Is the Blockchain Revolution Real

0
628

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? Yourtrainingedge.com[1] 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[2].

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[3].

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[4]. 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[5]. 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[6].

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.

[1] Yourtrainingedge.com

[2] http://theconversation.com/blockchains-focusing-on-bitcoin-misses-the-real-revolution-in-digital-trust-58125

[3] http://www.zdnet.com/article/second-thoughts-on-blockchain/

[4] http://bigstory.ap.org/article/c78784a182fa4f69a24727a2e34f03c3/blockchains-focusing-bitcoin-misses-real-revolution-digital

[5] http://fortune.com/2016/05/08/why-blockchains-will-change-the-world/

[6] http://tech.cornell.edu/news/the-conversation-blockchains-focusing-on-bitcoin-misses-the-real-revolution


Copyright 2016 Bryant Nielson. All Rights Reserved. Bryant Nielson – Managing Director of CapitalWave Inc.– Being a big believer in Technology Enabled Learning, Bryant seeks to create awareness, motivate adoption and engage organizations and people in the changing business of education. Bryant is a entrepreneur, trainer, and strategic training adviser for many organizations. Bryant’s business career has been based on his results-oriented style of empowering the individual. Learn more about Bryant at LinkedIn: www.linkedin.com/in/bryantnielson

CapitalWave provides online courses about Blockchain. More information is available at: http://www.TheBlockchainAcademy.com

SHARE
Previous article10 Blockchain Predictions for 2017
Next articleFour Ways of Getting Trained in Microsoft Dynamics CRM in 2017
Bryant Nielson is heavily involved in the Corporate Training and Leadership and Talent space. He currently is the Managing Director for CapitalWave Inc and the training division, Financial Training Solutions. He brings a diverse corporate experience of organizational development, learning and talent development, and corporate training, that also includes personal coaching of top sales individuals and companies of all sizes. For the prior 4 years, Bryant was the Managing Director and Leadership and Talent Manager for Lengthen Your Stride! LLC. In this position, Nielson was the developer of all of the courses for MortgageMae University (MMU), the Realtor Development Center (RDC), and of Lengthen Your Stride! (LYS). In that position, he developed material, refined over many years of use and active training, and condensed the coursework and training to be high impact, natural learning, and comprehensive. Bryant has over 27 years of Senior Management experience encompasses running his own Training and mortgage firm, in New York City. He strongly believes that the corporate training is not to be static but should 'engage and inspire' students to greater productivity and performance.

NO COMMENTS