Tech Giants Intel and Microsoft Document Big Problems With Blockchain Technology

Blockchain technology has been in existence for more than a decade now, and although most people only associate it with a range of cryptocurrencies, it is important to note that the technology in itself has a far wider range of uses. According to many experts, Blockchain technology has the potential to revolutionize a range of industries across the world completely, and over the years, many lawmakers have said that although they are not sure about cryptocurrencies, they believe that the technology behind it is worth exploring.

In the same vein, some of the biggest tech companies have the world have also expressed their admiration for the technology and behemoths like Intel and Microsoft are no strangers in that regard. As a matter of fact, the two companies have often stated that the technology has huge potential and could go on to become a trillion dollar industry on its own in the years to come. At the same time, companies like Microsoft and Intel have more of an idea about the tech industry than most, which is why some of the reservations that they might have regarding the technology are also worth considering.

The tech giants believe that Blockchain technology would need to go through a range of battles before it can go mainstream and as a solution, both companies have proposed that a private Blockchain is perhaps the best way to go if the technology is to be adopted on a mass scale. The companies believe that a private Blockchain allows users to have more of a control over the whole thing since at the end of the day a regular Blockchain is not centralized and that is something that any business user will have in mind.

In addition to that, it is also worthwhile to note that nothing is confidential on a normal Blockchain and that should not be something that any business would want, irrespective of their size. However, a private Blockchain completely nullifies that problem and allows businesses to conduct their business without having to share sensitive information with the rest of the world. Needless to say, these are genuine concerns for any enterprise which would ever use Blockchain and the solutions offered by the two tech companies are, without a doubt, worth considering. However, at the same time, it is also important to note that the alterations that they are proposing completely change the very nature of Blockchain technology as it was envisaged.