Industries are not disrupted by blockchain — This is called organic evolution
Like every new technology, blockchain creates both opportunities and challenges that we need to address in order to move forward. We can, of course, wait for issues to appear and then solve them, or choose to be one step ahead and prevent them. We talked with Eugene Kyselev, Blockchain Software Developer at Mobilunity about his predictions and expectations and blockchain’s impact on business.
JAXenter: When did you decide to become a blockchain developer?
Eugene Kyselev: I like learning new technologies; new approaches, programming languages, frameworks, tools, concepts are very inspiring. For example, when you develop a blockchain application, you need to learn a lot about cryptography. And it is an amazing experience. What’s more, my family got involved in blockchain starting from 2012.
JAXenter: What are blockchain’s main issues that make its success unlikely?
Eugene Kyselev: I would define three major issues as of now:
- First, blockchain technology uses a completely new vocabulary which is not so easy to understand.
- Second, blockchain transactions are very slow. It may last up to several days because of its nature.
- Third, due to its current uncertain government regulation status, it cannot be used freely worldwide.
JAXenter: What industries can blockchain be disruptive for?
Eugene Kyselev: I wouldn’t say that blockchain is disrupting industries. On the contrary, lots of companies like IBM and SAP implement blockchain. IBM also released a complex “IBM Blockchain 101” guide. This is an organic evolution.
Thanks to blockchain, it will become easier to regulate all government processes and consequently, there will be no room for corruption. All records will be public and everyone will be able to take a look at governmental expenses.
During elections, for example, it will become harder to falsify results. But the other side of the coin is that blockchain could have a negative impact on ecology. Every transaction [and every unit of mining node] needs electricity which generates huge energy consumption. If blockchain grows at the same pace in the next five years, we might experience electricity issues.
JAXenter: Many countries have launched their own cryptocurrencies. For example, there’s Electroneum in England. What does the future hold for this cryptocurrency?
Eugene Kyselev: Many people think that Electroneum is British national cryptocurrency; no, it isn’t. In fact, it’s a private project developed by mobile and online gaming markets.
In my opinion, there’s a lot of work to be done before a country can release their national cryptocurrency. But I doubt that governments will risk that much, it is more likely to continue using traditional money. If Ukraine develops a national cryptocurrency, for example, I think this will lead to an irrevocable economy depression.
JAXenter: As far as I know, you were working on a cryptocurrency project yourself. What does a Blockchain project implementation normally include?
- Stage 1 — use case is identified and a technology plan scoper out
- Stage 2 — is a proof of concept (POC)
- Stage 3 — is a field trial, which involves a limited-production run with customer-facing data, which is stepped up to involve more customer-facing products and data volumes.
- Stage 4 — full-volume rollout in production
Some of the systems that are being converted are being explored more out of interest rather than being directly driven by customer value. So what areas of blockchain deliver the most customer value? That’s the key question that should be asked.
JAXenter: There seems to be a shortage of blockchain developers Where can IT companies find blockchain developers for their projects?
Eugene Kyselev: There are a lot of recruitment agencies to help with that. Typically, they search for candidates that would fit your team.
A new, yet very popular trend nowadays is to outsource developers. Mobilunity, for example, takes over the whole recruitment process, selects candidates in accordance with your requirements, interviews them, sets up the environment and cares about motivation and staff retention.
JAXenter: To sum up, how can cryptocurrency change our lives in the near future?
Eugene Kyselev: This is not only about cryptocurrency, this is about blockchain in general. We already feel the social impact of blockchain but we should not expect drastic changes too soon.
Blockchain will help lower the costs for verifying and securing data privacy. Thanks to blockchain, everyone will have access to information whenever, wherever. Bureaucracy and corruption will sink into oblivion. And there is more to come.