It needs as much electric energy as a small country! Is blockchain really the future?

It needs as much electric energy as a small country! Is blockchain really the future?

Dominik Nuszkiewicz
·Jul 12, 2022·

1 min read

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A few years ago, we have met first time with the commercial use of blockchain and companies which were using this kind of technology to build some new fancy tech products.

There were a lot of start-ups like DoxyChain. DoxyChain is a polish start-up, founded by a few guys from Poland. They had an idea to use blockchain in the electronic flow of documents in business.

Some of the blockchain startups are doing well, some slightly worse, but all of them were founded to examine and use new technologies, and that’s why I really admire them and have a lot of respect for it.

We have had blockchain in our life since 2008, and to be honest, there aren’t many practical use cases for this technology, which is in fact a standard database, such as Oracle or MySQL, but with other data structures, and as many IT specialist said, definitely slower and less effective than standard databases.

I am sure, that now everyone would want to ask, are these cryptocurrencies and blockchain really the future of our world? For this and other bothering questions we will answer in the next posts, so stay with us for more!

Sources and interesting articles:

Interesting interview with one of the DoxyChain founders: businessinsider.com/technologies-new-techno..

Blockchain problems: bernardmarr.com/the-5-big-problems-with-blo..

 
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