The Future of Blockchain

The question that everyone wants to discuss today is about The Future of Blockchain. Everybody has had enough of jargans, quotes and gyaan from friends and family about investments in Bitcoins and Cryptocurrencies. 

"Is Bitcoin a bubble waiting to burst?" asked many. It could be true or not. I am not going to talk about that in this post of mine.

But the base technology is different! It is meant for decentralisation and reducing the transaction times in various fields. You read about so many cryptocurrencies today, they are all over the press. Many frauds and many successful fund raisings.

That's not it! There is something much bigger going on than just these currencies and tokens.

While the media is busy speculating the future or values of these currencies, beneath all this the developers are trying to solve something important. They have mixed various technologies like, cryptography & gamification they have been able to create a system of untracable and decentralised transactions.

Why is decentralisation so important?

What makes decentralisation the most important term / feature of the blockchain technology?

Like, today everyone is obsessed about the fact that there has been some important data breach from their facebook accounts. Cambridge Analytica is all over the press and people are fighting for it because they need their privacy. They aren't happy with some company somewhere keeping a track of all their information.

Well, imagine someone, somewhere keeping a track of all your money, your documents, your personal details and so much more. Would you feel secure if these databases were hackable? Would you feel secure if you knew, that someone from a totally different corner of the world could trace all your drug purchases (medicial here) or could maintain a record of your genetics or for hell's sake, could keep a track of every ride you took via an Ola, Uber or any other ride sharing platform.

 Isn't that your F***ing nightmare! 

This technology has the capacity to store all of this data in better formats and in better means. The Future of Blockchain , isn't going to be everything about money, currencies and the hedging of tokens or the illegal sales happening around them. It is much broader.

For someone who still is confused bout the basic fact , What is a Blockchain read my past article here.

Blockchain's Commitment

Blockchains are commited to change this. This technology is commited to remove the middlemen and commision agents n each process. It is commited to build systems where people can work together without the need to trust each other. Different people can work on the blockchain and access various elements of data and all of it is recorded and stored.It is one of the most secure technological developments for databases today. 

Can't the Blockchain be hacked?

Frankly, as per my understanding any blockchain too can be hacked. It is easy to get inside a block and change the source or move data. But, what makes this secure is in the blockchain the data is stored in multiple ledgers, that means for an hacker he won't have to just hack into one block, rather into all the blocks that are a part of the chain. Well, this takes the difficulty to a next level. Haven't comeacross people being successful at hacking into blockchains. 

The present v/s the Future

Today AI and deep learning is what everyone wants to get into. Let machines suggest to you what clothes you want to buy based on your past usage and lets deep learning help you play a game of chess with yourself. All of these guys are out there to build robots of some sort that are going to do all our chores. The day when you will not only ask Alexa to read out the news, but will also ask it to go fetch you a glass of milk from the refrigerator. Or maybe Tony Stark will commercialize Jarvis.

With due respect, to these technologies as well, they will change the future and revolutionize our experiences, but blockchain is here to change the way governence works. It is here to drastically change the way everything works. 

Backin the days, we saw a dot com bubble. Investors pumped funds and others waitied for the bubble to burst. But today, you are reading this article thanks to that bubble. Also, for a matter of fact the bubble did burst and a lot of irrelevant players got washed of but then we had the whales like Google, Amazon and others who revelutionized the industry. 

Today maybe the blockchain technology is a bubble. It will burst someday and the hype might go down as currencies are attractive factor for now. But once people stop needing a reward to put thier computers to work to maintain different blockchains, we will see a revelution. 

I used to work with a technological company, that I just moved out of (On good terms,I guess). I saw the facination and the day to day issues. How people tried to work around coupon codes and cheat their way to get more discounts. But we had to let them be. These cheats also started giving the product some traction that it needed to boost its confidance. 

The current situation in this space is simillar and people want to cheat the f*** out of others and take undue advantage of a lot of scenarios. But lookout for "The Future of Blockchain",  this technology and watch it change. I am happy to be in this space now and look forward to so much of development. 

In case of any questions of references, feel free to reach out to me on akshay@blockinventors.com.