A MISUNDERSTOOD BLOCKCHAIN REVOLUTION - 2019
By the end of 2018 and the start of the year 2019, large enterprises like Microsoft, IBM, Walmart, JP Morgan, HSBC, were advocates of blockchain and have deployed their own blockchains and were suppose to replace their most of their operations . By the end weeks of December 2019 these large enterprises enthusium and approach has dropped significantly towards blockchain and its implementation.
Lets analyse the year 2019 on what were the key point we say the decline in approach and enthusiasm towards blockchain revolution:-
1) Government policy and Adoption
One of the main reason in slow approach towards blockchain were many scams done by Cryptocurrency and ICO which started opposing, regulating and shutting down also blockchain projects. Cryptocurrency ban and regulations were also had its affect on back end technology.
2) PUBLIC VS PRIVATE
Use of distributed database is the primary characteristic of blockchain. But enterprise blockchains differs on several front from public blockchain. A provider of blockchain technology capable of taking the form of both a public chain and a private solution are more easily adoptable than having various blockchain technology.
3) MIDDLEMAN WILL BE PART OF DATA INTEGRATION
Trusting codes and algorithms may work great for simple cases, but edge cases need oracles and human authorities to dispute. Human-Computer based technology will have a more balanced approach as these middleman are also provide value added services.
4) ALL PROCESSES CAN'T BE DECENTRALISED
Decentralization is an expensive cost and makes no sense unless you want to create that cannot be controlled by individual or organisation.
Disclosure: The thoughts and views are my own and do not reflect views and opinions of industry.Register for Technical news and market update firstname.lastname@example.org