10 November 2018 at 12:18
The term "blockchain" could be out of fashion. While the "distributed ledger technology" does not have the same ring, it could be the point.
Anyone in the cryptosphere has probably heard someone say that blockchain is going to get bigger than the Internet. Although it might be true, the hype behind blockchain technology may actually be daunting for businesses considering investments in technology, according to Fortuna magazine, citing a November 7 report from Forrester Research.
Blockchain technology was popularized after the anonymous enigma Satoshi Nakamoto published the Bitcoin white paper in 2008. Originally, most people thought blockchain technology could facilitate financial transactions but not much else (some still they do it).
When Vitalik Buterin became frustrated by the limits of Bitcoin, he decided to build the Ethereum blockchain, which uses executable distributed code contracts (ie smart contracts)) to process other types of transactions. From the time the network became operational in 2015, people and businesses – including Microsoft, IBM and Google – have increasingly paid attention to the potential of blockchain technology, seeking more and more use cases.
But the call to the blockchain also attracted companies without technical skills. Perhaps the best example of a company that uses the blockchain technology hype to its advantage is Long Island Iced Tea Corp. In 2017, the beverage manufacturer officially changed its name to Long Blockchain Corp., which has meant that the company in the small business increased more 200 percent in a few months. (Things did not go so well at the end for the company.)
Times have changed. Second Fortuna (sorry, we do not have access to the report itself), the Forrester report says that many companies believe that blockchain technology has become so exaggerated that companies are effectively abandoning the term blockchain in favor of a lesser-known term, distributed ledger technology (DLT), which they believe is more descriptive and less wordy.
Fortuna he quotes the report stating: "Networks that are live or under development vary a lot and often are lacking key characteristics that many consider essential components of a blockchain. "It also states that the term blockchain can also bring negative" wild west "connotations to cryptocurrency.
Even if the report warns investors to pay attention to this type of "blockchain washing", it is desirable that the technology is improving and progressing.
Second Fortuna, the report states: "On the side of the tools and services, we will witness steady but cautious progress." Cauti & rsquo; because DLT has not proven to be a significant and reliable revenue stream for software and service providers, and 2019 is not different ".
Considering the term "blockchain" is a more popular search term than a factor of 26: 1, those who encourage a change of nomenclature have a long way ahead of them.
Nathan Graham is a full-time writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and the dog, Kyia. Nathan has a passion for new technologies, guarantees writing and stories. He spends his time rafting on the American River, playing video games and writing.
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