Due to its extremely versatile nature, blockchain has attracted lots of attention from many different industries. But as the technology is still in its infancy, it is facing some developmental issues.
Blockchain’s decentralized nature is one of its most revolutionary aspects, but also creates one of its greatest challenges. Let’s say that you upload some password-protected information onto a blockchain, and, as many of us do, you happen to forget what the password is. Unfortunately, there isn’t much you can do to regain access to the info since there is no centralised entity to change the password.
Comparatively poor transaction or “network” speeds also constrain the technology’s implementation. Processing transactions can be very time-consuming since every new block added to a blockchain must be verified by a majority of people on the network
The Ethereum platform is a prime example of this. Its current network speed is 0.067 seconds per transaction, which sounds really fast but it doesn’t even begin to compare to traditional payment processors. Alipay, a Chinese payment system, can handle a whopping 80,000 per second. In other words, Ethereum would take 3-4 days to process the volume of data that Alipay does in just 1 minute. So even though blockchain technology can handle a huge amount of data storage and computation, there have been significant problems in scaling up transaction speeds to accommodate growing demand for blockchain services.
Transactions using blockchains also consume an enormous amount of electricity. According to research in 2019 from the University of Cambridge, maintaining the Bitcoin blockchain uses as much energy as the entire country of Switzerland over the course of a year.
Developers of blockchain technology are in the process of trying to break through these limitations. So, stay tuned to Blockchain 36, where we’ll learn a bit more about some of the potential solutions
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