Overly

AUGMENTED REALITY FOR BUSINESS AND EVENTS

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About Overly
  Overly app is an online platform that empowers its users to create their own augmented reality content in a few simple steps - no coding skills are required. Since launching in 2014, the Overly app has added value to multiple causes across numerous industries, star...
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< $25/hr
2 - 9
2014
Latvia
Overly
AUGMENTED REALITY FOR BUSINESS AND EVENTS
0.00/5 (0 Reviews)
Services

 

Augmented Reality, Mobile application development, Game development, Mixed reality, AR, and VR

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Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain. As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return. ( Image source: quora.com) The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time. ( Image source: techrepublic.com) ( Image source: techrepublic.com) The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect. 1) Centralized vs. Dencentralized The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context? Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other. 2) Blockchain Performance The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption. 3) Smart Contracts ( source: blockgeeks.com) It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on. It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world. The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes. Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed. Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever 4) Gold vs. Bitcoin Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy. 5) Blockchain Scalability Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes. ( Image source: zdnet.com) VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are Time consumed to put a transaction in the block The time taken to reach a consensus Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees. Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved. Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology. In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology. ( Image source: searchcio.techtarget.com) Final Thoughts: Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase. Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting. But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it. Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.
Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain. As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return. ( Image source: quora.com) The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time. ( Image source: techrepublic.com) ( Image source: techrepublic.com) The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect. 1) Centralized vs. Dencentralized The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context? Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other. 2) Blockchain Performance The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption. 3) Smart Contracts ( source: blockgeeks.com) It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on. It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world. The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes. Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed. Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever 4) Gold vs. Bitcoin Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy. 5) Blockchain Scalability Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes. ( Image source: zdnet.com) VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are Time consumed to put a transaction in the block The time taken to reach a consensus Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees. Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved. Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology. In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology. ( Image source: searchcio.techtarget.com) Final Thoughts: Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase. Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting. But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it. Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.

Blockchain technology caught public attention around the same time when corresponding technologies like Big data, Payment gateway, and Cloud computing, were enjoying its dominance. Like any other new technology, even this technology was surrounded by loads of speculations and opinions. Some even wonder whether the Blockchain technology is just out there to prove some developer’s ingenious work or it has real value to end-users. Even survey reports have a different take over the Blockchain.

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As per one of the surveys, where companies from various sectors have used Blockchain for their projects, it was mentioned that on average, they were expecting a 24% return on investment on their early Blockchain projects but realized only a 10% return.

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( Image source: quora.com)

The Blockchain is indeed disruptive, and it even forced experts to split opinions, whether it is a Myth or a Maestro of tech innovation. Let’s see what experts have to say who have been around technology and innovations for quite a long time.

undefined

( Image source: techrepublic.com)

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( Image source: techrepublic.com)

The technology has unique features like recording transactions via a peer-to-peer network, an immutable ledger, smart contracts, then why it could not get through user’s expectations in all respect.

1) Centralized vs. Dencentralized

The majority of software that performs well and is used throughout the world is centralized - Android, Facebook, Quickbooks, Windows, etc. The users are very fond of these platforms for a long time. It was not that these technologies didn’t have any errors or were hidden behind their prominence but were prompt enough to solve the user’s issues rapidly. It gave a sense of reliability to users who operate their daily work on these platforms. It might not be in the case of Blockchain technology. But does it make Blockchain out of the context?

Take the example of the dApps (Decentralized Apps) that use Blockchain technology for app development. The app backend code is distributed between the nodes of a P2P network, which reduces the mobile app development cost that companies pay for cloud service or on-premise server support expenses. No doubt Dapps are very slow, but it still has the merits. A combination of centralized and decentralized can be more productive than overruling one over the other.

2) Blockchain Performance

The amount of data you store on Blockchain has to be stored by every full node on this planet. It means anyone who downloads the Blockchain is also downloading your piece of data and everybody else who is there on the Blockchain. It could increase the cost of storing data on Blockchain and speed of the storage. Limited storage and slow transaction speeds present a big barrier to Blockchain adoption.

3) Smart Contracts

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( source: blockgeeks.com)

It is the smart contract that drove most people’s attention towards Blockchain technology. A smart contract can take away all the paperwork out of your organization or business processes. The set of rules (a piece of code) automatically gets executed when predetermined terms and conditions are met. A smart contract could be used in multiple ways like tracking rented vehicles, transfer ownership of a house or apartment, to record music copyrights, and so on.

It eliminates third party dependency, reduction of bureaucracy, reduction of costs by removing the need for lawyers. However, there are certain limitations that question smart contract’s feasibility in the actual world.

  • The information on Blockchain is immutable; it means if there is an error, it can’t be changed. Also, it is a cumbersome task to download the entire Blockchain and re-enter data even for small changes.
  • Another issue is legal prosecution. For example, a smart lock cannot prosecute the person who damages your property. A law enforcement body like the court is needed.
  • Non-reversible transactions limit smart contracts to a very narrow niche of use cases or industry
  • The loss or theft of laptops, hardware private keys and flash drives would lock people out of their contracts and fortunes forever

4) Gold vs. Bitcoin

Gold is a stable commodity, and it can be exchanged with foreign banks in return for funds. As of now, one cannot borrow money from Banks for Bitcoins. But the World Economic Forum survey suggested that 10 percent of global GDP will be stored on Blockchain by 2027. Though everything seems glittery for bitcoin, the value of physical Gold cannot be underestimated. Gold has an intrinsic value that can never drop to zero – the same cannot be said for bitcoin. This is one of the main reasons why some envisage Blockchain as overhyped technology. On the other hand, Blockchain is no fallacy for virtual currency users, who think Gold is too primitive to handle the tech-driven world. It is interesting to watch Blockchain and Gold in neck-and-neck competition to build their supremacy in the world economy.

5) Blockchain Scalability

Blockchain scalability is one of the prime reasons many are reluctant to adopt this technology for their business processes.

undefined

( Image source: zdnet.com)

VISA does transaction around 1667 per second, while Ethereum and Bitcoin are limited to 7 and 20, respectively. Blockchain is bottlenecked around its scalability. The two main issues around the Blockchain scalability are

  • Time consumed to put a transaction in the block
  • The time taken to reach a consensus

Every recordable transaction requires peer-to-peer verification along with it associates the transaction fees. If you want your payment to be verified more quickly, you have to pay a higher fee for it. As transactions continue and records grow, block sizes increase eventually, which may result in higher verifying fees.

Bitcoin is currently verifying, or creating, one block every ten minutes, in the future, it may increase with the number of blocks involved.

Blockchain technology will not be judged only over their performance metrics but also on their value proposition to the existing technology.

In 2020 the battle will not settle on its viability alone but rather selecting them as your business preference- private Blockchain, public Blockchain, or both. It is expected that 80% of Blockchain deployments will be hybrid, multi-cloud, or both. The expert below quotes when one should adopt Blockchain technology.

undefined

( Image source: searchcio.techtarget.com)

Final Thoughts:

Whether Blockchain is Overhyped or Underhyped is a big question as of now, considering the fact it is still in the growing phase.

Their limitations are big blockages for technology and place them in the same bracket where 3D printing, Wearables, NFC (Near Field Communication), Autonomous Cars are resting.

But with improvisation in Blockchain technology, it is expected to reverse the perception of those who feel insecure about it.

Blockchain technology has taken the routes lesser-known, and even though if it does not rise to people’s expectations, it has lit the light in the dark, which was not explored so far.

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Overly
Artilerijas street 3-K2, Riga, Riga 1001
Latvia
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