As Bitcoin loses steam, blockchain moving into next generation
The Bitcoin network, a pseudonym for a decentralized blockchain network network, is at the crossroads. Computer artisans ingenious create new products quickly for profit, without regard for quality or usability.
Imagine spaceX software being created by crew members while they are on Mars missions. This is exactly what blockchain is doing.
New frameworks are being created to remove the burden of proof-of-stake, token incentives, and scaleability in order to make blockchain more widely accepted.
To be secure and autonomous, the framework must be redesigned to reduce high resource burden and dramatically improve transaction speed.
It is time to build an intelligent, decentralized network system that is independent of TCP/IP (Transmission Control Protocol/Internet Protocol), or layered on it. This will allow for faster transaction processing, to match today’s high-speed network.
Although it is difficult to imagine a network like this, it will become a reality in 10 years or less. The key to success is integration of Artificial intelligence (AI), and machine learning algorithms.
Before products can be developed and marketed, standards must be established in these innovative technologies.
Blockchain will be the next generation of Internet technology. It will revolutionize internet usage by providing additional security, distributed processing and immutable ledger databases, cryptographic data handling and secure communication systems. All of this is possible using existing TCP/IP architecture.
It is a great time to find out more about the architecture, token concepts, domain-specific languages and interoperability, scaleability of it for those who are curious.
MIT, global financial institutions, distributed investor communities, and innovative software developers around the world are all working behind the scenes to launch their products and/or services in a strong manner in the future.
Entrepreneurs in Information Technology can reap the rewards of their passion, drive and determination. The field is vastly open to those who have the right background.
It is difficult to predict which of the three competing blockchain platforms, such as Hyperledger, Ethereum, and Cardano will be widely accepted at this time.
Cardano, however, is the latest and most advanced. It has been developed with the blessings academic leaders and peer review groups.
This is a great time to get involved in these platforms and build a solid career in the emerging technology market.
Blockchain technology implementations today face many obstacles compared to what we’re used to.
The blockchain is being viewed as the panacea to all internet problems. It is however a utopian concept that will be around for some time.
Internet users face major privacy and security issues, both small and large. This will continue for a long period.
Blockchain is a noble concept for the future with its distributed architecture and immutable ledger.
Interoperability and sustainability are the main obstacles to blockchain implementation.
These hurdles are not being overcome yet, but innovative solutions are being explored in certain frameworks.
We can anticipate one or more reasonably-architected internet platforms that run blockchain technology in full-steam implementation by the end this decade.