Blockchain is erupting out as the technology of the future. Various industries across the world are trying to find out use-cases of this technology in order to improve their workflows. The aspect of decentralization that this technology provides makes it stand out among the rest of the current times. Different experts across the globe praise this revolutionary technology, but what does a person who is actually involved in the development and improvement of this technology thinks about it? In order to get a perspective from a developer’s point of view, BlockPublisher got in touch with Tyler Willis, a developer at Groestlcoin.
Talking about blockchain, Tyler stated:
Blockchain technology is the realization of a decentralized global consensus. It will enable new things to become manifest wherever that type of database is necessary.
Replying to the question regarding which industries can get the benefits out of this technology, Tyler stated:
It’s not really specific industries that are the answer. It’s specific problems that could be present in any industry. Namely, the need for consensus without an authority is the problem that blockchains answer.
Tyler pointed out an important detail that the usage of blockchain largely depends upon the problem that is at hand. In situations where control by a central authority is not desirable, blockchain can prove to be revolutionary. Blockchain takes the control out of the hands of a central controlling authority and places it in the hands of the users of the network. Users do not have to hand out their personal information to a third party as a result of the framework established by blockchain.
Social media is just one of the many sectors that can be revamped if this technology is deployed properly. Platforms like Facebook are often accused of leaking sensitive and personal information of its users. In such platforms blockchain can prove to be a cure-all.
Transparency is another one of the most important features of blockchain technology. As all the operations of the networks are visible to all, a transparent fabric of operations is established, providing an auditable framework immune from forgery by a centrally controlling party. This can prove to be revolutionary in aspects related to governmental or financial operations.
The prospects offered by blockchain are limitless. It can certainly prove to be game-changing in various industries. But more importantly, it’s not the industry that matters, it’s the problem, as implied by Tyler. There is no need to decentralize everything for no reason. But if blockchain is employed properly, there are many frameworks that can be revamped.