The Blockchain is very popular among the developers nowadays. On the other side, its potentials are a little unclear. We don`t know for sure what could we use it for, what technologies will it replace in the future and what technologies are compatible with it.
Some people may think that Blockchain could replace APIs in the future. But you should be aware that these people aren’t all that informed. Nonetheless, these two technologies, while extremely different, are connected in a number of ways.
Today, we’re going to shed some light on the matter and see the connections between the two technologies. We are going to look at how the Blockchain technology and the API economy are influencing each other, and how will their future look…
Most of the people reading this article know at least something about the Blockchain. As simply as we can put it, the Blockchain is a distributed database where transactions are duplicated. They are connecting the end of one block to the beginning of the one that follows. We all heard how secured and reliable Blockchain is, but it is a little more complicated than that. After those transactions are created, encrypted, stored and validated, they are requiring online connection and communication. That`s the part where APIs come in. They are important for ensuring authentication and authorization.
APIs and the Blockchain
When we are talking about the Blockchain, all of us can agree on one thing: the technology is still really confusing. Average users aside, it seems like a good number of companies see potential here. But one thing we know for sure: the technology is API-driven. Therefore, having APIs of its own, the technology can start prospering sooner that we think. That can be done only if we have the tools that can help us simplify the entire process and make it more secure in turn. The influence of APIs and their management technology can possibly make it easier for businesses to deliver their products to the market more quickly by using Blockchain implementations. The agility of APIs is the main factor here.
API Economy and the Blockchain
Since cryptocurrencies are indeed pretty safe and allow you to shop anonymously, people have been asking the question whether regular online payment providers should start using the Blockchain. There is a number of applications you can find on the Internet, offering the possibility of paying with cryptocurrencies. By following this trend, the Blockchain could become the universal credit layer that can be used by both API providers and API consumers. The Blockchain could be used for storing other important data. And this could actually have an impact on API driven transactions in real-time.
Adding Trust and Removing Barriers
Most experts think that the API economy has a bright future. There are countless APIs available for use. And the reality is, most of them are not integrated with the Blockchain at the moment. However, new trends are signaling that this integration could happen soon. The Blockchain could resolve the issues of self-control and trust. Plus it could also make the market more “democratic.” All of that won’t be easy; while you can use an API builder to create a Blockchain-based API, the technology is still too new to be massively adopted across the board.
The Future of the Blockchain
For now, we’re still not sure how much of an impact on technology as a whole will the Blockchain have. People in the business are divided on this question. Some are saying that this is the crucial discovery for the future of IT world. However, even the people who are celebrating it don’t have the exact idea of how will all of this work out in the future. On the other hand, some experts think that the technology won’t have any effects outside the cryptocurrency world.
As we said earlier, enterprises are pretty divided when it comes to the Blockchain. It surely is a pretty confusing thing to think and talk about. No one has the clear picture of what the technology will look like in the next couple of years. It may progress… It may fail…
However you should remember that cryptocurrencies are based on this technology and from the look of things, they are here to stay. That means the connection between the APIs and the Blockchain is pretty solid and won’t break any time soon.
We just have to wait and see what will come out of this connection…
Thank you for reading our article. We hope that it enjoyable and informative. If you have something to ask or something to add, feel free to leave the comment in the comment section. Have a nice day.