Blockchain technology is a multi-tasking tool which is capable of leveraging variety benefits and advantages to many industries. This technology is all about decentralization and flexibility that has the capacity to bring in huge transformation in global commerce. These ideas have been supported by the top-notch executive of various market-leading companies. One such prediction and importance of blockchain is explained by Samsung’s Technical Director Ricardo J. Méndez.
Méndez believes that distributed ledgers are trade-offs and have a much larger purpose to serve than just being a tool in an operating system. Decentralization is all about shifting control from one single authorized user to the users within a network. This gives a sense of freedom and equal control over the access of any system. All the users involved in this network are interacting on a shared protocol.
He further added that, so far now blockchain technology has turned into a magic word which gives an impression of cashing things quickly and solving the issues instantly. Perhaps, this will be all gone in 2019 and only the serious software developing and actual use cases will remain in the market as mentioned by Jaxenter.
It goes by a simple example that if the issues fit right into the particular characteristic of the distributed ledger, it will be resolved but if you are advised to change the entire system with blockchain it will certainly cost you lots of time and money for sure. In addition to this, distributed ledgers are still evolving and can be called unstable as well at the moment. Therefore, there is a high probability of many upgrades coming in the future.
Blockchain Is A Trust Machine
According to Economist, blockchain technology is a trust machine as it can be used to overcome the trust issues between the two parties or transacting organizations. It has delivered its capabilities in enabling translucent collaboration along data sharing sans losing the control. Indeed, there are lot more positives associated with it rather than pointing its negatives.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]