Blockchain

The Definition of Blockchain will Broaden – Doug Wick

Blockchain is in the state of infancy right now as most of the experts of technology say. Developers are still exploring its use cases and new ways of adoption are being tapped. The internet has evolved to what it is now over a long period of time, similarly for blockchain, the evolution is still in progress. Security, scalability, use cases, regulation, and trading volumes are the main topics for research in blockchain nowadays and it is expected that in the near future, there might be a strong solution to these problems. According to Doug Wick, the VP of products at ALTR believed that in the future, blockchain would see new phases as the definition will broaden. He stated,

The definition of blockchain will broaden, and more spin-off technologies will be introduced. The root concepts inside of blockchain that focus on data integrity and security are valuable in many contexts, but while hundreds to thousands of use cases are being explored, they are being addressed with essentially the same crypto-blockchain technology used to support cryptocurrencies. Expect to see more variants that move beyond slow, public blockchains focused only on transactional ledgers into faster more flexible concepts.

Most of the applications that are deployed on blockchain are merely experiments and new use cases are being explored on the run. These applications are not directed or pointed to a single organization/institution and its specific use case. Like in centralized domains, there are applications that solve more specific issues rather than general, blockchain is hoped to evolve in a similar fashion. Once the institutions dive deep into blockchain, it is expected that 2019 would bring more use cases and small problems would be addressed rather than general bigger ones that require adoption from multiple institutions. According to Doug,

We will begin to see real production level blockchain applications, both privately and within individual organizations. Most blockchain applications today are experiments awkwardly deployed on crypto-blockchain open source projects that require the adoption by many parties or industries and will potentially take decades to gain traction. In 2019 you will see Blockchain adopted to solve small challenges within smaller systems of trust like individual companies. Some of these solutions will address data security, asset management, supply chain management, identity management and other systems where digital trust needs a solution.

Further explaining his idea of blockchain evolution in the near future, Doug explained,

We will enter the era of blockchain disillusionment. With cryptocurrencies coming dramatically back to earth, the articles about how this blockchain stuff might have all been hype from the beginning are already starting to be written. Expect the hype to die down while we enter a period where entrepreneurs are leaning into building businesses with blockchain and blockchain spin-off technologies. In the spirit of Gartner’s hype cycle, we will be working our way toward more pragmatic use of blockchain to solve problems only where it makes sense and to evolve the technology to solve those problems in a more appropriate manner.

The main concern of the institutions right now are the regulations which is keeping them from diving in blockchain, while institutions might be responsible for the adoption of blockchain, developers are expected to bring new use cases for them and regulations are being looked forward to in 2019.

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Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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