Future of Blockchain and Potential Impact
At a recently held function called Consensus 2018, organized by CoinDesk, the founder of Consensys, which is an ethereum company, Joseph Lubin said that he is ready to wager bitcoins of any amount with Jimmy Song, the founder of Blockchain Capital, on the fact that blockchain will soon have quite a few working applications that would serve real users within a time span of 5 years. It is also true that some of the biggest names in the world of business have invested several hundreds of millions of dollars on the future of blockchain.
You will be surprised to know that several multinational companies from various sectors have already started their own blockchain programs or services. JP Morgan has its own blockchain program. At the same time, Barclays’, one of the biggest names in the banking sector, has its own 13-week blockchain program that is especially designed for startups. There are several big names that work on blockchain-based services such as Spotify, Eastman Kodak, and IBM. At the same time, there are several investors in various blockchain projects such as Visa, Google, Deloitte, Peter Thiel, and Andreessen Horowitz.
There are several critics like Song who argue that most of the tasks that blockchain-based products can do are also possible without using blockchain. For example, a decentralized ledger can assist in keeping track of items that flow through a shared economy, such as bicycles, apartments, and boats. However, there are several companies such as Uber and Airbnb that have done fine with the help of barcodes and apps. It is also true that triple-signed receipts are simpler to implement and also meet similar security guarantees as any decentralized ledger along with proof-of-work, public key cryptography, database technology, and networking. Experts say that a blockchain can easily replace escrow services. However, would it be more secure, simpler, and cheaper to use blockchain than a trusted third party and a bank account?
The use of the blockchain can easily get rid of the versatility, which normally makes startups as agile as they seem. Several new companies, such as Silicon Valley, spend long hours to get rid of minimum viable products just before their funds for seeds end. These companies easily refine their products, alter them to match with their audiences, and then prove it to venture capitalists that these companies are on the proper track.
There are several businesses that raise large sums of funds with the use of ICO. These companies can easily behave just like any investment bank. These companies start off with large sums of money, gradually shift their attention at developing their products, and if they are well and truly decentralized they can never alter their products when it hits the stores. In simple words, a blockchain can slow down these companies.
The blockchain is best suited to help you keep track of currency and also protecting it against any type of fraud. However, other benefits of the blockchain can only be determined once the developers finish their work on it.