A University in China has filed a pretty interesting patent focused on exploring how to better manage domain names using Blockchain. Yes, I know what your first reaction is going to be – “come on, you can’t just revolutionize everything by adding the word Blockchain to it” and you’d be right. The challenge with all new blockchain-based technologies and ideas is determining which can truly deliver value.
The goal of the blockchain-based approach to domain management is to improve security by leveraging a “consortium blockchain.” But wait – there’s more:
An additional claimed advantage is that, being based on a system of distributed nodes, no “consortium or small group” can control the entire process. While cryptocurrencies are potentially prone to what’s called a 51 percent attack (in which an entity that controls more than half of the network can rewrite transactions in their favor), only allowing “trusted” nodes means the proof-of-work mechanism by which miners secure a network “is not required,” the filing says. (Source – CoinDesk)
I think it will probably be 5 – 10 years until we see any major use of Blockchain in the domain space, but it is interesting to see the ideas start to develop and take shape. Remember, crypto may crash and burn, but I think it’s safe to say Blockchain is here to stay and it’s not hard to imagine it being used to improve the way domains are managed in the future.
The question is, who’s going to do it? What do you think, could Blockchain progress the domain industry forward or is this just going to lead us into a confusing mess? I want to hear from you, comment and let your voice be heard!