Categories: CryptoNews

Ray Valdes On Underwhelming Blockchain Projects

The usage of blockchain technology has been widely debated, and a lot of people still feel there is more hype to this technology than anything else. Gartner fellow Ray Valdes took things even further, by stating how 2016 is the year f “pointless blockchain projects”. Moreover, he is not a big believer in the future of this technology either. An interesting take on things, but could he be right?

The Future of Blockchain Projects Is In Question

Ever since the concept of blockchain technology has been around, two camps have emerged. There are those who believe this technology is the future and those who don’t. Gartner fellow Ray Valdes definitely belongs in the second category, as he strongly feels blockchain is too overhyped at this stage.

Do not be mistaken in thinking he does not see the value of the technology, though. Valdes stated how blockchain is “one of the most secure technologies” he has ever seen. In fact, he was quite surprised the technology powering Bitcoin lasted this long, despite its immaturity and lack of proper understanding.

While a lot of companies claim to offer blockchain-based solutions and projects, very few have anything to do with this technology. This is not doing the ecosystem any favors, as it leads to more scrutiny for those projects which are using the blockchain correctly. In addition, a lot of projects are small-scale proof-of-concepts that will never see the light of day.

Related Post

What is rather interesting is how Valdes feels blockchain projects in closed environments will have little to no future. These private and permissioned solutions lack the trust that is inherent to blockchain technology in the first place. There is very little difference between private blockchains and traditional databases at this point, according to Valdes.

Centralized blockchain hubs, such as Microsoft and IBM, have no real added value either, in Valdes’ opinion. Decentralized technology should not be accessed through centralized platforms, yet for some reason, that seems to be the way forward right now. Experimenting with Bitcoin technology is a must, but the core values of the blockchain must be upheld. That means focusing on an open framework with a permissionless nature.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

The Work From Home Revolution Has Arrived

With many employers and employees acknowledging the feasibility of remote work, the possibility of it…

6 hours ago

WAX Price Up 44%, Increased User Adoption Signals Growing Interest in the Platform

WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…

14 hours ago

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

18 hours ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

22 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

1 day ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

2 days ago

This website uses cookies.