In our system, contracts, documents, and transactions dealings are kept in proper and definite ways. These ways provide the complete security to the assets and boundaries of the organizations. Meanwhile, they verify and launch account event and identities. In addition, by growing interaction between communities, they guide social action. Furthermore, these are critical issues, and just like a rush-hour jam tricking a formula one race car.
Whereas, blockchain technology is ready to solve this problem. This technology is a heart of each currency including Bitcoin. An open ledger who keeps the record of the transactions between two parties. The ledger has the ability to perform itself.
Accordingly, with the blockchain, we are able to store our data in digital form. Basically, this is the digital world everything including data, task, agreements, contracts, and signatures are the store. You have complete authority to keep safe this data or share it with others. This is the vast potential of the blockchain that machines and algorithms are free to maintain a system who keep the things managed. In that scenario, future of banks, brokers, and lawyers is not looking bright.
This is clear that blockchain redefines the infrastructure of the system. Whereas, it shares the potential. It is not only security issues but blockchain insurgency will be the cause of fall of other managing systems. The blockchain adoption process is slow, because it takes a long time may be decades.
Pattern of technology
What are the blockchain technology’s strategy and transformation process? Let’s have a look at an example of TCP/IP (transmission control protocol and internet protocol). TCP/IP first introduced in 1972 and as the basis for the email on ARPAnet. TCP/IP twisted the circuit switching system to its head. Whereas, the new protocol digitalizes the information first then break it into small separate packets with information and addresses. these packets of information decided their own way when they get into the network. In addition, receiving and sending of the nodes on edges has the ability to knock down or congregate these packets. Whereas, TCP/IP provide the platform where data is open with no middle authority.
Traditional communicators ignore the TCP/IP because of its open behavior. But, late in the 1980s and 1990s too many organizations had adopted this technology. In the late 1990s, companies emerge and introduce the new platforms. Accordingly, sun drove the development of the Java is one of the examples.
Although, companies follow the trend of blockchain already. Such as communications changed by skype, google provide a wide data of information at one click only.
Blockchain technology is new in the market and will take a time period for transforming. We can’t predict that how much time blockchain will take for a transformation of the technology. Whereas, two dimensions are highly affecting these this process. First is uniqueness in the system and second is its complexity.
A framework is planned to divide these related dimensions into the quadrant and every quadrant will represent the new stage of the development. This framework will also guide the process of the execution of the technology. Following are few quadrants.
The first quadBitcoin is also falling in this quadrant. As, payment expectations of bitcoin in 2016 was $92 trillion, but this expectation exceeded
While you are promoting your idea among the target audience you need high novelty. In that scenario, by following the network process, blockchain has the ability to set-in into the business. To create locality into the plan, companies are connected with the distributed ledger.
Initially, blockchain takes place in the financial sector. Like Nasdaq is working with chain.com… one of the providers of the infrastructure of the blockchain. Meanwhile, many other organizations like JPMorgan, the New York Stock Exchange and much more trying to adopt the blockchain technology.
This quadrant is consisting on single-use and low novelty. But it is with the high coordination. These innovations face adoption barriers. A substitution that aims to provide easy and affordable services, is stellar. A substitute of the blockchain.
This quadrant has the ability to manage all process of agreement, standards, and processes etc. Whereas, the adoption of this substitution required major changings like legal, political and social. Smart contact is the transformative example of the blockchain technology.
Each technology needs decades for its adoption. While blockchain technology acceptance is fast as compared to the other technologies.