Since the introduction of blockchain technology by Satoshi Nakamoto after his publishing of his paper describing what has become known as the world’s first cryptocurrency, so many projects based on Satoshi’s model have been introduced to the world.
For the most part, most of them have failed especially after the 2017 crypto summer when every Tom, Dick, and Harry thought that they could change the world with blockchain-related projects. This, of course, led to massive inflation n cryptocurrency prices and then BOOM! The cryptocurrency markets went into a massive crash.
It was only after markets thawed this year that many people are beginning to ask the right questions about blockchain technology. Many still think that Blockchain technology is a fad that will just go away. Others think that Blockchain technology is one of those shiny new toys that could be useful further down the line. Very few people at the moment understand that we are all on the cusp of history and that blockchain technology is the precursor of the new world.
Decentralized Technologies Shall Rule the Next Decade
The new world is the world of decentralization. Decentralized Ledger Technologies are the backbone upon which the new world will exist. This has led several nation-states to consider how blockchain technology can be used in different spheres. The Peoples’ Republic of China is one such example. After their last Politburo meeting last year, Chinese President Xi Jinping had called on his people to seize the opportunity that blockchain technology offered.
This led to the inclusion of new blockchain-friendly laws that have enabled the creation of innovations within China itself. The fact that the Chinese are seriously considering how best to implement blockchain technology is already an indication that blockchain technology is something the rest of the world has to consider as serious technology.
Blockchain Technology holds Several Distinct Advantages Over Legacy Systems
Blockchain technology is the first of the decentralized technology systems that hold several distinct advantages over the centralized legacy systems that are currently in use Firstly, the issue of transparency due to the existence of a decentralized third-party ledger allows for the integrity of data to be paramount.
Secondly, when it comes to security blockchain technology has proven to be more secure than standard legacy systems. The implementation of cryptographic hashing to form blocks further reduces the risk of security breaches of the public ledger. This has led to many new entrants into the blockchain space.
Many have wondered if Google’s recent Quantum supremacy claim will harm blockchain security but this is far from true. Quantum supremacy is a relatively new technology and will take several decades before a working version is available. Similarly, simply because quantum supremacy exists doesn’t mean that blockchains can be compromised.
Thirdly, the cost of implementation of blockchain solutions is quite lower than the cost of implementation of legacy systems. This has created a paradigm where many corporate institutions both large and small are going into blockchain technology like never before. The cost of implementation, maintenance, and deployment of legacy systems are quite expensive while blockchain systems are relatively affordable including hard forks and co.
Blockchain Technology is the new Frontier of Information Technology
As societies become more open, accountability is no longer cliché. Centralized systems can’t provide the kind of openness that tomorrows’ global society is looking for. Blockchain technology and other decentralized ledger systems are the systems that will usher in this new age.
This is because generation Z don’t have the patience that the previous generations have when it comes to the implementation of systems and processes that surround these legacy systems. Blockchain technology and other decentralized ledger technologies are plug and play.
This allows for the smooth implementation and transition of processes as the authority is no longer centralized but becomes decentralized.
So, in answer to the question of Blockchain Technology being overrated, the answer is a resounding No! Blockchain Technology is the singular most important technology of this decade!
