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"Most blockchain technology is not ready to do things quickly on a large scale"
JAX: Some people seem to believe that the API's economy will revolutionize blockchain technology. What do you think about it?
Ilya Pupko: Blockchain is an incredible technology, but it will not work alone as a solution to any problem. For blockchain technology to be useful, it must first be enabled by the API, so that it can be used by customers or internal users within large companies.
All technology needs a voice, in a figurative sense, and that voice is an API. To package your technology as a product, you need to create an & # 39; API for this. This is true of many technologies out there that are not even connected to the blockchain. Likewise, blockchain must be packaged with an API to be a product.
JAXenter: Why does blockchain need powerful APIs?
Ilya Pupko: Without powerful APIs, very few people will be able to get value from blockchain technology. The APIs allow users to use this technology.
For example, Bitcoin is already a product in itself. Even when it was out there, and people could interact with Bitcoin, they did not explode until there was a real market. Now there are markets that make it easy to buy and sell Bitcoin and so it has become incredibly popular, it has really exploded. Now there is packaging: humanized APIs have been created for this. You can go to a website, register, give your bank account and buy it. This is an API: just more than a human interface.
Technology without an interface will only affect a small niche, which few people will adopt. It's like selling a product to mom and pop shops and friends rather than selling it to Costco. You must have a suitable package and put it in a box. In the digital world, APIs are the right packaging for any technology, including blockchain.
Without powerful APIs, very few people will be able to get value from blockchain technology. The APIs allow users to use this technology.
JAXenter: How can the evolution of blockchain trigger new applications that measure blockchain to create a better workflow?
Ilya Pupko: This evolution will create a new way of looking at certain types of technologies. Provides transparency and ability to track things in a verifiable manner. Now that you can apply this ability to different workflows, different sectors, it is increasingly adopted. You can enable all types of applications and verticals, even basic and simple, to have more capabilities at the company level, such as the ability to track, full public transparency and visibility. It is beyond the initial implementations in the financial sector and even health care, now the late and closed real estate market is also "looking for verifiable public offers and offers.
States are promoting safer elections along the way, and blockchain authentication and digital signature offerings are out there, but beyond that, even the manufacturing sector looks at this technology to allow a simpler and safer way to collaborate. Our patent system has long been thought of as broken in the United States and the world – perhaps the blockchain can not cure that patient, but at least it could help make this problem of many decades a bit easier to manage.
"Security for blockchain technology can not be resolved within the API space"
JAXenter: Blockchain is still in the Wild West development phase. How can it evolve beyond the theoretical?
Ilya Pupko: Blockchain seems to emerge from its Wild West phase. It's not just a technology, and there are some types of blockchain technology that are more developed.
However, there are a couple of key obstacles that most of the technologies associated with the blockchain need to overcome to achieve wider results. First, until the hype phase is over and all the noise around the blockchain goes out, many big companies may not feel comfortable adopting this technology. The second problem is security, which is a crucial phase of development for each new product. When things start, development is agile, mistakes are made and security suffers. Many blockchain technologies are still in this phase and have not been controlled, which means they can be very dangerous to implement. Users need more security checks to decide which technology is really ready.
Security for blockchain technology can not be resolved within the API space. As an interface to the program, the API must be the safest because it will be the first to be hit by attackers. If you tell people to connect to this API, it should not only offer a secure connection, but it must also ensure that the underlying technology is just as secure.
SEE ALSO: "Anyone who needs a modular cryptographic library for blockchain might find Hyperledger Ursa useful"
JAXenter: If you had to summarize the evolution of the blockchain so far, would you say that it is mostly negative or positive? Is this technology still plagued with scalability and regulatory uncertainty? Or is it "on the road to recovery" from bad publicity and concerns?
Ilya Pupko: Blockchain has spent too much time in the cycle of hype. Many technologies have developed from this space and many of these were not really at the height – they were not safe and were not designed properly. It is difficult to see beyond so much clamor to identify the real value of the blockchain. The best scenario is that people will begin to gain a reasonable understanding of the problems that blockchain is most suitable for and which are not. Unfortunately, it is not there yet.
Advertising around this technology should not be confused with understanding and results. Most advertising is too blurry and too generically positive when there are so many ways that existing technology can go sideways. It is similar to the clamor that is seen around a fashion diet that can have some benefits, but is spoken of as a solution for everything from hunger in the world to cancer. Regulatory uncertainty is certainly a problem for blockchain as a currency, because the United States has cryptographic export laws, and this creates legal problems for anyone trying to use this technology internationally.
In the digital world, APIs are the right packaging for any technology, including blockchain.
As for scalability, most blockchain technology is not ready to do things quickly on a large scale. This is not a problem inherent in the blockchain approach, but reflects on the fact that current blockchain technologies have not been designed to be high-performance systems.
JAXenter: what are the most common mistakes that blockchain beginners make? What should be avoided when going down the blockchain path?
Ilya Pupko: The most common mistake that beginners can do with the blockchain, as with anything else out there, is not learning enough about the particular incarnation of technology before putting it into practice.
Users need to know if the particular thing they are choosing has been developed to the level where they have to provide the expected performance. Just because it's out there does not mean it's ready for real use.
Thank you!
