Introduction of blockchain technology in the Indian market is the beginning of a transformation which will deeply impact the market in the upcoming years. The industry leaders have marked its presence and realized its potential too soon. It is anticipated that this is going to bring a boom in the market which was seen in case of Information Technology two decades back. The transformational shift has just begun for the distributed ledger technique.
However, there is a lot to be researched and understood about this new technology which is still evolving. The idea of simply considering that it can do everything may disrupt the idea of the perfectly found technology.
According to the Economic Times, it is stated that blockchain is relatively new and still evolving. The technology is being developed by communities and various firms around the world. There are various testing projects being run to interpret the results and make it further more accessible.
But a new technology can probably endanger the existing formats of technologies. For example, the internet completely wiped out the fax systems from the market. So, this clearly is not only about efficiency as there are lot many aspects associated with something new that is being accepted by everyone.
Is It Okay To Not Indulge In Blockchain At The Moment?
This is the first question a company can ask itself before making a random shift and understating the complete know-how of the platform. Even if someone has the skill or expertise of blockchain technology it doesn’t mean that nothing can go wrong. The most important fact about this technology is that it is rapidly evolving and there are continuous innovations in its domain.
Not chasing the encryption based technique for now is completely okay and it’s perfectly fine to wait and understand the entire platform for first few years before landing into it. Client based industries must always keep an eye on the customer requirement and implement the change with time but not in a rush.
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