Since the 2017 craze which made bitcoin a household name and the public became aware of the existence of block chain technology there are has been a period of maturation of the market for cryptocurrencies and the broader technology of block chain. Because a lot of the early attempts to launch block chain projects were either scams or lacked the required follow through in order reach maturation as businesses there has been a lull period in the development of the technology.

There is also a sense in which the enormous promises about blockchain technology could never be fulfilled and were really only made as a sales pitch. It was promised that the entire global financial system would be reformed and the traditional fiat currencies would soon disappear to be replaced by cryptocurrencies which would be open, decentralized, transparent and democratic in their operation.

It was thought that the problems associated with bitcoin like mining and the amount of electricity that is consumed as result could be overcome with new forms of blockchain technology such as proof of stake protocols. However, it turned out to be difficult to offer the same levels of transnational security which proof of work based blockchains could offer because proof of stake protocols can be subjected to 51 percent attacks.

3 Years down the track and the block chain landscape looks nothing like what was originally envisioned. A mango tracker has been built. Supply chain management has been improved other than these relatively limited applications, the society wide sweeping changes which were expected have not materialized. A lot of the early coins which were offshoots of bitcoin have now collapsed as commercial projects or been consolidated into other businesses which had a more stable foundation although interest in bitcoin and its associated value still remains high it appears that the predicted explosion of cryptocurrencies in general has not materialized and bitcoin has retained its crown as the original and the best.

We offer block chain development services, particularly in relation to the legal and financial industries. If you would like to inquire about these services, please do not hesitate to contact us.