A group of Spanish experts recently said blockchain networks offer opportunities beyond cryptocurrencies and the financial system. Rafael Pastor explained that further advances in this technology would help end user lack of trust in immutability, security, and reliability due to cryptojacking.
In 2008, Satoshi Nakamoto published an article that defined the mechanism to implement blockchain technology in Bitcoin (BTC).
There have been significant advances in a type of technology that has expanded dramatically for 14 years. Some experts divide its short history into four generations as all parties agree it has not yet reached its full potential.
A group of Spanish researchers and experts recently answered whether blockchain networks offer an opportunity or are just a temporary fashion. They clarified that their relevance goes beyond cryptocurrencies and the financial system, which this new generation proves to be living proof.
Blockchain Technology Engages Much More than Cryptocurrencies
Joaquín Lago, New Technologies Manager of Minsait at Indra, said there is a link between blockchain and cryptocurrencies, but this technology encompasses much more.
Lago considers this fourth generation may solve current problems and allow high performance and effectiveness. He commented that it is necessary to keep working on it, pointing out it is not here yet.
Rafael Pastor, director of the Higher Technical School of Computer Engineering at UNED, believes blockchain is an opportunity for startups and their business process.
He recommended taking advantage of this technology, stating it is a business, innovation, and performance opportunity. He also pointed to the link to the 5G network and the growing trust.
Pastor said some users still do not trust immutability, security, and reliability due to crypto-jacking. However, he explained that further advances in blockchain technology would help end that situation.
Blockchain Technology Only Needs the Improvement of Processes
Francisco Luis Benítez, a blockchain researcher and coordinator of Disruptive Innovation, highlighted that blockchain is already here. He pointed out it is only necessary to improve processes, the focus of the development of this generation.
Benítez referred to interoperability and scalability and discussed trends highlighting sustainability, green blockchain, and green tokens. Besides, the researcher dealt with the quantum concept, a path not yet explored.
He stated blockchain allows launching services to the cloud and solving digital problems, offering endless possibilities in the health and electronics sectors.
The researcher agreed with Joaquín Lago that many entrepreneurial opportunities opened thanks to blockchain technology. He said this technology supports the issue of digital identity and verifiable credentials and other areas like traceability and distribution.
However, Lago also highlighted a profound lack of professionals and groups to conduct the advances. That hinders the achievement of the new products and services this blockchain generation has promised.
Finally, Alejandro Alfonso, a blockchain analyst at Digitel TS by Madison, said it is necessary to endorse blockchain with legal regulations to progress. Together with the other experts, he concluded that decentralized technologies are here to stay despite the obstacles in their development.
By Alexander Salazar
