Having strong brakes doesn’t make a car slower, but in fact, powerful brakes allow cars to be made faster due to their ability to halt vehicles at higher speeds. Similarly, adding multiple layers to fortify identity access and management won’t slow down an organization’s ability to have access to important data. It will, in fact, expedite the process of getting the requisite information when the situation requires it. Needless to say, blockchain identity management will definitely form one of these layers of fortification in future enterprise networks and it’s only a matter of time when it does.
Censorship resistant, security proof, and absence of middlemen might appeal to the tech-savvies, but that would not be enough. For Web 3.0 to completely replace Web 2.0, it is first necessary that people show keenness in operating these complicated systems directly without any middlemen involved. Therefore, it is mandatory to educate people about the benefits of a decentralized web before making any big move. The issues around speed will be addressed as and when the underlying technologies mature. Developers are still working on the decentralized web model, which means that the decentralized web model will only get better with time. The shift from Web 2.0 to Web 3.0 will be gradual rather than radical.
Despite rigorous research and aggressive adoption, IoT infrastructure faces major security issues. Hence, several researchers and developers are exploring enhanced security protocols provided by blockchain. Blockchain has already introduced a secure platform for cryptocurrency transactions. Similarly, the utilization of blockchain in IoT will lead to the development of distributed ledger for interfacing multiple connected IoT devices. With such an approach, data storage and networking of IoT-powered devices will be drastically improved.
For now, bitcoin fills a demand for a wider array of alternatives to fiat currencies at a time when many are deeply skeptical of monetary policy, while also promising the kind of exciting growth that tech stocks have done. It’s understandable that there would be wide demand for such an asset. And while that demand is strong, it is aided by that other universal force in markets; fear of missing out. If reflation doesn’t come through on cue, however, it might be as well to brace for another bitcoin bump.
The inception of the blockchain technology had created intense ripples in the financial sector. Although the earlier phase offered unprecedented levels of opportunities and possibilities for the financial sector, today we see a range of different industries experimenting with blockchain’s capabilities for their varying business applications. One such industry that can avail the best of blockchain is media. Right from content creation to revenue generation to content distribution, the potential of blockchain in media is worth mentioning.
It’s time for businesses to transition towards decentralized applications to improve enterprise operations and consumer offerings.
Along with the rapid technological changes that we’ve been witnessing in recent years, there is also an ideological shift that is sweeping across not just the world of technology but the world in general. We’re steadily transitioning from a place where centralization was the norm to a future that promises unprecedented decentralization and democratization. With the rise of mobile computing, blockchain, and edge computing, the global push for distribution of control seems unavoidable. And the recent emergence of decentralized applications or DApps is the latest manifestation of this trend.