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Blockchain: A Ray of Hope or Merely Hype?

By CIOReview | Friday, March 30, 2018

In the past, technological innovations have taken some time to be accepted among the masses, and the story of blockchain is nothing new in that retrospective. Albeit blockchain and its early adopters such as bitcoin have achieved significant success over the last few months, the inception of the two faced considerable criticism from the masses back in the day. Since then, governments and nationalities have been swaying both ways with the acceptance of blockchain and crypto assets, owing to its decentralized platform. While some may claim blockchain to be revolutionary for what it is, others widely disregard the idea of a decentralized transactions platform as it remains ungoverned by any regulatory entities.

Despite such mixed opinions, forerunners in the technological realm have adopted the concept of blockchain for various purposes. Supply chain, insurance, business transactions, and data distribution are some of the prevalent genres of technology that have nurtured the on-going development of decentralized ecosystems. The distributed ledger concept not only provides a fool proof security barrier but also provides the highest form of transparency in the current day and age. Along with that, Smart Contracts, one of the more recent advancements in the blockchain space, allows business peers to co-sign a transparent indenture in the blockchain network. Due to the overarching principle of un-modifiable contracts, individuals are bound by the rules of the contract, providing greater security for business transactions. Although the premise of blockchain being a hyped concept or a hope for future technologies seems debatable, it certainly offers a wide range of applications in various industries.