Blockchain is one of the most frequent words in technical URLs and is perhaps the biggest technical buzzword of the past decade.

While the most well-known app, Bitcoin (BTC), has become a household name, the technology that supports it remains just a mystery to most people.

Below is an article that Jimmy Nguyen has published on the source talking about the fate of blockchain technology and how it can be developed effectively.

In general, the slow progress in blockchain adoption by consumers and companies can be attributed to the varying interest.

Instead of a collective push to build developments only on the Bitcoin blockchain, unexpected things occurred such as the emergence of a huge hype around building several alternative blockchain platforms.

Instead, resources that could have been used to expand Bitcoin's blockchain technology and develop new applications for its underlying technology were used.Instead, thousands of competing digital currencies and hundreds of alternative blockchain projects or DLT technologies proliferated, driven by the pursuit of quick fortunes. From the launch of the new project currency.

Our understanding of blockchain technology and its tremendous potential largely fails to advance beyond the original use case of peer-to-peer electronic cash.

Despite promises of a future in which all smart contracts, identity and data management systems are powered by blockchain technology as part of everyday life, progress remains only measured by the lines on the trading charts.

Transactions in a broader sense:

The reason for the slow development is that people have adopted a very narrow view of Bitcoin, believing that its blockchain was only intended to convert monetary value.

At its most basic level, blockchain technology is simply a distributed data ledger used to permanently record transactions in an open, chronological, and verifiable manner.

When thinking about transactions, especially in relation to blockchain technology, it is easy to focus solely on payment transactions.

But data transactions are an essential aspect of modern life in business, economics, law, politics, etc.

Transactions that share information are all around us.

However, the way we approach information transactions and the tools we use to manage them have failed to keep pace with digitization for the rest of our lives.

And with blockchain technology, our understanding of transactions should expand further.

Every connection, every node, every task, every process and every batch can ultimately be reduced to a data transaction, similar to the way every activity on the Internet is ultimately broken down into data packets to be transported across the World Wide Web.

Blockchain technology development is taking place just as the Internet was initially developed from the first use case of the underlying data network of email to researchers via the Advanced Research Projects Agency network, or ARPANET.

Building on the TCP / IP communications protocol implemented via ARPANET, pioneers of the Internet have developed and expanded the Internet into the critical infrastructure it is today.

To fulfill this vision, it was necessary to adhere to a common basic protocol, without which the openness and interconnectedness of the Internet that changed the world as we know it would not have been possible.

And herein lies the problem in developing blockchain technology so far.

In a rush to capitalize on the growing wave of speculative investment, many new attempts at blockchain emerged after Bitcoin brought with it various forms of blockchain protocols, forcing competition not only over the price of their competing digital currencies but in general network rules and ecosystems.

Meaning that hundreds of different competing systems are not only ineffective, but they undermine much of the transformative advantage of the blockchain, which is to eliminate data silos, enable easy interaction with anyone and create a single source of truth information.

Had the hundreds of competing digital communication networks spread out in the 1990s rather than merging them around a single ubiquitous Internet with a single global web, the tremendous value created and the awakening of the information that resulted from it would likely look very different today.

We haven't let that happen with the internet, so why could blockchain technology be any different?