Blockchain technology has been seen by some as a fad. Others consider it to be the shiny new toy that deserves one look and not more. Others still think that legacy systems are the beginning and the end of all data processing.
The truth is everyone can still use their favorite forms of technology and they will still be able to achieve their results regardless. The question remains: is Blockchain Technology Relevant? The points to be discussed below aim to answer the question.
Blockchain Technology is the New Internet
Right now, most people don’t realize that another layer of the internet is being invented. This new layer is based on the existence of decentralized ledgers where information can be independently verified by every participant within the system.
This new layer will also give each participant control over the data that he or she chooses to send to others. One day in the not too distant future, everyone will be able to carry the whole internet in the palm of our hands. The age of the cloud will disappear. Googles’ recent quantum computing advancement indicates that this is possible.
Decentralized Ledger Technologies (DLTs) are tomorrows’ super information highway. The use of nodes for confirmation of data storage is innovation all by itself. Blockchain technology will define how human beings will be able to live work and play in the next decade and a half.
Blockchain Technology Deployment is Cost-Effective
When it comes to the deployment of blockchain technology, the cost is much lower as opposed to legacy systems. Deployment of a Blockchain system doesn’t go up in terms of initial deployment cost and its quite easy to maintain. The system can even be self-maintained (pay for its costs) if tokens are given for rewards once information is stored within the ledger.
Other ways include the use of dedicated developers who will recode the chain once innovations are needed. This fixed cost is way cheaper than the expensive cost of upgrades of legacy systems.
One example to consider is the deployment of logistics systems by Walmart Canada. The cost of a legacy system for logistics for an organization of that size is hefty. The blockchain solution was extremely cheaper and more accurate to boot.
This points to the fact that legacy systems will always be costly regardless of the concept that drives them.
Blockchain technology is getting cheaper by the day and will become even more so.
Blockchain Technology is Secure
When it comes to security, Blockchain Technology is just about the most secure piece of technology on the planet. This has led to the heart-wrenching stories of people losing their keys and their digital assets that have been lost in blockchains forever. It has also led to the creation of a new paradigm: one that has cryptographic hashing as a core function of its security rather than simple encryption which in itself can be broken.
Security is the most important feature of any information system. This importance has created a whole industry of security experts for legacy systems where there needn’t be any. Blockchain technology as a system is built using security. Once the proof-of-concept of a blockchain system has been demonstrated security becomes a given.
Legacy systems always fail at one point or the other when it comes to security. Blockchain systems, on the other hand, take some time to fail after beta testing. Hard forks also ensure that security is still uncompromised in blockchain systems. Upgrades takeoff automatically once consensus is achieved on the chain itself.
At the end of the day, only one thing can be said about Blockchain Technology: it is not only relevant, but it is also the most important piece of technology in the World today!
