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Blockchain - Are We Ready?

Blockchain - Are We Ready?

Many companies want to build applications on top of Blockchain, but do not have a deeper understanding of the technology. The very first that everyone should ask is what do we understand about Blockchain and how do we benefit from its technology.
Benefits according to Forbes:
1.   As a public ledger system, blockchain records and validate each and every transaction made, which makes it secure and reliable.
2.   All the transactions made are authorized by miners, which makes the transactions immutable and prevent it from the threat of hacking.
3.   Blockchain technology discards the need of any third-party or central authority for peer-to-peer transactions.
4.   Decentralization of the technology.

The knowledge about Blockchain can be used for better understanding of the technology, and its functionality for the Blockchain ecosystem. Understanding the elements of Blockchain is crucial for example; how it may be exposed to different risks and challenges which may endanger the functionality or integrity of the network.

Since Blockchain technology is used differently across diverse industry sectors with varying benefits thus every implementation varies. The blockchain itself is controlled by its community, because different roles are of varying significance in the system. Therefore, basic structure of the technology is adapted to the needs of the network and its use case, which make them unique or suited.

A blockchain can be understood as a decentralized database in which information can be stored and distributed across all participating nodes, resulting in a decentralized network.

The first main use case for blockchain was Bitcoin which is the most frequently used cryptocurrency. Then Ethereum came but major differences to Bitcoin. Ethereums selects a Turing-complete language, which means that any program can be executed on it and introduces the concept of smart contracts. It was later split up into Ethereum and Ethereum Classic after an attack in 2016 and a successive hard-fork.

There are different actors in the system with some only participate once, while others need to constantly validate and insert information in the network in order to support the blockchain function properly.

The figure below provides a better understanding of the roles, and actors in the system in a more general way.


So, we see investments in Blockchain startups growing in numbers. Many are located in the areas of financial services, payment providers, and exchange platforms. So if we're really ready to talk about the future of blockchain, perhaps we should begin by observing out of time how the technology can belong to society. Within the Blockchain ecosystem the systems interacts with other systems and in such a scenario risks can occur.


 Given the technical advances and since our lives are lives of interconnected and perpetual urgency; are we willing to put it on blockchain? The perception of the technology as real distributed computer pleases us. It may not be entirely correct, but it opens up a new perspective since blockchain provides software standardized means for interaction.

Considering many factors Blockchain remains an important development for the society and economy in the future.

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