The Internet as we perceive it is excellent for cooperation and communication, but it has significant flaws in terms of commercial activity and confidentiality.
Blockchain technology enables peer-to-peer payments without the need for a middleman such as a bank or the government. Blockchain certifies and retains a persistent public ledger of all activities, while keeping the user’s identity confidential.
This implies that your personal information is protected, and all activities are transparent and irrefutable, verified through mass collaboration, and recorded in code on a digital ledger. You won’t need to trust the other person in the conventional way once it’s in place, since trust is built into the system itself.
When it comes to the Blockchain revolution, Gerry Sanchez, a blockchain and NFT expert, argues that the technology is still in its early phases of implementation, which allows for a lot of innovation. In the coming years, as people get more inventive and start “plugging” objects into the blockchain, the public will see many more novel applications. “It’s a great time to be alive” Gerry quotes.
He believes that smart contracts, dapps, and NFTs are just the beginning of blockchain applications and that the public may see two, three, or even more generations of innovation in this field.
The Roadway to the Future
Beyond the initially envisaged coin domain, blockchain has evolved into an all-encompassing revolutionary backbone technology that adds value to businesses across many sectors. It is believed that in the next couple of years, this technology will be a game-changer.
When asked what he thinks is the future of blockchain, Gerry says: “Blockchain has a ton of potential, and its decentralization can help a lot of industries. For the sake of privacy, independence, and as a form of a permanent record. Disruption can occur on a variety of levels, in both public and private sectors.”
Potential Challenges with Blockchain
With great potential comes enormous responsibility, and we cannot simply overlook the challenges these technologies bring along. The most pressing challenge is scalability, as the existing transaction processing rate varies greatly based on a variety of factors.
The performance and scalability of blockchain networks would be a major focus point in the near future. Security will remain a big concern, as it has been with other similar inventions, despite ongoing efforts to build new models and solutions to improve security.
Path To Betterment
“Blockchain still has a lot of flaws, but it also has a lot of potential for improvement. Cost of use, environmental, security, and usability concerns, adoption speed… just to mention a few. However, it’s inspiring to see how each community is pushing the envelope to try and solve their own challenges. We’ve been seeing this with Ethereum, Solana, and many other major projects.” Gerry says.
He also emphasized that we are still in the early phases, which means there is still time to develop solutions and create improvements.
This is an excellent time to think of new methods to use blockchain technology: Decentralize a crucial process, revolutionize an old industry, create a fantastic social project.
“It’s time to get our hands dirty and make errors because that’s how we learn new things. You don’t want to be the person who is too afraid to make mistakes. You want to be the person who takes full advantage of the technologies that are becoming available.” he adds.
Published February 26th, 2022