Nowadays it seems like everyone is talking about blockchain technology and how drastically it will change the world we are living in. We expect some groundbreaking developments, but they are not likely to transform the world overnight. Our experts are sharing their thoughts on the blockchain-powered world, cryptocurrency and what we should expect from them in the future.
1. Blockchain and Bitcoin technologies will take time for building a robust ecosystem
Many people believe that blockchain will change our world someday. But the issue is that we are just not close to that stage yet. The whole world of blockchain and Bitcoin technologies do not have sophisticated governance ecosystem. They will need quite a time for building it. These technologies will have to become better understood and better regulated before we see any world-wide difference. They must provide safety to the user, and that can only happen with greater governance.
2. Technology use cases will spread or the revolution will never come
Some modern experts see no value in blockchain technology at all. The only beneficiaries of blockchain have been cryptocurrencies, which are believed to carry little value outside of slightly shady business. Also, they feel that the technology is just too slow. Due to this, many specialists suggest working on spreading blockchain technology further to web engineering or revolution may never come.
3. If the blockchain revolution come, many barriers – organisational, governance, technological, and even societal – will have to fall
We cannot deny the exciting potential of the blockchain. But we must admit that that governance of the technology is an issue. In order for blockchain to change the world in the future, the society, management and business have to change first. Nowadays we do not have the comprehensive frameworks to facilitate a blockchain-powered world. The changes should come if we want to switch to greater use of the technology. We need to do a lot of work before a breakthrough can happen.
4. We will get a better understanding of blockchain and its useful functions
Blockchain technology applies more than just for cryptocurrencies. The understanding of that is relatively poor and many people still only associate blockchain with blockchain wallet or Bitcoin. We believe that Bitcoin is an essential part of getting people to engage and learn about new technology. If the world adopts blockchain on a broader scale, they need to understand what the technology has to offer.
5. The speculative wave around cryptocurrencies and ICOs is super-risky for those who go long
Some specialists think that cryptocurrencies do not carry much value and that they are getting much hype for nothing. But when it comes to such issue as the blockchain, they tend to be more forgiving. Our developers also believe that the technology has great potential, but it is currently focused on cryptocurrencies issues. If nothing changes, it will be a while before many start to consider blockchain as something more than just a currency platform of doubtful value.
6. It is not, and it will not be a magical thing
Some critics think that will not even be in use within five years. The main reason for that has been that blockchain is being presented as a solution to issues that could, possibly, be better solved by other technologies. We need to understand that blockchain is not the magical fix-all thing.
7. Blockchain education process needs to start
The cryptocurrency and blockchain are so new that we do not have a “crypto or blockchain for dummies” instruction. It is quite difficult to understand and that why the widespread adoption of blockchain could be slow-going. For this technology to drastically change many aspects of our world, we need to fill in the lack of understanding. If the education issue can be solved, we think the world could see first significant changes in as little as five years.
8. There will be an explosion of data from transactions, and we will have to create a better storage solutions
One of the main blockchain problems is data storage that will occur from widespread transactions use. Modern world just does not have the adequate infrastructure to support the vast amounts of data. A lot of companies are working extra hard to solve these issues and find Big data solutions. But still, it could be a while before we see a user-friendly blockchain that users can adopt.
9. It needs to become an open network
As blockchain technology has so many actors, it makes it challenging to identify roles under General Data Protection Regulation (GDPR). That is why it should become an open platform. Some experts believe that the GDPR may delay the growth of blockchain. It can restrict its reach and possibly make it more open to cyber attacks. It’s a legitimate worry, as the GDPR regulations could easily stifle the growth of new communication technologies before they can get off the ground. This will be a massive issue to deal with if blockchain is to transform the world.
10. It may cause pollution due to high energy costs
The modern world has not figured out a way to process enough cryptocurrency transactions. Running them involves high energy costs that can lead to pollution.
That is the biggest concerns of many specialists. They also point to the issue of regulations. Meaning that pre-existing internet regulations can kill the progress of blockchain at best, and at worst make it impossible at all.
Well, we have a long way of development and changes in the future, but that does not mean the world cannot be changed by blockchain. It might just take a little bit more time, or we will see changes in ways that we have not yet considered.