3 Enhancements That Will Result in Mainstream Blockchain Adoption

 

IBM, Amazon, Microsoft, Walmart, and Facebook are but a few multinational monads using to improve business operations. In reality, a Deloitte study last year reported that over 50 percent of corporations feel that blockchain technology is a top priority for their businesses.

Blockchain technology is a breath of fresh air; however, it begs the question: is blockchain scalable enough to rival the markets’ huge expectations? The end users crave for instantaneous transactions with guaranteed security from the verifying nodes. On the other hand, corporations desire high production capability for their international dealings without a timeout.

Nonetheless, that is not how it works, particularly with emerging technologies. Setbacks are normal; bugs and design defects can also appear. Additionally, many are times when regulatory bodies press corporations or networks to alter their way of working. Below are three crucial factors that a blockchain infrastructure should have to realize widespread adoption.

Speed

A high rate of speed is fundamental to aid businesses in going about their daily practical operations. During the past, even the strongest of networks crippled when traffic on the platform soared. Sluggish systems result in disappointments leading to enterprises opting for the traditional options at their disposal.

MetaHarsh refers to the blockchain 4.0 platform that is pertinent to a variety of industries. The high-speed blockchain infrastructure is aiming to dethrone traditional infrastructures. With its high velocity, it is among the most rapid networks in the world. When the bitcoin up network is clogged, it’s normal for transactions to take more than 30 minutes to be confirmed.

Furthermore, the introduction of Cryptokitties back in 2017 went viral such that the entire Etgereum network got jammed. MetaHarsh technology processes nearly 50,000 transactions every second and verifies transactions within three seconds.

Sustainability

Presently, blockchain technology is seeing some degree of large-scale implementation by multinational enterprises. Retail giants Walmart utilizes blockchain technology to track and monitor food produce from the plantations to the end-user as a precautionary measure. Facebook uses blockchain technology to launch its own Libra stablecoin and international logistics corporation, Maersk deployed blockchain technology to track shipment and containers. However, distributed ledger technology is still in its infancy, and some of these initiatives are just for experimental reasons.

What happens when unalterable data on a blockchain network piles up into vast files? Can the blockchain network uphold its production when a vast audience, including partners, regulators, and other parties, is concerned, join the platform? Some technology experts believe some blockchain networks will face performance issues in the future due to blockchain bloat.

Blockchain bloat happens when several billions of blockchain are immutably stockpiled on the blockchain, resulting in prolonged network verification, and downloading a wallet could take weeks, making the platform uncertain and unreliable.

Some solutions have been introduced to tackle this problem. Sharding has been suggested; however, it is not compatible with most of the blockchain platforms, Ethereum included. Sharding refers to the partition of block verification procedures and administration of subcommittees to compile the completed data. As blockchain technology evolves, sharding will become more essential with immutable data piling up to gigantic blocks.

Interoperability

There have been a number of worries over the years impeding the proliferation of blockchain technology. One of the most troublesome concerns so far has been that of interoperability. Although blockchain was created as a decentralized technology, separate blockchain networks are not intrinsically open and cannot communicate well.

In a world where enterprises depend on increased numbers of partnerships and correlations, it is easily understandable why blockchain interoperability is attractive and crucial. Blockchain interoperability enables swift information sharing, easier deployment of smart contracts, straightforward transactions and settlements, a more user-friendly experience, and an easy exchange of ideas and solutions.

Blockchain interoperability will help businesses realize the full potential of enterprise blockchain and utilize their investment to the wire. Several blockchain interoperability solutions have entered the market, including Chainlink, Polkadot, Hybrix, and Wanchain, just to name a few.

The advent of interoperability solutions may essentially alter the current outlook towards blockchain technology. It is viewed as a significant step in convincing enterprises that the invariable data exchange is fundamental to the entire market’s prosperity.

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