As we roll into 2019 and look back at 2018, Blockchain had a transformative year. In fact, Blockchain had quite the run over the past 10 years and visibly reached a state of being overhyped. With the vast amount of Blockchain news hitting on a daily basis layered on top of the fear of missing out or “FOMO”, Blockchain was thrust into the realm of being characterized as a technology that would soon solve every problem. This was unfair. But, on the plus side, this ended up being a positive event as it thrust Blockchain technology into the mainstream.
Corrections can be painful but are necessary
Consider the dot-com bubble of the late 1990s, housing and credit crisis of the early 2000s, and even the tulip mania of the 1600s. All of these events were based upon implausible views about the asset and the future. Historically, corrections cause expectations to revert back to reality, fears to recede, and wash out the weakest participants. Many promising technologies (AI, machine learning, the cloud, and even the internet) also witnessed fits and starts early in their early history. This is normal and what we are currently witnessing with Blockchain technology.
What lead to the overhype correction?
There were a variety of factors that are bringing Blockchain back to reality:
- Crypto price correction or “the crypto winter”
- ICO’s constructed on inferior business models
- The absence of standards in determining Blockchain validation
- Lack of defined and realistic use-cases
- The absence of understanding of the fundamental benefits of Blockchain technology
Where are we today?
Gartner has done significant work in studying Blockchain’s 2018 trajectory. They assert that technologies must pass through the following phases:
- Trigger of innovation
- Peak of inflated expectations
- Trough of disillusionment
- Slope of enlightenment
- Plateau of productivity
Even though Gartner sees the plateau of productivity at least 5 years out, they opine that “This is not just a technology, this is a societal change,” according to David Furlonger, Gartner VP and Analyst.
What Blockchain applications will prevail?
With the peak of the hype cycle, the best real-world applications will take hold. We are currently witnessing a growing number of use-cases taking hold across multiple industries and verticals. We view that the best in class applications will address the following requirements:
- Scalability: capacity to handle large data loads for both the enterprises and governments
- Privacy: solution must ensure that information remains private with the ability to share as required
- Security: solution must ensure that information remains secure and trusted
- Immutability: solution must provide independent 3rd party corroboration of data and history
- Reporting functionality: solution must provide the ability to accurately report on stored information
- Ease of integration: implementation must not be a burden on current processes and technology
- Flexibility: solution must be flexible so it may be used across a variety of use-cases and industries
- Cost: solution should not be a burden while offering the benefits of improved efficiencies
Uledger was built from the ground up with the mission of addressing real-world problems. Our hybrid approach ensures that the underlying data remains secure and private while benefiting from a distributed and tamper-proof ledger. This approach delivers a highly scalable solution intended for enterprise data loads and security requirements.
About ULedger – “Make the World’s Data Honest”
ULedger is designed to be minimally invasive to an existing technology infrastructure via REST-ful API standards allowing for ease of integration to existing data management environments. Through this process, each database underpinned by ULedger becomes its own Blockchain. As a result, an entity can have more than one Blockchain. ULedger hashes and timestamps the metadata of all transactions that occur on the database(s) and then the hash, timestamp, and metadata are posted to a public network of ULedger Blockchain nodes.