Today the Blockchain technology in not just a distributed ledger Bitcoin transactions are based on, but a cutting-edge technology that becomes widely used by ambitious startups, giant software companies, major world banks and even governments. Just as decades ago the Internet came to change our ordinary lifestyles, the Blockchain may change the future.
Blockchain technology seems to have come to stay, despite being in its early stages yet. Like previous inventions and developments, the journey from concept to implementation involves conquering challenges ranging from acceptance, trust, adoption, and more.
Blockchain technology and cryptocurrency experts speaking to CoinIdol.com told about the future development of Blockchain technology. From concept to implementation, several factors will come into play as the Blockchain develops. However, proper use cases, constant work and patience are factors that cannot be overemphasized if implementation must be achieved soon for the Blockchain.
Speaking to Coinidol on the subject is the Executive Director of Strength in Numbers Foundation, a US "Digital Trust" established to develop and certify pro-social cryptocurrencies for public benefit, David V. Duccini. Duccini points out that one of the factors that has slowed acceptance of the Blockchain is insufficient use case criteria.
”There will certainly be more broadstream acceptance when we have really good criteria and use cases for things other than value attribution”.
Duccini says that bitcoin is a kind of “stored value”, and most other altcoins according to him are “brand only coins with no actual utility”
“I think one of the best use cases is what Nathan Wosnack and team are working on with regard to land and title registries”.
He concludes by explaining that the Blockchain is a protocol, a technology. Saying that we may demand that certain things use one, in the same way that we now require that certain documents have notary or medallion stamps on them for attestation.
Founder of Bitcoin Alliance India, and CEO at SearchTrade, Vishal Gupta, says that the Blockchain is a distributed trust network and its acceptance is around the ideological trends within the system.
Gupta says to Coinidol:
“The technology around the implementation of the Blockchain is still at a very nascent stage. I don't see it being mass adopted by large institutions any time soon. All the half baked news outlets that keep publishing about banks adopting is deceiving since most of these guys are still trying to learn or at best test this solution. After 8 years of development, industry is still struggling with standardised implementation of managed wallet services and we see hacks and thefts year on year. To me, most of the benefits spoken about are still theoretical and could take around 5 to 10 years before they reach product grade reliable code”.
In his own opinion, Nathan Wosnack, CEO at Ubitquity, says that it all depends on the industry and the implementation of the blockchain.
“To say blockchain by itself is vague. The technology doesn't matter so much as the why, the customer and the use of said blockchain”. He says.
Wosnack makes clear that if there is a market demand, and if there is a pain point to address, blockchain technology has the potential to disrupt and change an entire industry. Often, using a tech before there is a problem, is putting the cart before the horse.
According to Gaurav, first the Blockchain industry must “Overcome the Hype” and secondly a repeated process of “try, fail and try again” is the certain route to achieve implementation of the technology.
However, Gaurav agrees that the developments seen so far within the Blockchain ecosystem are positive enough to encourage acceptance and implementation.
“I think the development is underway and we have to keep patience, it is not easy to suddenly replace the old functional system with some new architecture, it will take time. Many firms have already developed some good use cases where trust based system can replace the current mechanism. Development will take time but it will happen faster than the development of internet”.
Gaurav points out the numerous projects that are underway by companies like Deloitte, PwC, Allianz, Accenture, Philips Healthcare and many others. Also, startups like Abra, Bitpesa and Cashaa, that he says are solving real world problems by using the current potential of the Bitcoin Blockchain for services which are directly being used by the average user.
“We will see more startups and projects very soon which will help in building a complete ecosystem faster and leaner”, he concludes.