The rise of the Blockchain is not a hoax—it provides some answers to the problem of sharing valuable data in a more systematic way, which can be used to better the society. A lot of people associate Blockchain with digital currencies only but its applications can have wider reach and impact. Yet, there are many problems that the software platform faces.
One of the co-founders of Blockchain, Nicolas Cary said: “The promise is there, but a lot of hard work still needs to be done.”
Well, the main reason why such software platforms are needed is the need of data available to the public without any exploitation of personal or sensitive information of the users. Right now, private entities like banks, telecom operators, retails have important data but public access to this data is neither accessible nor secure for open access. The movement for Open Data has been there but the system or the technology has not been developed yet.
One of the issues that Blockchain faces is computational scalability. As more systems are added to this software platform, the scalability problem would increase further.
The digital world is fraught with distrust and the veracity of any policy, any strategy, or any product’s success is always jeopardized because of the unavailability of trustful information based on data that is real. Fake news, identity theft, and cybercrime are on rising, which further raises questions about any digital identity. Not only businesses but governance and services also depend heavily on the truthfulness of the data.
Blockchain does provide a way to make data publicly accessible but it needs a lot of work. A more optimal solution is needed to make sure computation scalability could be achieved. Obviously, apart from being one of the biggest technological advancements of the 21st century, it would also open a wide business opportunity for the tech companies to grab.