Debates regarding how blockchain is going evolve are constantly floating around in the digital space. While some think it is the ‘new internet’, others are of the view that it is a supplement to the currently existing internet infrastructure. In the highly centralized digital world of ours, blockchain has erupted out as something that could solve the potential issues linked with data security, trust, and transparency.
BlockPublisher recently got in touch with the Co-Founder of Coinfirm, Grant Blaisdell, as he expressed his thoughts regarding this nascent technology. In reply to BlockPublisher’s questions, here’s what Grant had to say:
- Which industries can benefit from blockchain?
Grant: “Just like the internet the potential applications are so broad and unknown in the near future that its a hard question to respond to accurately but we can focus on the industries that will benefit first. We’ve seen the obvious financial industry applications whether its through cryptocurrencies themselves or more blockchain enterprise implementations like Trudatum but we’ve already seen successful pilots and implementations within shipping/logistics for example and my personal favorite is around applications in digital media.”
- Is it the new internet?
Grant: “I wouldn’t say its the new internet but its a trust layer in addition to or on top of the internet. In some ways the internet change[d] our user interface and access to data and information, blockchain is going to change more of the back end of the systems we use and add a new trust layer to that data and information.”
- How do you see it evolving in the future?
Grant: ” If we’re taking bitcoins inception as the beginning we’re only at 10 years for this technology, the progress it has made in this amount of time is actually a very fast pace, with that said a pragmatic and realistic approach is a must to successfully bring both blockchain and cryptocurrencies into the mass and traditional market. Currently there are a lot of great projects that aren’t receiving too much press that involve some of the largest companies in the world that are dedicating a lot towards this technology. Whether we’re talking about one of the largest banks in the world using their own stablecoin or the largest social network in the world potentially developing their own blockchain based ecosystem.”
This narrative of blockchain not being the ‘new internet’ but being an additional supplement to the currently existing framework of the modern internet in terms of trust and security is being percolated by many. It’s too early in the blockchain and crypto game. It has just been over a decade since bitcoin erupted out on the financial scene. There’s a lot that needs to be explored. A lot of developments that need to be made. It will be interesting to see how this technology evolves as we move forward.