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Things Pushing Blockchain Forward in 2018

by Dr. Ethan Levi 3 years ago in blockchain

Many of the things pushing blockchain forward have the potential to change consumerism and data sharing as we know it.

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Conversations about blockchain systems usually revolve around Bitcoin and cryptocurrency. Social media is overrun with people who are thrilled to own the smallest amount of Bitcoin. It's true that those are two things pushing blockchain forward, but they're hardly the only ones.

A Better Understanding of Blockchain

Not too long ago, blockchain was a mystery. People understood it to be the technology behind Bitcoin in the same way that some people see New York City as the whole of New York State. A clearer comprehension of the technology it is one of the main things pushing blockchain forward. People understand that it's a transaction ledger that, more importantly, can only be appended. What that means is that you can add new information to the ledger, but the information that already exists on it, which exists in storage “blocks” remains intact. You can't change or edit it, and you can't delete it. Cryptography connects each new block of data with the previous blocks. Each link in the blockchain is vital because to alter one block is to invalidate everything that comes after it.

Decentralized Data

A deeper understanding of how blockchain technology benefits society at large is one of the big things pushing blockchain forward. It's all about consensus. Numerous computers hook up to the main blockchain network. To add information to the chain, the person has to solve a complex math problem. All the computers in the network have to agree that the answer is correct before anyone adds information. The consensus increases fairness, but it also decentralizes the distributed ledgers. Not only does it all but eliminate the risk that someone will try to make malicious and unapproved transactions, it also keeps a single group or person from seizing control of the data. Moreover, you have the ability to publish every transaction, opening up the details to the public and allow the information to be verified. These are just some of the things you'd learn if you took one of the best online courses to learn blockchain programming.

The Infatuation with Cryptocurrency

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Cryptocurrency and blockchain go together like peanut butter and jelly, to the point where it's sometimes difficult to distinguish one from the other. These digital currencies are also decentralized, which accounts not just for their popularity, but also for their position as one of the things pushing blockchain forward. Cryptocurrency uses cryptography, as well, which simultaneously allows for anonymity but also tracks the currency once it enters into the system. In time, it's easy to predict that more financial services will utilize Bitcoin or other cryptocurrencies, especially after the fear of the worst cryptocurrency scams in history has passed. Bitcoin transactions are increasingly common already, as potential users are no longer intimidated by the prohibitive costs.

Evolving beyond Bitcoin is one of the things pushing blockchain forward.

The intrigue associated with cryptocurrency fades with understanding. One of the things driving blockchain-based systems and distributed ledger technology is that the newness is finally wearing off of cryptocurrency, Bitcoin, and the entire idea of digital currency. That sounds like bad news, but it means that people are finally able to look past the money and see the full potential of creating, moving, and sharing big data.

The Potential of Smart Contracts

The necessity of smart contracts and the need for people who are specially trained to write them are two major things pushing blockchain forward. Writing smart contracts is so specialized that the niche is scarce and few blockchain startups have the capital necessary to hire a developer. In a move that makes the technology even more open source, people can use iOlite to craft a smart contract. It takes the spoken word and translates it into code through the use of an algorithm put together by an international group of coders, developers, and engineers. Artificial intelligence may be able to expand the industry niche and inspire new applications for blockchain. If you want to learn even more you may want to check out the five best blockchain books.

Printing with Blockchain

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Through an interesting series of events, a software company discovered that blockchain technology and the seamless thread of digital information that it creates are essential to faster, smoother, and more successful 3D printing. The open source quality of the technology means that other people can observe the creation and printing processes step-by-step and make improvements or tweaks along the way.

Transparent Supply Chains

Transparency is one of the most valuable things pushing blockchain forward because of how the technology affects the supply chain. Every movement that a product makes along its journey from store to consumer is visible. As a result, fraud becomes a minimal risk and businesses won't lose money because of loss or theft.

Data Tracking from Start to End

The transparency factor applies to data, as well. Data provenance is one of the most appealing things pushing blockchain forward because of how much information is public and visible. Tracking who created content or data, when they did so, what their rights are, and who enacts changes has enormous ramifications for open source software and increased security. You see, the idea is that, at the owner's request, people will not have access to change data without explicit permission.

The Internet of Things

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Ever hear of the Internet of Things? Certain systems, networks, and micro-economies become the property of the internet, which can adapt technology to suit it. The potential IoT is one of the most intriguing things pushing blockchain forward. Blockchain revolves around the trust that exists on the internet, specifically around peer-to-peer systems. Single owner networks will eventually fall out of fashion.

Targeted Careers and Job Opportunities

Lucrative job opportunities abound in the world of blockchain technology. They're waiting to be filled by qualified professionals who possess the unique skills needed to create contracts and forge each link in the chain. To say that job potential is one of the things pushing blockchain forward is an understatement, but it's going to take some time for the curriculum to catch up with the trend.

The Possible Elimination of Piracy

When creators of digital content, such as art and music, can limit the people who can change or move their content, piracy may become a thing of the past. The system may be such that it restricts someone from downloading a digital print then spreading it around to other people.

Potential, of course, is behind most of the things pushing blockchain forward, but there's nothing wrong with that. Potential inspires innovation. If you're wondering how bitcoin will become valuable in our society you're not alone. There's a lot to see in the future of blockchain, cryptocurrency, and similar applications, and it's not all Bitcoin transactions and payment systems!

Dr. Ethan Levi
Dr. Ethan Levi
Read next: Top 5 Advantages of Blockchain Technology
Dr. Ethan Levi

He is a published writer with a doctorate in philosophy who challenges literally everything and everyone. Dr. Levi strongly identifies with punk music and despises elitism. He has an affinity for flannel.

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