The Future of Distributed Ledger Technologies
What will happen to Distributed Ledger Technologies?
A decade has gone by since we saw the first set of decentralized technologies that have changed the way we do things forever.
Today, it is quite normal for people to talk about the top 10 cryptocurrencies or emerging cryptocurrencies without sounding weird or geeky all thanks to distributed ledger technologies which has also given birth to the new field of decentralized finance as well.
With the current “anti-bitcoin”, “anti-blockchain” and “anti-blockchain” stance of many governments, many wonder if distributed ledger technologies have a future considering the way things are going in some countries as regards the laws which are designed solely to kill cryptocurrencies and their underlying technologies.
The great thing though is that certain factors are currently at play that will make all and sundry to consider the full-scale adoption of distributed ledger technologies.
They are discussed below.
Global Economic Chaos is Just Around the Corner
With the current trend of events which has been ongoing for several years now, a picture of a global downturn is quickly emerging and there isn’t much that can be done to avoid it.
Realtime data indicates that the gap on a global scale between the rich and the poor is widening faster than ever.
This has also permeated several countries already as the countries with the highest gaps between the two extremities have already started spiraling out of control.
Fiat money systems lack the tools to control runaway inflation and this has created a paradigm where the rich don’t have ways to multiply their wealth and the poor don’t have ways to survive.
Distributed Ledger Technologies provide relief because the cost of operations of Distributed Ledger Systems are far less than their centralized counterparts.
Distributed Ledger Systems can also measure economic indices with better accuracy than fiat systems can because of the technology base that they work with locked into the ledger.
Also, the issue of trust in fiat systems has become tricky as the government decides what the figures are creating a big trust problem which itself is to blame for the current malaise in the global economy.
With distributed ledger systems everyone can see what is going on through the various ledges which are public so as such it becomes easy for the system to work.
As the world spirals out of control, the new order economically will be to have distributed ledger technologies take over everything.
Centralized Technologies Will start Failing
Due to the open nature of centralized systems, they always encounter security issues and also have upgrades that must occur due to the discovery of loopholes within such systems.
The advantage of this is that the designers of centralized systems always have to roll out new versions of the same thing over and over again at great profit.
Distributed Ledger Systems on the other hand always “hardfork” for the good of the whole systems and everyone stands to gain something one way or the other.
Within a few years, as distributed ledger technologies take root with a less failure rate than centralized systems, many people will start seeing the light and will switch sides for the mere fact that DLTs fail less than the centralized systems and this means more profits for everyone!
Generation Z is Going Rising
The age of the baby boomers and Generation Y is also coming to a close.
The rise of the individual has become the new norm.
Privacy is a word that barely exists anymore.
The idea that something remains hidden isn’t the way the young people these days do things anymore.
The fascination with technology and everything that technology has to offer has also created a new paradigm where everything can be done remotely.
This has become a burden on present technology systems and the burden is going to increase over time.
As such, Distributed Ledger Technologies will provide perfect answers to imperfect questions as Generation Z need things to happen to them immediately.
This is the future of Distributed Ledger Technologies.
One of absolute adoption.