Cryptocurrency is just one tip on the Blockchain Technology IcebergNovember 25, 2018
Cryptocurrency is just an application of the blockchain technology. It is high time we differentiate technology that backs cryptocurrency and the technology itself. Many do not understand the difference between cryptocurrency and the actual technology. They are particularly confused about both.
The applications of blockchain technology are vast and beyond cryptocurrency. The technology is capable of bringing in a dramatic shift by decentralizing business process systems, government systems, economies and more. This technology eliminates the common intermediary who will authenticate transactions and events.
In the banking industry, if this technology is integrated, the role of banks as a recording entity doing the settlement can be done away with.
The disruptive potential of this technology has not gone places. They stay just as they are described in white papers, landing pages of developers, and in the technology research papers. They are yet to come live in most niches.
Some companies are not ready to vest themselves with decentralized applications until they see mass adoption of the technology. There are several technology companies like XinFin offering the platform for enterprises. They are helping with the research and development of dApps for various entrepreneurial requirements. Pro-active companies are researching and developing market-ready applications.
Several applications are currently being developed using the protocol. The foundational protocol is robust enough to host customized applications. At present companies who are concerned about the real usage of this technology are customizing the apps for their use. Those who are financially concerned are waiting for mass adoption to happen so that they can follow the crowd after seeing many of them benefit.
The volatility in the cryptocurrency industry has created a loose impression on the blockchain technology. Therefore, they also assume that blockchain technology is as well unusable. However, this is not the reality. They perceive that the negativities will be seen in smart governance and smart contracts, which is not true either.
People are to be educated about the true potential of blockchain technology. They need to know that this technology is full of opportunities and that open-sourcing of finance using the trustless technology is going to be more useful than they can imagine. Not all blockchain technology companies are similar.
Some companies are completely focused on developing products for the healthcare industry. Some are mostly about fraud prevention. Some are about identity tracking. They have unique niches to help sort the issues in each of the individual industries.