Future of Blockchain Technology

The future of Blockchain technology is without a doubt one of the next major trends for Tech Entrepreneurs, as the future technology seeks to provide entry-level and startup companies a new platform and revenue source to begin competing on an even level with the giants already using cloud base technologies.

Understanding Blockchain

In order to see the future of these technologies, one must first understand what blockchain technology is, and what its applications are going to begin to look like. The best current representation of this is Cryptocurrency, decentralized network systems that do not reside in a single source but many home PCs or Servers spread out across the entire internet such as a spider web, each connected to the next. In this sense blockchain technology is beginning to create a new internet by allowing anyone that wishes to participate in a way of contributing CPU resources and bandwidth.

What systems will Blockchain benefit?

By design Blockchain is inherently resistant to modification of data, as each block typically contains a cryptographic hash of the previous block, a timestamp, and the transaction data, operating as the digital ledger is managed through peer-to-peer networks adhering to a protocol for validating each new block. Once recorded the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires the network majority. In this way it provides security of the data in which it retains, viable applications for this would include things like medical records or any record management systems, identity management, transaction management, or even voting systems that data needs to be safeguarded.

A Brief History of Tech Markets

While the markets and internet have been abuzz with keywords like cryptocurrency, Bitcoin, Ethereum, and many others one thing we have always been able to count on is that each trend of new tech reaches a critical point at its peak where it inevitably collapses. Take for instance the .com crash of the late ’90s, with the rapid increase in the use of the internet any company that had a .com suffix in its name led to the stock market bubble and Venture capitalists eager to profit on the investment raised and invested capital with a very little caution. The Aftermath of the bubble bursting put many telecom companies out of business as they had the rush to create fiber optic networks to support the new online world that most had invested substantial capital in with having an adequate business model in place. Out of the ashes of the collapse came new companies and companies that would emerge as front-runners such as Google.com, Amazon.com, and the ubiquitous youtube.com

What does all this mean to the future of Blockchain and the Internet?

In short, every collapse or bubble burst in new developing technologies has given rise to new online services and companies that re-design and adapt to the new changing landscape of the market, the new environment will continue to be a boon for new inspiring tech entrepreneurs. Already new services such as VPN’s like Privatix and web streaming service such as Choon which build off Blockchain by offering platforms to compensate their user base in Cryptocurrency are surging, the offer to their users the chance to contribute valuable online resources like bandwidth and space for their service to operate off of, is an emerging new type of model that rewards its participants while increasing its scale and capacity worldwide. Other applications such as Storj a decentralized cloud-like file service are still in their infancy but that also seeks to provide better security than cloud-based services like Google drive.

Blockchain may not fully replace many of the services that currently exist today, however, they will radically redesign the internet and the way in which users interact with it while providing a more secure structure for new developers and its users to operate off of.

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