thecoinrepublic.com
- There is no denying that blockchain technology is gaining popularity. However, according to Gerry Sanchez, a blockchain and NFT expert, the technology is still in its early stages of application, leaving plenty of space for innovation.
- Gerry Sanchez, a blockchain and NFT expert, says the technology is still in its early stages of adoption, leaving plenty of space for innovation. As people become increasingly innovative and ingenious, the globe will witness more fresh applications in the next few years.
- Garry goes on to say that there are still a number of downsides to the technology, including environmental effect, adoption pace, security, and usability difficulties.
Blockchain technology eliminates the need for an intermediary such as the government or banks by enabling peer-to-peer payments. Blockchain also hides the user’s identity along with keeping the record of a persistent public ledger of all activities. Thus implying that your personal information is safely secured.
Since the data is stored in a public ledger and verified collectively by various validators, all the activities on blockchain are transparent. This way trust is built in the system and users do not have to trust a third party with their data.
There is no doubt that blockchain technology is booming. Gerry Sanchez, a blockchain and NFT expert, however, believes that the technology is still in its early phases of implementation, which leaves a lot of room for innovation. The world will witness many novel applications in the coming years as the people innovate more and become inventive. Gery says, “It’s a great time to be alive”
According to Gary, Smart Contracts, dApps and NFTs are just the tip of the iceberg, the blockchain applications has a lot that is yet to be explored. The world will see two, three, or even more generations of innovation in this field.
How Can Blockchain Be Explored In The Future?
The immense potential of Blockchain can be determined by its use-cases in various industries. Blockchain has long-back come out of its cocoon of coin domain and now has become revolutionizing technology that’s adding value in various businesses across many sectors.
Experts are of the opinion that the technology will be a game-changer in the future.
On being asked about the future of blockchain, Gerry believes the Blockchain has a lot of potential. The privacy, independence and permanent records that Decentralization offers can back many industries.He says disruption can happen on many different levels in both private and public sectors.
Challenges With Blockchain
However, just like any other technology, Blockchain also has some challenges associated with it. Scalability being the most prominent among it as the transaction processing rate present at the moment varies due to different factors.
In the coming future, the performance and scalability of blockchain networks is going to be the priority in the field. Although the efforts are going on to build models and create better solutions in order to improve security, it will still remain a significant concern.
ALSO READ: Layer 2 address activity slows, but Arbitrum stands against the trend
Road To Improvement
Garry further shares his views on the technology, he explains: There are still many drawbacks in the technology such as environmental impact, adoption speed, security, and usability concerns. However there is also a lot of room for improvement. Each community is trying to push their limits and tackle the challenges in their field. Ethereum, Solana, and many other major projects are some of the examples.
He also emphasized that we are still in the early phases, which means there is still time to develop solutions and create improvements.
He believes these are extraordinary times that call for new use-cases for blockchain technology. Be it revolutionizing an old industry, Decentralizing a crucial process, or creating a social project.
He advocates exploring the technology further, “It’s time to get our hands dirty and make errors because that’s how we learn new things. You don’t want to be the person who is too afraid to make mistakes. You want to be the person who takes full advantage of the technologies that are becoming available.”