Is Blockchain the Technology of the Future?

Proponents of blockchain argue that blockchain is the technology of the future. Aspects like immutability, transparency, and decentralization make it stand out among other technologies of the current time. But is it really going to play a major role in the future? Dentacoin, a blockchain-based platform aimed at forming a worldwide dental community, certainly seems to imply so.

In an exclusive interview with BlockPublisher, the company stated regarding blockchain:

Due to its transparent, decentralized and tamper-proof nature, the Blockchain technology has an immense potential to improve many spheres of our daily life and business environment. In today’s highly digitized world, Blockchain can give people more security, freedom and flexibility than any other system. Currently, just a minor part of the technology capacity is being utilized. We strongly believe that the young generation of “digital natives” will become the Blockchain’s driving force, given their inherent distrust of centralized systems, strong urge for freedom and anonymity, and inclination towards new technologies.

As highlighted by Dentacoin, there are a lot of aspects that make blockchain stand out. Transparency is one of the most important features that blockchain provides. In a blockchain-based network, all the activities that are taking place in the network are clearly visible to each and every party involved in the network. This happens due to the presence of distributed-ledger technology (DLT) at the core of blockchain. Third parties are completely eliminated from the scene as a result of such a structure. Users come in charge of the network.

All the centrally controlled frameworks across the world can make use of this technology to restructure their workflows. The financial industry is just one of the many industries that can benefit from this revolutionary technology. The entire cryptocurrency market of the world is based on this technology.

Also, talking about the future of cryptos and the aspect of them replacing fiat, the company stated:

The fact that banks that initially vigorously opposed the rising crypto economy are now increasingly adopting Blockchain technologies to improve their own systems is a clear sign that in the end this competition brings positive effects for all. Furthermore, working on harmonised compliance processes for banks and crypto-exchanges will induce cooperation and innovation.

As all the activities on a blockchain are tracked by everyone participating in the network, it can prove to be beneficial in frameworks where record forging is a problem. With all the records openly available, a completely transparent fabric is established.

Besides the financial industry, industries of content-creation, aviation, food etc. can also be revamped through the prospects offered by blockchain. Use-cases of this technology are already being explored by various global industrial giants. Although this technology has not yet gotten the exposure it desires, it seems that will certainly play a substantial role in revolutionizing various industries across the globe in the coming time.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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