Friday, October 14, 2016

Blockchain critics: “The technology is overrated” – BTC-Echo – BTC-Echo

The Blockchain is one of the most hotly debated topics in the technology sector, the promise of new innovations. While the benefits of the Blockchain are quickly recognizable, are also the voices of critics in the foreground: After the Blockchain technology in the recent past, medially broad, it was reported, the question of the extent to which the Blockchain can really have an impact on our society. Some claim: The Impact of the Blockchain is grossly exaggerated.

A growing list of shows which major companies are already experimenting with the Blockchain and first prototypes and application of decentralised technology to investigate. So many consulting companies and auditors to include, in addition to the banks, to the narrow circle of the supporters: you will explore specific areas within the Innovation Hubs of the impact of such technologies on their industry and, in particular, the existing potential for the company.

The Blockchain: to Be More than they?

"Decentralized" would be one of the possible words that you would call if you had to describe the Blockchain technology with a word. Of the decentralization, which speaks in particular in the banking sector, all the structures of the past, promise for many supporters is a huge potential: Everything can be automated, streamlined, and with the cryptography mathematically testable. Bitcoin as a best known application is the example of a decentralized payment system that nowadays no longer is only for daylight-shy programmer.

but What the Blockchain outside of the pure value of transactions? The lack of answers to this question, criticize critics currently pointing to the limited scope of application of the Blockchain. Although you solve some problems and offer improvements to existing systems, it is nevertheless not a panacea. Rather, today is already known, in which areas of the Distributed Ledger use could be found.

Blockchain made easy: misconceptions of the technologies

But also ideas, which could be using the Blockchain to implement, are not subject to us as consumers in front of the feet. It is claimed: There are certainly use cases, from a theoretical point of view, and from this perspective, are feasible. However, The theories with the Transfer of the technology into practice, is much more complex than would be suggested by enthusiasts. A working Blockchain System, only the necessary acceptance of the society, but also from a technical point of view, a huge effort for the setup is not required. Finally, it should be developed in accordance with the decentralized principles of a System that can be accessed publicly, and is not stable enough, so it requires a Hard Fork. Ports of the system are difficult to impossible, depending on how they relate to the conceptual aspects.

views of the author (Max):

In the field of decentralized technologies, there was a General restlessness: Especially on the Blockchain-technologies is that already in the early stages of their development, in addition to the technical side, many players in the game who care about the social issues. This is, ultimately, the fact that the Blockchain may only rarely be used as a substitute in the sense of the interchangeability, but in many cases holistic application needs to find in order for the System to work.

Just this human component is currently leads to differences of opinion: while some put all their hope in the Blockchain us so huge (investment) recognize the potential for the future, on the other hand, clearly, what a huge effort from a technical perspective is necessary in order to establish the concept in certain industries.

original post Blockchain Critics Feel The Technology’s Importance is may be overstated via newsBTC

image sources

  • Globe smash with a hammer, isolated on a white background. Elements of this image furnished by NASA © Oleksandrum –

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