What Is the Most Overrated Word in the Technological Space?

Technology is one of the spaces that has always been progressive with the coinage of new terms. Late 2018 has been exciting for the people closely associated with this space. MediaPost conducted a survey according to which “blockchain”, the buzzword in the crypto space topped the list of the overrated words, leaving “Artificial Intelligence” (AI) and “Programmatic” behind.  

Nevertheless, it’s appalling to have the most talked word topping the list especially when 2018 was termed as the year of the blockchain. Precisely speaking, back during this time last year, almost every company looked forward to including blockchain either in their wish list or in their plan pipeline. This year, the scenario is radically different. Why not know the reason from the blockchain experts?
One reason that has been commonly heard from every blockchain leader is not a cosmic connection of course, but another c-word connection called crypto connection. So, the issue stemmed from cryptocurrency. The more the linkage of blockchain happened with cryptocurrency, the more the trust issues got intense.

A renowned blockchain expert from India demonstrated the underlying principle and potential of blockchain technology, keeping cryptocurrency at bay. He explained, “Blockchain is a distributed ledger that has invented the concept of single-entry data storage instead of the age-old dual-entry.” He further added, “The applications of blockchain technology are yet to be fully explored.” “The spheres in which the blockchain technology has been brought in use already do not completely justify the magnificent potential of the technology.”



It is understood that the crypto scams have robbed people of their hard earned money but the underlying technology is not responsible for this. The blockchain is the technological tool that drives cryptocurrency, the intent of the technology was never wrong nor can go wrong in the future. Therefore, blaming the technology for some malicious people in the space is not fair. The tool can be used to solve some major real-time problems that the world is facing and help in making the world a better place to live in. Well, the story does not end here. If you are looking for short-term gains, blockchain technology is certainly not the tool. Significant changes do take time and blockchain technology is efficient enough to bring about those groundbreaking changes.
Nevertheless, wise will neither consider it as the overrated thing nor the next big thing. He will utilize this pioneering technology to its fullest capacity to build innovations that can bring widespread impact to society.

The survey also asked the tech-savvies what the most important technological word is. The answer that came up was “transparency”. Interestingly, blockchain can bring greater transparency to every industry on this planet.


Comments

Post a Comment

Popular posts from this blog

Is cryptocurrency industry of India lagging behind?

Image
Cryptocurrency industry of India had been flourishing until the unexpected decision from the Reserve Bank of India (RBI) emerged. The RBI had directed the banking institutions to terminate transactions with the cryptocurrecy exchanges. This decision came as a shock to the cryptocurrency fraternity of India. The progressive days almost came to a halt for some cryptocurrency exchanges. They had to shut their operations in India. One of the instances that can be cited is Zebpay. It closed down its operations in the nation on September 28, 2018 and moved its base to Malta. In less than 6 months, another prominent cryptocurrency exchange of India, Coindelta closed down its services. In a recent statement, Coindelta founder Shubham Yadav has mentioned that the exchange is not contented with the efforts of reversing the harsh decision of the RBI. He added that it demanded more work which did not happen in the due course of time. Hence, the operations of the exchange had to be called
Read more

Why go trustless?

Image
The idea of distributed ledger technology (DLT) is appealing because it is as close to ‘trustless’ as we can get. Imagine a world where you have true autonomy or freedom and outcomes are not decided by centralized intermediaries. For with people or institutions, there is always the possibility of various cognitive biases creeping in. In such instances, decisions are often influenced by individual value systems, vested interests and personal preferences. In other words, there is a good chance that a centralized third party’s decision is not for the greater good and is determined by the whims and fancies of a select few.  Once DLT works as envisaged and becomes truly autonomous then a neutral framework or mechanism could lead to more efficient end results. Outcomes would simply be due to action and consequence within a set framework. A form of a trustless network that is gaining widespread adoption is the blockchain, and myriad cryptocurrency entrepreneurs would delve into great
Read more

The Regulatory Scenario in the Cryptocurrency Space

Image
The debate has been going on for long about cryptocurrency being legalized by countries. Cryptocurrency evangelists have been of the opinion that cryptocurrency can solve numerous problems in the traditional financial industry. According to them, cryptocurrency can lead to an efficient payment system, especially for cross border transfers. Cryptocurrency can enable quick transfers saving the time, eliminate middlemen lowering the costs, and help maintain a trusted database of transactions on the blockchain network. On the other hand, several financial regulators of different countries are of the opinion that cryptocurrency can lead to financial instability as the digital coins are volatile in nature. Moreover, due to the decentralized nature of the transactions, it will be difficult to keep a check on all the financial activities to prevent any terrorism funding activity. Cryptocurrency, not involving a centralized governing authority and regulatory body, make transactions
Read more