Ethereum and its Future in the Tech World
Just like the much hyped Mayweather and Mcgregor fight, blockchain technology has become the top tier heavyweight to knock out common day centralized networks through it’s amazing design and technical architecture. The privacy and security that blockchain provides through its’ validation among nodes within the system is impressive and logically sound. A general consensus within each node regarding any transactions or modification of data allows for a transparent networks that blocks off possible attempts for hacking and hostile entry.
Ethereum, intertwined with blockchain, plans to manifest the concept of decentralization into applications created by developers that are not just specific to bitcoin or cash transfers. Any specific programming code can be run within the system through the usage of smart contracts for exchange of any content. Smart contracts is the written code that allows for exchange of any value (money, content, etc.) effectively removing any intermediary that is involved within the process. The code is deployed through internally made accounts within the network that are activated through external accounts that users control. Smart contracts are dictated by externally owned accounts (EOA) that decide whether the code will be deployed for operation within the system to ensure that no unexpected computation is performed through the nodes.
Thus, making the technology a surefire mechanism to be used within the many existing transaction-based and security-reliant platforms that exist today. Right?
Although a decentralized network has proven to be an amazing well thought-out idea with potential to revolutionize the way sharing is done in the tech world, will it be the dawn of a new era with many platforms that exist today? Many large tech companies with existing software would have to re-write existing underlying base code in order to implement the protocol for secure transfers.
The smart contracts that are created for transfer between any parties is programmer written code. If the code is not developed to meet all possible cases of intrusion or is not written to function how it should, issues could be created at a larger scale. Looking at it from the worst case scenario, an issue occurring within a smart contract leads to a distribution of incorrect transactions through the network. This leads to larger structural issues since blockchain is intended to have data that is preventive of alteration/change due to auditing among the network. Additionally, Ethereum is a platform that’s foundations are dependent on the blockchain to ensure it’s privacy and tamper-proof qualities. The anonymity amongst the users within the system plays out as both an advantage and disadvantage. The latter involves abusive users who could potentially be associated with the darknet doing transaction of illegal content across the network. Tighter regulations would have to be implemented in order to prevent such a case of exploitation in the system.
Ethereum is an amazingly exciting technology with potential to revolutionize the modern day of application architecture regarding security and transfer between parties. Once the underlying doubts are erased, it definitely will help the world for the better!
P.S. This is my first written article. I hope to acquire more in-depth thorough knowledge of blockchain, the etheruem platform and finding exciting new ways to to utilize it!