One of the main hurdles to overcome for people passionate about blockchain technology is trying to explain the concept to others. Unlike what some people might believe, the blockchain is still in its very early stages, with roughly seven years of development under the belt. This makes it close to impossible for anyone to explain what this technology is capable of, as it is impossible to predict the future.
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The Blockchain Can’t Be Ignored
As impossible as it is to predict the future of blockchain technology, it is fairly certain the concept of distributed ledgers will not be going away anytime soon. Up until a year or so, people looked at the blockchain as a financial tool to help bring distributed technology to banks and other institutions. But that situation has come to change, as efforts outside of the realm of finance are taking a closer look at this technology as well.
One of the main issues comes in the form of putting the concept of distributed ledger technology into words people can understand. Since we have no idea what this technology will be capable of in the years to come, people tend to dream out loud about what could be possible. Backing up these claims is impossible, though, as there are very few use cases available for consumers to use right now.
There are certain things we can explain about the blockchain, though. Distributed ledger technology revolves around reaching consensus through democracy, rather than having a central authority holding all of the power. Additionally, any information can be stored on the blockchain, ranging from financial transactions to government documents and digital ownership.
All of this information is timestamped and logged on the blockchain, and none of these records can be modified at a later date. Because of this aspect, recordkeeping and ownership claims seem to be two future use cases for distributed ledger technology. At the same time, this is also one of the main reasons why so many people have started to take this technology more seriously, as permutable ledgers are of great value to any company or business.
As this technology gains more understanding and acceptance, some people might be wondering why Bitcoin is still relevant. After all, it is possible to have a blockchain without Bitcoin, and other currencies can be issued on top of the distributed ledger in digital form. But at the same time, Bitcoin has gotten a lot of attention from investors as well, as the digital current provides a viable alternative to existing financial services. One thing is for sure; ignoring the blockchain is no longer possible.
Source: Irish Times
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