomas, is giving thoughts on the technology which underpins the crypto-currencies. In the latest piece posted, he stated that with the growth of blockchain, the bigger and highly vested user data base is going to be harder to manage.
The doubts of Thomas derived from the growth of Ethereum, the blockchain based crypto currency and smart contract platform that is open for all to use. Getting the shared state all across the huge developer and user base is getting problematic. In any protocol, everyone has to act the same. However in a blockchain such as Ethereum, everyone has to think the same. Everyone’s memory (also called state in computer science language) has to be exactly the same and grow as per the same rule. The shared state adds high complexity and that has a huge impact on developers. Blockchain are pain to work with. Everyone who has done it knows about it, he said.
The reason behind the success of World Wide Web and Internet is its stateless architecture. The focus should be on the simple data and minim protocol format. Rather than blindly substituting the centralized functions with the blockchain, ways should be considered to avoid having those functions be centralized to start with. There is a need to develop stateless protocol such as the Web, which can be gradually enhanced in different corners of the system.
The fact that the blockchain has been mainly ignored by key tech businesses and embraced by financial sector is partly due the fact that industry has a comparatively high tolerance for complex and arcane systems. Tech vendors have been recognizing blockchain, including the great IBM, which lately has been piloting and testing the method in different capacities.
We believe the truth can set us free and distributed trust will profoundly affect people in all walks of life. Maybe you’re a consumer who wants to know where that hamburger meat really came from. Perhaps you’re an immigrant who’s sick of paying big fees to send money home to loved ones. Whether or not it would transform the computing world upside down is still to be seen, however, it is likely to grow as another vital tool available to businesses in their endeavor to develop stable, well collected and secured ecosystems.
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