We see the capability of blockchain creating multi-billion dollars cryptocurrency. And people are willing to invest fiat into crypto even though they knew the risk of losing it all.
However, blockchain has been misunderstood for its purpose of creation. It is a means to provide a better security feature rather than setting up ICOs that does not bear any significant value.
What is the use of blockchain for communications?
A blockchain is hard to hack due to the hashing of messages, leaving the chance to succeed near impossible.
As we study the possibility of implementing blockchain technology into communication systems, it could provide more reliable system access and handshake credibility.
Blockchain can micromanage the communication between household appliance to the digital portal linking to a business server.
How can blockchain facilitate communications?
Let’s take amazon’s Alexa for example. All the information of its customers is stored into the centralized server of Amazon. And it is always easier for hackers to focus on a single point to hack in comparison to multiple points of attack.
There will always be challenges when a new technology arises that integrates into an existing application. And the worse outcome is that it does not integrate well with the communication system. It could corrupt the current system and cause damage to the hardware.
We must be aware of the possibility of the system down during integration stage. As such, it is always a good practice to have a parallel implementation to test its feasibility before allowing it to go live.
Should we use blockchain?
It depends. Different niche has a different needs. Since Bitcoin has hit the $20,000 mark, many people focus on the price instead of its actual worth.
I’m not saying that bitcoin is not worth that price. But instead, we should factor in the price to actual demand before we invest into something.
No doubt that many debates were done to justify its functionality offering. Whether it is suitable for B2B or B2C segment. Like the internet first introduced to the public, everything is a blur. And no one could tell whether it will succeed in the next decade.
The greatest misperception that many people had was the blockchain technology is as promising as the internet.
The internet acts as a medium of connectivity. The blockchain, on the other hand, provides a safer means of transporting data from one point to another. It runs on the already matured medium.
Before we can confirm that the blockchain technology would have a significant impact towards any industry, we need to carry out massive research and development to prove its worth. Else, the potential of losing all investment can be a great deal.
