Blockchain technology has many benefits, especially concerning data security and freedom. Most commonly, blockchain technology is associated with cryptocurrency. In basic terms, blockchain allows for data to be stored and controlled by a community of devices. When changes are made to a blockchain, they are encrypted and verified before being locked in place. Each chain is viewable across everyone in a community. Therefore, it makes it difficult to hack into or make unauthorized changes. However, blockchain comes with several drawbacks including a lack of regulation, scalability, and privacy. Unfortunately, these limits are significantly slowing down the mass adoption of blockchain tech.
In the way that blockchain works traditionally, there is no way of communicating between more than one chain. With this, many different blockchains deal with separate areas but belong to the same body. This means that each area runs parallel to the other, but without being able to interact. This is a major flaw in the design and one of the issues holding back adoption. When companies adopt blockchain, they want to have a central chain that can spawn new chains. These chains would then be able to work together.
Let’s take a look at the Polkadot blockchain, which is a high-end multi-chain body aiming to bridge the gap within interoperability. Breaking down the technology can be confusing. However, their ultimate aim is to create an internet where independent blockchains can communicate to others through the Polkadot network. To do this, the ecosystem contains parachains, which are individual blockchains. When information is passed, it goes through the Polkadot relay that links the parachains. On top of interoperability, running the blockchain in this way will enhance security and increase scalability. If you’re asking what is Polkadot used for?, follow the link for further reading.
One of the major flaws of blockchain tech is privacy, which the public views as an important factor. When you take into consideration the likes of Bitcoin, the entire ledger is made public and the transactions on it are completely transparent. This means that the transactions can be tracked, which could cause serious issues with confidentiality for corporate deals.
One of the ways third-gen developers are combating this is through Zero-Knowledge Proof (ZKP). The verifier can be convinced of action without seeing the content. With chains that use ZKP, only those with access to the private keys can view the sensitive information.
When we talk about scalability, we refer to the speed transactions can be processed. Due to the setup, the likes of Bitcoin can’t deal with the number of people that Visa can. This is one reason that businesses are hesitant to adopt blockchain tech. One way that third-gen is combating this is through a multi-layered structure. To find out more about this, you can check out CPChain and Cardano (ADA).
Blockchain tech is growing in popularity, and each generation is coming up with ways to build on the last. On the tech side, the main issues are scalability, privacy, and interoperability. Only through evolution will we see mass adoption.
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