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The Evolving World of Blockchain Like Never Before

Blockchain - cryptocurrencies

June 16, 2020 | 

717 Views | 

JOHN K MWANIKI | 

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Evolution is one of the ever-present world phenomena. Every aspect of the world grows to meet new needs. For example, plants and animals develop features to adapt to their current environment.

Anything that fails to adapt withers away. The same is true of blockchain technology. 

After some time of existence, the system is always looking for changes to improve speed and security.

Here are some of the other significant aspects of the blockchain evolution.

Improving Reliability

Of all the changes in the crypto economy, the need for security remains the direst. Unlike the fiat currency that only needs a reliable banking system, the crypto world is vulnerable to hacking and other internet vulnerability concerns.

The traditional economy is also evidence-based, with source documents and physical observation. Only when the crypto can show similar reliability to that of the traditional currency can it become mainstream.

According to WeForum, understanding the vulnerabilities of blockchain is the sure way to ensure reliability. While the coins have a host of risks at the moment, alleviating the threats improves the security of the assets.

The need for certain security has led to an ever-improving cryptocurrency design. The designs evolve to meet the ever-changing user needs.

Speeding Things Up

The speed of transactions in blockchain has also been a matter of contention for some time. Several users have raised issues with the limited HYPERLINK "https://towardsdatascience.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44" speeds that limit transactions dealing in multiple events. For example, Bitcoin can only manage seven transactions per second while the other cryptos are not any better. 

While some users of Bitcoin have asked for an increase in speed, others maintain that such speeds are okay. The idea is to increase the block size to allow for more transactions per second.

Such debates escalated so much, leading to the formation of Bitcoin Cash. Still, this is yet to sort the issues.

The other proposal different quarters have fronted is to introduce permissioned HYPERLINK "https://101blockchains.com/permissioned-blockchain/"blockchains. The argument is that the permissioned platform limits users in a particular blockchain, hence faster speeds. Vetting new users would also reduce the need for authentication before every transaction.

Increased Application

Even though it started as a cryptocurrency, the world is embracing blockchain for many more applications. Blockchain is set to disrupt the cybersecurity, academia, and several other industries.

So far, cybersecurity is using blockchain to improve the security landscape for both individuals and corporates. 

Several entities have already moved their systems to both private and public networks for security. Blockchain is also helpful in setting home security like IoT home installation and other security features.

Evolving Features

Generally, the more cryptocurrency becomes applicable, the more vibrant it evolves in features. The newer cryptocurrencies are always looking to solve the issues of the earlier coins. For example, Facebook’s Libra promises to improve transaction speeds by deploying permission blockchains. 

Conclusion

The growth in bitcoin use has been enormous. From $339.5m in value in 2017 to a possible worth of $2.3bn in 2021, the technology doesn't seem to slow down. The growth comes with considerable development in features and applications for the ever-evolving sector.

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