Blockchain Semantics Insights
Business Case | Deep Tech | Announcements | Blockchain Glossary |
Force Fitting BlockchainBy Anurag Srivastava | April 6, 2018, 7:40 a.m. GMT
Should I learn Blockchain?
This is one burning question that must be troubling fresh graduates, seasoned techies, professors, investment bankers, industrialists, chartered accountants, and who not- such has been the rise and craze of Blockchain technology lately. You cannot just ignore it and continue with your regular life.
Blockchain is vast and complex. Getting your head around it may not be the easiest of things. Therefore, before you take the leap of learning this technology, you must ask a few questions to yourself. I want to learn Blockchain
because my Manager asked me to
as I wish to sound learned in my circle
due to FOMO (fear of missing out)
as I truly believe that it has the potential of changing the world
If the answer is point 4, then you are probably aware of the basics of Blockchain and know its key characteristics. You must now dig deeper and learn to code onto its platforms writing smart contracts, building wallets and exchanges. If you are able to pull it off, you must then try to build your own Blockchain defining the rules and protocols as per your need. This is the ultimate place where you should aim to be.
If the answer is anything but 4, you probably have a very little clue about the principles and architecture of Blockchain. The right approach for you should be to understand the important characteristics of Blockchain and compare it with the traditional Internet. Discuss it with your friends and colleagues. Debate over it. If you get convinced that what Blockchain offers cannot be achieved with the current Internet with similar ease, then you have your answer with you.
Blockchain is at a very early stage. It is still in its first decade. The world is only starting to see the early applications of Blockchain technology. There are a very few companies who have made some dent in the real world sense. One great example is Ripple where they have partnered with several prominent banks globally and have reduced the cross border money transfer to seconds.
Thus, as of now, the onus of finding the answer to 'will Blockchain change the world' lies on your own shoulders. For you to be able to answer this, there is no easy way out but to actually understand the principles, characteristics, and protocols of Blockchain yourself.
Do not force fit it.
Blockchain is not meant to be applied anywhere and everywhere. It cannot replace your existing CRM. It is a humble request to not make it another “Big Data”. We all know how we wanted to replace our existing RDBMS with Big Data even though it didn't fit the bill. Blockchain is at the very same stage and people are trying to apply it wherever they could. If you are also one of them, then you clearly do not understand the basics of Blockchain. You must learn its core concepts first.
To sum it up, you cannot ignore Blockchain at this stage. If you understand the core concepts, dig deeper and then decide. If you do not understand much about it, learn the basics and core concepts and then take a call. But, don't ignore it just because somebody said it holds no value. You should answer that yourself.