Is it worth IT pros' very limited time to learn about block chain? I posed this question some time ago, and I’d like to revisit it in light of the current state of the block chain ecosystem.
A little more than a year ago, you could barely have a conversation about technology without someone mentioning block chain. Some folks even called it the “new Internet.” Oh, how times have changed. Today, with more than a year having passed since bitcoin's bull market and subsequent crash, block chain's appeal has waned for many folks. Yet, the fall in bitcoin's value doesn't mean that the block chain ecosystem (which is about much more than just bitcoin and virtual currency) has entirely disappeared. Despite the fact that about 92% of block chain-related tech startups have failed, some are still chugging along, vying to build applications that use block chains to solve problems ranging from IT security to real estate to garbage collection.
This again begs the question: If you’re an IT professional, is it still worth learning about block chain?
Why Block Chain Technology May be a Passing Fad
Let’s start with the argument against learning how block chains work and how to build or manage software that interacts with a blockchain.
The most obvious argument is that block chain is a fad that is fading away. Most folks who subscribe to this line of thinking point out that block chain achieved its brief stint as a household word thanks only to the surge in bitcoin’s value in late 2017 and early 2018--a surge that, by the way, was quite possibly the result of market manipulation.
These block chain naysayers also tend to believe that the inherent value of block chain itself is overhyped. Sure, block chains let you do some interesting things that other types of databases don’t. But, at the end of the day, a block chain is just another type of database, and one that doesn’t actually guarantee anonymity or security to the degree that many block chain advocates claim.
A final point against investing time learning how to work with block chains is that the entire ecosystem smacks of amateurism to a certain extent. I’ve spent several years writing about block chain technology and interviewing block chain entrepreneurs. What I’ve learned is that pretty much anyone can launch a block chain-related startup, and convince inexperienced investors to support it, by making a slick website filled with pictures of serious-looking twenty-somethings in suits and vague descriptions of how using the block chain will solve all manner of problems.
This isn’t to say there are not some very bright and committed people in the block chain market, or some legitimate projects. There are. But I can’t shake the sense that, more than other niches within the tech industry, block chain is full of entrepreneurs who lack the experience to translate complex ideas into reality.
Why to Block Chain Is Here to Stay
Now that I’ve dismissed why block chain may be a fad fueled by recent college graduates who don’t really understand the world, let me explain why block chain might actually turn out to be worth learning after all.
One major factor (and something I didn’t appreciate when I last wrote about this topic on this site) is that block chain programmers have made real progress in solving some of the fundamental technical challenges of early block chain platforms. Bitcoin still faces an infamous scalability problem, but newer block chains are increasingly adopting different architectures that promise to help them avoid the same issues. The shift toward so-called Proof-of-Stake is also a big improvement, since it will allow block chains to cease being an environmental catastrophe.
Another reason to take block chain seriously is that concern over data privacy is ever-increasing. Despite what some block chain enthusiasts will tell you, simply storing data on a block chain doesn’t magically protect it from being tracked or misused. However, there are a number of ways in which block chain-based applications could help to protect privacy and increase transparency. The biggest is eliminating centralized control of the data: Since no single person or company can own a public block chain, no one can own the data stored on it. There is thus a good chance that block chains will prove important in developing the IT industry’s privacy solutions of the future.
Finally, I’ll note that, despite bitcoin’s crash and the failure of the vast majority of block chain-based startups, some major companies continue to take block chain seriously. Facebook has announced the Libra cryptocurrency, powered by block chain technology. The Microsoft and Amazon clouds feature substantial block chain-related development tools. (Google Cloud has not invested as much in block chain solutions, but has some offerings.) Even if most block chain startups go bust, there is a decent chance that these large enterprises will drive sustained demand for IT professionals who can work with block chain technology.
Conclusion
If this article reads as if I don’t know whether block chain has a future, it’s because I truly am on the fence. Some days I think it was a fad. Other days I believe that it will continue to grow into a critical niche within the IT industry.
At minimum, I can say that it’s worth continuing to watch the block chain ecosystem to see where it goes.
Tech
via https://www.AiUpNow.com
Christopher Tozzi, Khareem Sudlow
