Cryptocurrency is one of the favorite topics to discuss for quite some time now. The very premise of peer to peer currency transfer, without a meddling third party has grabbed the attention. Though you will hear a lot of words doing rounds regarding blockchain, but what are the odds of success? If you look closely there are more than a thousand cryptocurrency endeavors that today lie dormant or cease to exist.
So, is it the death knell for cryptocurrency? No, it is not. This is akin to the dot com bubble that we saw at the start of the millennia. Every technology, product has a crest and trough cycle. Blockchain is here to stay and it will impact economy in more ways you can assume.
Welcome Distributed Data
The one thing that came up with blockchain technology is that we saw a glimpse of how data will behave in the coming years. The trend of a distributed data across geographies sent quite a few ripples, worldwide. May be an obvious apprehension led to many countries ousting cryptocurrency all together. But, the real question is how long will be the ban? The world is gearing up and adapting to the concept of data distribution through cloud and other means.
Ledger is here to stay
Imagine what cryptocurrency is all about. It removes the middleman source in transactions. Peer to peer transfers are clear, easy and transparent. This quality has in fact led the Dubai Government to go for Distributed Ledger Technology. The nation plans to do away with all the government paperwork in favor of digitally structured ledger system.
This one aspect of cryptocurrency is a keeper and is here to stay. The entire concept of blockchain technology will curb fraud and increase security. So, what about the companies that are going bust?
Coming of Age
If you go back to the 90’s internet incident, then you might remember, the companies that went ahead with URLs without any product for real, went to dust. The similar deal is with blockchain. Let’s take it as cleanse that will weed out the weaklings and the strong players will stay. Just like Google stayed.
Now, as the fringes are trimmed there will be a dawn of blockchain technology companies that will bring standardization. There will be industry specific specialized institutes that cater to a niche, but the very game of collaborating for a better delivery to customers will lead to a standardized process.
Now, if you go back in the time before technology or money going digital, there is always the need for creditability. As cryptocurrency grows blockchain technology companies will become that credible backing with technology to maintain transactional integrity.
Now, what impact did these non-running gone to dust companies have on the entire ecosystem of blockchain? They created a good amount of public technical debt and there are good chances that you can see their smart contracts getting flared. Now, this scrutiny and scenario has created blockchain entities that are exclusive and industry based. Take the example of healthcare claim processing via crypto channel.
So, the future holds higher security and credible players in the market. There will be specialized and industry based eco-system, the rest goes all standardized. This creates a transparent transaction. Blockchain is here to stay and has entered a standard product cycle market. You can expect a strong impact on the lines of the internet as a product/service.