What’s Next In Blockchain Technology?
Blockchain technology today. What is the future promise in the technology? Read along for a detailed round up of the blockchain technology.
The Current Position Of Blockchain Technology In Everyday Life
The crypto trading saw Bitcoin reach a peak of $19,276 and a market cap of $323 billion as well as Ether reached $1,152 with a market cap of more than $112 billion. Whereas now it has crashed as Bitcoin trades at around $6,500 and Ether at $204 with the combined market cap has shed about $300 billion in value.
Putting the crypto investors quite in the bind, this situation is indicative of one example, that of the wall street journal profiled wunderkind crypto investor Ola Carlson- Wee, who founded Polychain Capital. Over the past few years, seeing dizzying growth the fund turns a few thousand dollars to millions in returns losing about 40 percent of the $800 million in capital through investment losses and investor withdrawals.With this, the second blockchain bubble is complete while the question remains what’s next for blockchain.
Blockchain’s Two Narratives’ Problem
With a rise compared to the dual parallel of the internet, the blockchain technology is extraordinary nascent with limited use cases as also almost no ability to scale. The other side to it is the groundbreaking new technology that should be invested immediately for maximum returns. With a freakish combination of both these narratives is Block chain’s story with the enthusiasm of the 1990s crypto investors on valuation that never matched the enthusiasm of the 1960s crowd of crypto researchers, as well as blockchain designers, focused on the potential of technologies over the vagaries of price.
Even if the simple answer is that the 1960s crowd is right and the 1990s crowd is just too early. To get blockchain where it needs to be, much more development is needed and much more analysis has to be done to figure out where the investment returns are going to be. It is that search and social ended up being the killer apps for the internet, the winners hardly emerged instantly in those categories.
Real Innovation Is Slower Than We Always Expect
Having accelerated over the past two centuries, the pace of innovation is still a ceiling on how things can change fast. On a similar timeline, blockchain is almost certainly on a similar timeline with tech antecedents dating back to the digital gold of the 1990s starting the clock with the launch of Bitcoin in 2009. The only fact is that we aren’t even finished with the first decade of understanding the technology, building up a theory of how it works, thinking through its use cases in a scalable way. Hence, there is so much work to be done to harness this kind of tech for our purposes.The massive infusion of the investment from crypto traders over the past few years helps to rapidly accelerate the block chain’s development which comes the as good news. It could create a lot of progress in this space, while we assume that projects use the funds effectively.While a downside to this onrush of capital is seen as that morale which has certainly been shaken for many participants, and morale is critical to seeing through the complex new projects to completion. On the frontier of engineering, there are going to be ups and downs with the design of any new technology. Whereas the morale and stubbornness do a lot to keep the momentum up.
Where Should We Focus?
There are several veins of research and development around the blockchain technology that remain deeply exciting with the patience to see them through. These are:
Offering portable and secure identities, these incredible changes are significant to every human on earth blockchain seems like technology helping here when we can figure how to connect the digital world to the analog one. With a claim it has failed to live up to, Facebook was once considered to be the identity layer of the internet, while Blockchain may ultimately arrive to complete that mission.
A lot of work is being done to start thinking through how chains can interact as also to build the modern web infrastructure in a decentralized way. Like everything in this new world, their ideas are very early and inchoate whereas inspiring in their potential. Centralized servers now have huge performance advantages over the decentralized technologies with no reason why the gap is permanent. Other projects lead the way of pushing this model forward.
If blockchain technologies help us build a safer more efficient financial system, the massive level of indirection and compilation is illuminated as it comes to ownership in the modern economy. With security tokens providing means to manage the complexity, there is a much more fluid way where the sharing is increasingly the norm around fixed assets.
The Final Words Before Signing Off
As there is no idea what is going to be discovered on the frontier of blockchain, the good news comes in the directions to investigate even if it is not to discover something specifically in these areas, we are likely to discover something that moves technologies forward along the way. We need to stop reading the latest token prices every 10 minutes and get back to the real work of building up new technology turning it into revolution maybe one day.