Even in the year 2019, blockchain technology is at a nascent stage, largely popularized by cryptocurrency. However, its potential is largely undiscovered. The stagnant growth of blockchain technology is also somewhat slowed down because of cryptocurrency downfall during last year, affecting prices of not just its currencies but also mining systems, PC hardware component prices, including Nvidia. Believe it or not – there’s a direct connection between the blockchain world and online casinos. First of all, there are some online casinos that are actually based on the blockchain technology. And many of the ones that aren’t, are involved in cryptocurrency farming or hold shares in high-tech companies that are involved with cryptocurrency. As the world advances, many businesses see the future in those cryptocurrencies and decide to invest in them and invent platforms that accept those currencies.
Blockchain so far- the visit to the recent past.
Blockchain was publicly introduced in 2009 as a decentralized database which allows untrusted and unrestricted sharing of digital data and assets without third-party acting as a regulatory body. Blockchain 2.0, however, was introduced with Ethereum, the second most valuable cryptocurrency at the time. This allowed smart contracts which enabled the actual use of cryptocurrencies.
However, what was largely overlooked that there would be a central authority to overlook the process as the system was depended on those who provide access. Therefore, it requires to be regulated worldwide. Many cryptocurrency companies were aiming towards a decentralized but regulated system which should enable them to have a higher value.
Current situation of Blockchain technology
As of now, Blockchain technology allows you to transfer digital assets of several kinds online. These transactions are still decentralized and therefore has no intermediaries. But there are regulatory authorities to enforce the security and its process.
Despite its ups and downs, the limitation of blockchain technology is limited only by its application. As of now, there are private and public blockchains typically adopted by a conglomerate or a single company. Scalability has improved and with the participation of trusted companies, members and conglomerates, blockchain technology is making slow but steady growth. However Private blockchain provides added security as they provide privacy, easier enforcement of changes, cheaper transaction rates and transactional times and the lack of cryptocurrency in the process. A private blockchain is the only one who will be open to adopting and utilizing Government operated regulatory boards. This is more beneficial for other applications. From something as simple as physical and online shopping to online casino services.
Public blockchain suffers from certain issues similar to that of open source technology. It also inherits the same issue such as having a very large developer community but within closed doors.
The future of blockchain
While this is speculation, blockchain technology’s adoption in the near and distant future looks promising. It is assumed that by 2022, the scalability of both private and public blockchains will be improved significantly. New data structure protocols will be included. There is also a chance for public blockchains to have some added security as a secondary layer. In the years to come, blockchain technology will be used widely in multiple applications without using cryptocurrency as an incentive. The adoption of smart contracts will, therefore, become common and properly regulated and protected by most country’s regulatory boards. This will significantly reduce the malpractice or risk of losing transactions without any legal accountability.
We can always expect private blockchain to grow. But what popularized blockchain is what is limited to blockchain’s potential as it also inherits its scepticism in the process. Such was the case in India which lead to multiple Cryptocurrency shutdowns. Therefore, it’s important for blockchain technology to eventually disassociate itself from cryptocurrency. Public re-education is important, but that’s an engagement only private-owned enterprises can push for across the public.