More than half of respondents in a survey conducted by Deloitte say that blockchain is a critical priority for their businesses. An overwhelming 83% of them admit they recognize a compelling business case. Giants amazon, Facebook, Walmart and IBM are among the household names interested in employing blockchain in their businesses.
The Distributed Ledger Technology is disruptive. But questions still arise whether it’s scalable enough to meet marketplace’s expectations. You see, consumers want real time transaction speeds with assurances of security. Businesses as well prefer a high throughput for their worldwide operations with zero downtime
But things don’t always work out the way we want, especially with new tech. There are bound to have bugs, glitches and flaws in design. And the regulators, they won’t let crypto organizations rest. In comes their regulation and restrictions
Here are the critical features that will help blockchain go mainstream
Fast speeds are essential for enterprises and for the day to day use. A spike in traffic in the past slowed down large networks to a halt. Slow speeds are frustrating and this leads to users returning to traditional solutions. Even today, a ton of traffic, results in bitcoin settlements taking more than 30 minutes. But there is hope.
MetaHash, a blockchain based 4.0 technology applicable in a wide variety of industries is one of the fastest networks in the world. It has an objective of succeeding the traditional infrastructure.
The wide scale adoption of blockchain is becoming apparent right before its eyes. Walmart is using it to track food from farm to plate I order to ensure safe products while Facebook is rolling out Libra. Merck on the other hand is piloting a program to fight drug counterfeits. While other firms are soon joining in the bandwagon. Yet the stage is still new and experimental for DLT initiatives.
But what happens when immutable data accumulates in large files? Will the network sustain its performance when more viewers (including stakeholders, business partners and regulators) join? Experts predict that the system might experience performance issues in future in what they call ‘blockchain bloat’. It’s when trillions of blocks are stored in permanency and cause wallet to take weeks to download.
It will help with mainstream adoption if Artificial Intelligence can be combined with decentralized ledger technology. AI is being employed everywhere from smart home devices to vehicles and wearables. The same can be employed in blockchain for significant improvement of speed and cost reduction.
In the age of Cambridge Analytica and other data breach scandals, the security of data has been a main concern. But Blockchain’s selling point is the fact that data remains private. Given that it’s not accountable to anyone including the government, blockchain remains a darling to users with a strong preference for privacy