What is the future of blockchain? | Short analysis

What is blockchain?

One of the biggest hurdles with anything as new and revolutionary, such as the blockchain technology, is familiarizing oneself with various concepts integral to the system.

If you are a beginner, then there are certain terms that you need to be familiar with:

  • Blockchain: The blockchain is a chain of blocks where each block contains data of value without any central supervision. It is cryptographically secure and immutable.
  • Decentralized: Blockchain is said to be decentralized because there is no central authority supervising anything.
  • Consensus Mechanism: The mechanism by which a decentralized network comes to a consensus on certain matters.
  • Miners: Users who use their computational power to mine for blocks.

Does blockchain have any future?

The late 90s were a time when you could have launched a company selling elephant underwear but as you long as you called it an "internet business," someone would turn up with a giant bag of money and a belief that you would all be rich. And you would also have plenty of people willing to tell you that they were crazy and that the whole "internet" thing was overrated and would soon fade away.

Clearly, that didn’t happen. A large number of businesses, companies that never had a real product or offered a proper service beneath their URLs, were left exposed when the financial tide flowed out. But some companies did survive, and the ones that survived have thrived. Amazon is a multibillion-dollar business. So are Google, eBay and Paypal. They were all able to create products on the web that other people wanted to use — and were able to turn that use into revenues. None of them could have existed without the web.

That’s exactly what’s happening now. No one knew when Google started that it would destroy Alta Vista and eat Yahoo’s lunch. No one knew that eBay would leave OnSale in the dust or that a startup called Facebook would kill off Friendster. Investors certainly didn’t, which is why they spread their money around, hoping that some of it would stick to a business with a real product in an entirely new market environment.

The blockchain is ideal for keeping track of a currency and protecting it against fraud. We don’t yet know what else it’s good for. Until developers have finished their work, we won’t know whether it will become the underlying technology behind a rejuvenated sharing economy or whether it will only power banking services, making transactions cheap and almost instantaneous.

The blockchain has already underpinned a new currency. Investors are now betting that it can do something else, and they’re placing their bets on a bunch of new technologies. Most of those new technologies will fail. But some, a few, will succeed. If I were a betting man, I’d put some bitcoin on it.

Start learning blockchain development | beginner’s guide

Ethereum : There are many tutorials available. Here is the link of all compiled tutorials to meet the needs of blockchain developer. These tutorials are developed for beginner and intermediate learners : Live :

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EOSIO tutorial series for beginners : https://www.youtube.com/playlist?list=PLL5pYVd8AWtSW4lHcWplRP6rTybxxj3yu

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For more information visit : https://www.youtube.com/channel/UCb3Rrg2t4PZ59Sna497DUZA?sub_confirmation=1

Stay tuned for more updates…!

Submitted October 05, 2018 at 07:10AM }
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