Lessons From History That Blockchain Can Learn
Like every technology, Blockchain, Bitcoin’s underlying technology, too has its share of glitches or problems. It is already high on popularity but can it go bigger and outdo all its challenges that’s the question that’s nagging industry watchers.
The biggest challenge with Blockchain is the format in which it exist – it is a kind of database with a set of features. It isnt able to involve everyone especially in a crisis situation when the need is to digitize everything in the database format.
Another problem that Blockchain face, which is hardly discussed in forums, is the community validation protocol that plays the role of integrity assurance provider to that of the ledger. According to Bitcoin, the problem is taken care of by miners.
Digital Technology has always had its share of obstacles and perhaps looking back at history would give us some lessons and perhaps how Bitcoin could learn from it.
For example, HNC Software came in 1986 and launched a new technology of neural networks. The brilliant staff of HNC got contracts and were tackling a wide range of essential issues in various fields.
Kind of. Around 1990, the CTO of a charge card organization, Household International, acquired them to tackle his organization’s extortion issue. Before long, with the information and help of Household, they got something great going.
Household unit allowed them gain information from other card organizations to improve their models even, and soon HNC was soaring. They opened up to the world, turned into the card business’ standard arrangement, and in the end converged with FICO.
Everybody acknowledged that HNC’s answer bested others’ on the grounds that, all things considered, it depended on that astounding new innovation of its times – neural systems.
HNC Software can be a good case study for Blockchain technology. They can copy the method of neural networks. Pay attention to the important problems and getting them solved by dedicated brilliant staff and the marketing guys will promote the magic of blockchain and everyone will be mesmerized.