The efficiency of blockchain technology and its effects on product markets

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I see a great deal of companies that could potentially launch a public blockchain in coming years, this is because the demand for a more producer-consumer friendly ecosystem is growing, and while we're already seeing some companies like Samsung venture into "private blockchain" infrastructures to boost it's product security, the inevitable could be deploying a public chain that encompasses more "consumer incentivization".

Although not a much dreaded topic, incentivization is the new normal, paying back to the user base will grow on many companies and hopefully a new balance in capital and value flow can be created. This is part of what the authoritarian rules do not want, as money is always better in a pocket of a few, in their dictionaries.

Capitalism is threatened!

I've been carefully watching the industry reactions to blockchain technology and cryptocurrency use cases. What I've come to realise is that this is a technology "the people" want but companies fear giving in. A record in history as it means a lot to follow the path of blockchain technology, for easy comprehension, integrating with blockchain means being industry wide transparent, it means having less control over data and potentially less control over "value". It also means putting the people on the front line of every innovation, who stands to benefit most? Is the community satisfied with the release? What are the incentives in place to boost sales and adoption?

All of this comes with blockchain technology, and its general effects are scary for most companies as like many bodies of operations, dependency is leverage but with blockchain, there are no intermediaries and no reason to rely on a particular system.

But, the customer is always right

Here's where we see a great deal of FOMO.

Capitalism promotes private ownership of larger networks, but cryptocurrency and blockchain look to widen the adoption of "community based" product markets. A while ago, a proposal on Aave protocol was executed which puts select assets out of its protocol list of acceptable collaterals.

This had to be decided by the community, so while this isn't a promotion of Aaves' state of decentralization, we can see how public blockchain level companies operate, secure and manage assets and their systems.

In a capitalist company, this would have been a one man decision, with no public track record on its evolvement. But the customer demand is more efficiency, more flexibility, more transparency, more incentivization, users now wish to be paid for literally everything, I mean, you are literally now paid in cryptocurrency to perform search queries on the Web, if that ain't crazy to you then I don't know what is!

Web 3 infrastructure piloting - adding more pressure

The quest for an immutable and decentralized web is a nightmare that came too quickly. Although it isn't a demise of the centralized Web as it would still take years for the Internet to attain that level of immutability and efficiency, it is however a catalyst for high speed restructuring of the centralized ecosystem to meet the market demands.

It seems unlikely, but all big tech will adjust to these technologies, it's only a matter of time and I'm saying this with great emphasis on "all".

Of course, there are company level benefits to this migration, to name a few, flexibility in building and deploying new products and services, blockchain technology promotes ease of development, so as an industry wide merit, companies can leverage its features to boost network health by increasing better user experience.

Additionally, efficient database management, as a core feature, integrating with blockchain automatically means attaining wide leverage on how data is received, stored and passed through your system or network. This is a huge security advantage, and as aforementioned, Samsung Knox blockchain(private) currently leverages this merits to scale its product. Not to be a free promoter of its product but as a Samsung user, I'd say I've never felt better on a mobile device.

This is the good that comes with blockchain technology, so while we can look past finance for a while, we are able to see that it eats into other sectors and proves to be an industry wide revolution.

Thank you and please leave a comment, your thoughts matter to me

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8 comments
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Title is a misnomer, I can't see anything related to efficiency in your post. Blockchains are no way efficient than other counterparts, they are not designed to be.

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Nice to have critics once a while, now what is it you don't understand about "efficiency" here?

Database management? How come it is so difficult to deploy editable tweets for free on Twitter but with Hive blockchain all of that can be done without changing the original records? The network practically carries all that burden without breaking a sweat!

Is the Bitcoin network when looking at peer to peer payments with zero risk of double spending a joke to you? How easily can you perform cross border payments with Fiat?

Maybe "efficiency" here isn't clear?

But so far, blockchain performs pretty well with little waste, show me a system that beats that, I'll wait.

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Well, I don't think you have any idea. Are you a software engineer by profession? If not, please shut your mouth with your hype.

You are comparing Hive to Twitter, yet you forgot something pretty important. SCALABILITY. Hive is nowhere at scale of Twitter, not scalable as Twitter either. Do you know how much a full node costs as storage? It was close to 3.7 TB last time I checked. Hive doesn't have horizontal scaling as of now.

Developing a decentralized system takes more time than centralized one. That's inefficiency for you.
Decentralized systems cost more as there is no "state", data stacks up, older data never gets deleted. That's inefficiency for you.
It requires more servers to handle the same data. That's inefficiency.

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If not, please shut your mouth with your hype

LOL, it's going to be difficult to shut me up, then again, you fail to realise that twitter can't incorporate all Hive does.

This is not hype, you seam to have taken it too personal.

I really wish to dig deeper into the conversation but you seem already too mad to be begin with.

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I'm just being rational, no need to waste my time with nonsense. I know my stuff, you don't know yours. You have right to speak, you can shout whatever shit you want. But I also have the same luxury, I can shout you to shut your mouth. Educate yourself on both tech and liberties, then maybe I might talk this with you. Cheers.

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Happy to have made an impression, really my first time, chills 😂

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So I decided to do a quick Google search to see if any reputable industry player's opinions align with mine or yours and here's what I found:

https://www.ibm.com/topics/benefits-of-blockchain

If "efficiency" isn't one of many blockchain merits then I don't know what is.

Your comment on "storage" is noted, I will tailor more research on how that poses a threat or is a weakness.

But its rather comical how you totally ignored the "Value" created in the process, makes me wonder if in your books there is no balancing of equation.

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