Blockchain technology has been disrupting various centralized frameworks across the globe since its inception. It is the core underlying technology beneath the world of cryptocurrencies. But as we see today, the world of cryptocurrencies is engulfed in a lot of major issues despite employing the decentralized blockchain tech at its core. Is the technology still immature? The Chief Executive Officer of Webchain, Artur Makowka seems to think so.
Talking to BlockPublisher the CEO of Webchain, a platform aimed at building an ecosystem for webmasters, Artur Makowka stated:
It’s immature and it needs a lot of work, but it’s definitely the future of world finances and technology. I believe in it strongly.
The decentralization factor presented forward by blockchain is revolutionary, there are still a lot of vulnerabilities attached to this technology.
Despite being a nascent technology, the prospects offered by blockchain are unlimited. A completely secure and tamper-proof framework is provided by the utilization of blockchain anywhere. Processes where transparency is of utmost importance, blockchain can prove to be of vital importance because the record of all the transactions that are happening on a blockchain network are visible to all the nodes participating in the network. This happens because of the employment of distributed ledger technology (DLT) at the core of a blockchain network.
Owing to the power that it possesses, the technology can completely reshape various industrial frameworks that are prevalent these days. Talking to BlockPublisher regarding this, the founder of Elevated District Media previously stated:
Yes I believe blockchain will revolutionize multiple industries.
In an industry or organization where centralization is present, blockchain can prove to be very valuable. Most of the industries as of now are centrally-controlled and usually have access to all the information of the users. In such frameworks, blockchain can completely change the scenario by taking the power away from a central controlling authority. Social media platforms which have been accused of leaking users’ sensitive information to third parties such as Facebook can be restructured and made fault-free through the employment of blockchain. Owing to the transparency provided by blockchain, financial frameworks across the globe can be refurbished.
But before moving on to employing blockchain in industrial frameworks, it still needs to be tested exhaustively. Not every framework needs to be decentralized. But as time passes by and tests are made, solutions to various unsolved problems until yet can be provided using this technology.