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Reason of not seen any major Blockchain approval or practice

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Vandana Mrigwani Follow

INDIA

Jan, 13 2021

Jan, 13 2021

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Blockchain is over-hyped and so distant has seen partial prevalent and broad use external to the cryptocurrency world. Unless somebody can catch or create a real ‘killer application’ for it quickly, it will not grow into the transformative technology that we were all eager for but is expected to stay within the limits of cryptocurrency and limited submissions. 


We are all conscious that Blockchain has the potential to resolve huge issues such as removing vast amounts of smart contracts, record-keeping, clearing, and settlement, or restructuring cross-border payments, all on a circulated ledger without a centrally trusted party. Though, we have not seen any real extensive mainstream adoption of it outside the cryptocurrency world and other than for a few experimental requests. 


The Challenges 

Of course, there is no suspicion that it is an exciting piece of technology, preferably suited for safeguarding extremely sensitive data and allowing parties who do not frequently trust each other to share and approve on transactional information and contract details. 


Though for full global extensive use, there wants to be a high degree of standardization and agreement amongst peers in the network and that is the challenge, to decide on use cases and standards for statistics exchange on Blockchains or spread ledgers. 


Yes, it is fairly relaxed and technically viable to generate a broad decentralized network using Blockchain technology but getting all parties to approve on which protocols to use, which content, and which type of Blockchain is a giant. 


Slow acceptance is not for the reason that there are not sufficient Blockchain technologists and technologies, as occasionally is cited. For today’s designers, Blockchain is just another skill to learn with a new set of APIs and idioms. Designers are used to main new technologies developing regularly. They familiarize and are keen to learn – and they will get up to promptness if we can find good usage for Blockchain. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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