The Future is Hybrid Blockchain, not Blockchain - Sinha Santos, Founder OiX.Global

Why should the blockchain innovators start to look at the governments as their best friend as opposed to the monsters they are currently portrayed as? Well, the reason is simple – economics. When you look at the growth of Blockchain you will find that government has played a major role in funding the research and harnessing of potentials. Yes, there has been significant private effort, but the ones by the governments cannot be ignored or played down.
Now, for the future. Here is a report I came across and it is just about the US government.
“The federal government’s spending on blockchain will likely increase from $10.7 million in 2017 to $123.5 million in 2022, according to a report from IDC Government Insights released Wednesday. Blockchain spending among state and local governments is also expected to rise, from $4.4 million in 2017 to $48.2 million in 2022.
Though federal civilian agencies spent less than $20 million on blockchain in 2017, they’ll likely spend more than $80 million on the budding technology by 2022. The Defense Department also spent less than $20 million on blockchain in 2017, but may spend more than $40 million by 2022.”
If this projection is true, there will be many countries following suit, doing business with many US Federal bodies might depend on it. So, the future for OiX or any other legitimate blockchain business in the long run could very well be catering to government in one way or the other.
My own stand has always been that Blockchain in itself is not for government application. However, blockchain combined with any other technology to create a Blockchain hybrid could be a great idea. I am personally biased towards using blockchain more for authentication and identity management without fail. I do not mean to say that other actions cannot be ported to Blockchain but the cost benefit analysis on most other applications of blockchain will reveal the truth – in its current form, Blockchain is prohibitively costly for public application.
So, how do we push Hybrid Blockchain forward? Is there is a magic formula to it? No, I guess here on the road is just as it was the IT companies with traditional technologies. We come up with tailored solutions and marry Blockchain with the most appropriate technology for that solution. We need to look at various emerging and traditional technologies to tailor a solution and that is the long and he short of it.

The Future is Hybrid Blockchain, not Blockchain - Sinha Santos, Founder OiX.Global
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