Should blockchain be used to replicate or replace all the relevant digital services we use each day? The answer, of course, is “No”. A purely decentralized blockchain solution, with zero centralized elements, simply cannot meet the expectations of speed required by a videogame, for instance. What our evolving mastery of blockchain has taught us, however, is that in certain circumstances and for specific ideas, decentralization is absolutely superior.

In fact, the prevalence of centralized applications and services proves that blockchain is needed, because the universality of centralization has led to a dynamic that is simply indefensible. Our communications, identities, and finances are exposed when we trust individual companies to collect and protect our data, and at a time when these aspects are inextricably linked to our livelihoods, blockchain contrasts heavily for its proven security, transparency, and trustless nature.

There is high demand for practical blockchain ideas that work without question and use blockchain’s beneficial characteristics for a relevant purpose. With more developer talent, tools, and resources available, it’s no wonder that capable, purposeful blockchain solutions are just now cropping up in the market. This trend includes centralized players such as Samsung (KS:005930), which has recently incorporated some wallet functionality into its latest devices, but also fully decentralized applications that can only exist on blockchain.

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Full Text: investing.com



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