Blockchain has become of utmost important to lots of organizations including Amazon, IBM, Facebook, Wal-Mart and other business with 83% agreeing to a powerful business case for innovation.
There are questions and doubts regarding the scalability of the newly arrived distributed ledger Technology and its ability to meet the high expectations of the market place. The huge demand for real-time transactions that are highly secured with high throughput and zero downtime by several businesses is very difficult to achieve even with new technology as there are bugs, glitches, and design flaws.
In order for a blockchain network to achieve widespread adoption, here are 3 critical components to work on.
- SUSTAINABILITY: Blockchain is now relevant to a number of global enterprises upon adoption. Wal-Mart makes use of blockchain to track the movement of food from farm to plate but a major problem that comes with the adoption of this is accumulated data. Can this network sustain itself in the event of many viewers joining?
Experts predict a future problem called blockchain bloat which is a result of permanent storage of trillions of blocks. While shading is a proposed solution, there has not been a record of a successful implementation of this solution, but a combination of DLT with technologies such as artificial intelligence can help solve the problem. Deep Cloud AI uses a combination of blockchain and artificial intelligence to decentralize cloud computing.
- PRIVACY: Data breach has been in existence for a long time with huge companies such as Yahoo and Equifax as Victims. Blockchain allows absolute anonymity which promotes privacy and data security.
- SPEED: Most enterprises require speed in their daily transactions. one of the fastest networks in the world is the metahash which is based on the blockchain 4.0 innovation. The metahash is capable of processing 50,000 transactions in a second and can confirm settlements in a maximum of three seconds.
Blockchain is cost-efficient and encourages data security, smart contracts, and hassle-free cross border settlements. These advantages have led to an increase in the adoption of the blockchain system eventually making it mainstream.