Only 8% of the 80’000 block-projects are actively working. At the same time, the life expectancy of the others does not exceed 1.2 years. This is stated in the study of the Chinese Academy of Information and Communication Technologies (CAICT) on industry trends. In that way, there arises a question, whether it is relevant to start such a project and whether it will be successful and bring any profit.
Few innovations in the technological field have attracted so much attention in recent times as technology of blockchain. One of the reasons is the controversy, anxiety, and perception of the possibilities of cryptocurrency based on block technology such as Bitcoin and Etherium. Another factor is the increase in the number of start-ups realized through raising funds through the ICO.
Blockchain Will Cease to Be a Pilot Technology
According to the expert of Ernst&Young company, Paul Brody, the blockchain is used in many pilot projects. As they develop, many of them will remain at the concept level, while some will move to the next stage – realization in everyday life. This process is necessary since it can help the leaders in the technological field to determine the prospects and directions of blockchain application.
Creation of a Common Infrastructure
Everyone agrees that the widespread use of this technology will enable it to become a platform for carrying out transactions between corporate participants. However, it is not completely clear in what form will such a platform be implemented? Some experts predict that large enterprises will create their own blockchains, which suppliers and other business partners will join.
However, Brody has a different opinion, believing that neither the suppliers nor the clients can and will not join the private blockchains of each of their business partners. The successful development and implementation of this technology in the long term depends on the ability of companies to conduct private business within a public and common infrastructure.
In that way, it becomes necessary to talk about the so-called zero-disclosure proof. Brody describes it as a mathematical operation and a cryptographic tool that allows one side to prove the other that something has passed the test. In this case, the second party does not need additional data, such as a private key, when it comes to encryption using a public key.
Blockchain Expects Legitimization
The expert named smart contracts as powerful tools for automating operations within the framework of business processes. He believes that in the future they will become the key ones for enterprises that want to use blockchain technology. However, there is one problem – the emergence of controversial situations in the implementation of intellectual contracts.
Usually, such issues are resolved through the court but it has no authority in regard to blockchain networks that are decentralized and do not have a single service or responsible organization. Voting of network participants can be one of the ways to resolve disputes, but this can also lead to a number of problems if one party has serious legal requirements, and the second is more popular in the community.
Participants of such network usually agree to certain internal rules before joining a particular network. However, it is not always clear how to implement and apply these rules in case of disputes. Brody believes that this will be a new task, which will be decided in 2018.