It’s fair to say that Blockchain technology has exploded in recent years, but it’s not without its problems. Putting aside the fluctuations in the value of cryptocurrencies, the reality is that the uptake of this technology has not reached expected heights. So, why is that?
On the surface, the possibilities of Blockchain technology are endless. The problem is that this is also its undoing. Many argue that we are still unaware of the real potential of the Blockchain and we trip over our feet in our rush to gain a better understanding. In doing so, we are missing out on something that is very important.
Ignoring the heart of the Blockchain
People tend to focus on potential apps or ways of using the technology while also ignoring the core of the Blockchain. While Bitcoin is on its own path, it’s Ethereum that lies at the heart of so much of the development.
The issue is the push for the fastest, cheapest version of Blockchain possible. We don’t have the patience to wait. This leads to sub-standard developments as people look at using Ethereum as a core when it’s simply not up to the job.
What researchers have noticed is that the tools available don’t meet the level required. It’s similar to a builder not having the correct tools to build a house. He could try, but it would never look as good.
This makes life difficult for developers. They attempt to fine-tune the Blockchain using the wrong tools. The result is a technology that offers so much, but where it’s impossible to reach those heights with one hand tied behind your back.
Considering Ethereum does indeed lie at the heart of it all, the fact people are misusing it will come as a surprise to many.
How to fix it
This leads to the question of how you fix this problem and the answer is quite easy: There’s a real need to give developers the tools necessary to move forward with the technology.
So far, a primary focus has been on developing protocols within Blockchain. While this is important, a change in focus toward creating templates, libraries and an attempt at standardization is also key.
By doing so, you are developing a stronger core to Ethereum. This also leads to the development of the correct tools which will allow the technology to move forward.
This attempt at fixing the heart of the Blockchain is vital as in doing so, it opens up new possibilities. You must remember that this technology has the capability of completely changing the way in which we buy things, move money around and many other functions. Getting the engine that drives this change up and running does, therefore, make so much sense.
The future of the Blockchain
If we can sort out these issues, then the future of the Blockchain is rather rosy. It leads to faster transactions without processing fees. It makes transactions secure from hackers in an instant. With this, it eliminates a huge concern for a large percentage of people.
Talking of hackers, it adds security to the ‘Internet of Things’ which is wide open to abuse. Your security system at home would be safe, your wireless technology in each room closed off to outsiders. You feel more relaxed knowing your personal information is safe.
But it doesn’t even end there.
This sense of security and immutability (inability for things to be altered or changed) offers up the idea of being used in elections to combat fraud. The way in which everything on the Blockchain is verified does mean it should effectively take over the world.
Also, throw in the simple fact that no company owns Blockchain; it’s out there for everyone to develop and use as they see fit. This means no restrictions and endless possibilities and that is very exciting.
But then, developers need to create apps that the average person will understand and want to use. This is where things get tough. The most popular decentralized apps get roughly 2,000 users per day, and that is poor. They are often slow or people fail to understand their point, and that is a huge let-down.
The future of this technology is potentially bright, but only if changes occur. Give the developers the correct tools and a strong beating heart to the Blockchain and see how far they can push the technology.
Blockchain technology is not going away and if we stop making things so complicated it can flourish. With so many positive attributes, failing to take advantage it is an absolute sin and it’s one that we cannot let go of. Missing out on this critical part of the entire technology is crazy and it would all be our fault if we allowed this to pass us by.