Blockchain technology, like any technology is always at risk of becoming obsolete. Think of technological revolutions in the past that seemed to be the very peak of our existence First the car, the then mobile phone. Now though, the original car designs and early mobile phones are seen as draconian, old technologies will no place in the modern era.
Blockchain technology is at risk of the same demise in the instance a new and more exciting technology develops as a result of it, so, what does the blockchain need to do in order to avoid this impending eventuality? The blockchain needs to keep moving, it can’t stand still. Thankfully, the design of the blockchain is just that, the blockchain can’t be still, it’s too vast.
Ok, so it’s unlikely that a new technology designed to suppress the blockchain will surface any time soon. The blockchain is vast, it’s far too big and it’s far too new for that. Yes, lots of ‘blockchains’ exist, but as a technology and as an umbrella term, blockchain technology is a technology that encourages growth and development.
So, what keeps the blockchain moving? Decentralisation, a key principle for any blockchain technology, tends to call for transparency, democracy and collaboration. The nature of blockchain technology is open source, meaning anyone is able to learn to use the tools to develop their own blockchain products and projects. Because of its ability to teach and because of our human capacity to learn, the blockchain will always keep moving as more people engage with it on a daily basis.
The growth of the blockchain is fascinating. In just a couple of years, it’s moved from being an automated transaction service (of sorts) to becoming an entire industry, worth millions of dollars too. Our ability to engage with new technology and the blockchains ability to constantly suprise us means that this isn’t something we’re going to get bored of. If anything the blockchain could be moving too fast for us to keep up with it – we just haven’t found that part out yet.
As with any technology, a new product could come and totally change the face of the industry The blockchain however, through its development has somehow protected itself from this. It’s a complex area, one that demands a great deal of expertise to handle and thus, the blockchain is ensuring itself a vibrant future, one that promises to allow the blockchain and all of its technologies to exist right in the centre of it.