5 Things Blockchain Should Consider for Universal Adoption ! Prepared By: Evonax
C r y p t o c u r r e n c y analysts c i t e t h e t e c h n o l o g y as an i n n o v a t i v e n e t w o r k t h a t has r e i n s t a t e d m u l t i p l e f i n a n c i a l s o l u t i o n s to b e o p e r a t e d e l i m i n a t i n g t h e n e e d of a c e n t r a l a u t h o r i t y by s t o r i n g d a t a t h a t c a n n o t b e t a m p e r e d or h i n d e r e d in any w a y . As c r y p t o c u r r e n c y e x c h a n g e s are d e e m e d as a gi ft to F in T e c h , m a n y analys ts also c i t e t h a t s o o n B l o c k c h a i n c o u l d go o n to be a b e n e f a c t o r for m u l t i p l e i n d u s t r i e s a n d n o t just F i n a n c e or T e c h n o l o g y -
S ec to rs s u c h as H e a l t h c a r e a n d L a w t h a t are
heavily i n v o l v e d w i t h m y r i a d of p a p e r r e c o r d s a n d o b s o l e t e t e c h n o l o g y c a n p r o f i t large ly from B lo ckc hain . H o w e v e r , B l o c k c h a i n ' s rise has b e e n t h w a r t e d o w i n g to its a b s e n c e of u n i f o r m i t y a n d s l u g g i s h t r a n s a c t i o n a l s p e e d s . Her e are 5 t h i n g s B l o c k c h a i n s h o u l d c o n s i d e r for u n iv e r s al a d o p t i o n .
Enhanced Execution Rate
Holding many si m il ar i t i e s as t hat to an a c c o u n t i n g l e d g e r , t h e B l o c k c h a i n n e t w o r k r e c o r d s all s a n c t i o n e d t r a n s a c t i o n s wi t h d e c e n t r a l i z e d t e c h n o l o g y t hat e n s u r e s t ha t t h e g o v e r n m e n t or t h e c e n t r a l a u t h o r i t i e s are d e v o i d of t he n e t w o r k and e v e r y t h i n g t hat h a p p e n s on it. Legal e x p e r t s of B l o c k c h a i n t e c h n o l o g y c o n s i d e r this as a h u g e b e n e f i t as it s a f e g u a r d s all data and d o e s not allow a n y o n e to t r a c k any fi nanci al transactions. A lt houg h B l o c k c h a i n c o m e s wi t h its o w n fair s h a r e of p r o b l e m s - B l o c k c h a i n t e c h n o l o g y c a n lag for l o n g e r so its s l o w c o m p e t e n c i e s s o m e t i m e s may n ot sit we ll w it h t he p e o p l e w h o us e t h e n e t w o r k for any C r y p t o c u r r e n c y E x c h a n g e . O w i n g to t hi s v e r y r e a s o n , a lot of b u s i n e s s e s r e f r ai n fr om e m p l o y i n g this t e c h n o l o g y for l a r g e - s c a l e a p p l i c a t i o n s so it is i m p o r t a n t B l o c k c h a i n s o o n c o n s i d e r s a d o p t i o n of e n h a n c e d e x e c u t i o n r a t e mechanisms.
Interoperability As B l o c k c h a i n is a c o n s t a n t l y e v o l v i n g n e t w o r k , s o m e of t he u s e r s a s s o c i a t e d wi th it are c o n c e r n e d t ha t as multipl e n e t w o r k s ex i st , i n t e r a c t i o n with e a c h o t h e r is restricted. Lack of i n t e r o p e r a b i l i t y e s s e n t i a l l y leads to lack of c o m m u n i c a t i o n b e t w e e n B l o c k c h a i n c o d e r s and c r y p t o c u r r e n c y d e v e l o p e r s w h i c h in turn r e s u l t s in lack of i n t e r a c t i o n b e t w e e n t he multiple p l a t fo r m s. To t o n e d o w n this p r o b l e m and e l i m i n a t e i n t e r o p e r a b i l i t y , s t a n d a r d i z a t i o n on B l o c k c h a i n n e t w o r k c o u l d help e n t e r p r i s e s o p e r a t e c o l l e c t i v e l y and build s t r o n g a p p l i c a t i o n s on a c o l l a b o r a t i v e fr o n t exchanging innovative Blockchain solutions as an o d e to c r y p t o c u r r e n c y t e c h n o l o g y at its f i nest.
Cost Cut Downs and Lesser Com plexitie Blockchain network generally consumes s a lot of e l e c t r i c i t y and drains hea v y c o m p u t i n g p o w e r w h i c h a s c e r t a i n s t ha t mining is d e f i n i t e l y in no wa y c o s t e f f e c t i v e as mi n ers have to e m p l o y ma ssi v e c o m p u t e r rigs wi th many s e r v e r s to k e e p t he n e t w o r k a c t i v e . Apart from the multi pl e c o s t s in vol ved, run n i n g a B l o c k c h a i n n e t w o r k i m p o s e s its o w n c o m p l e x i t i e s that can r e su l t in major t e c h n i c a l i ssues. M o de r n c l o u d so l u t i o n s are bei n g i n t r o d u c e d in the m a rk e t o n e a f t e r the o t h e r ho p i n g to ma n a g e t h e s e c o m p l e x i t i e s and o v e r c o m e u n d e r l y i n g b a r r i e r s in ma i nt a in i n g B l o c k c h a i n n e t w o r k s . Intuiti ve a u t o m a t i o n s may lead to p o t e n t i a l c o s t c u t d o w n s and l e s s e r c o m p l e x i t i e s for B l o c k c h a i n t e c h n o l o g y in the fu t u r e.
Supportive Statute O v e r t he ye a rs , a lot of c o u n t r i e s ba n n e d Initial Co in O f f e r i n g s ( ICOs) and p r e v a l e n t r e g u l a t i o n s did not thei r f o c u s sh i f t e d to Smart C o n t r a c t s w h i c h may have p r e v e n t e d a lot of i n v e s t m e n t to ta ke p l a c e in B l o c k ch ai n . H o w e v e r , in the past t w o y e a r s i t sel f 15 U. S. s t a t e l e g i s l a t u r e s have ma de a d r a s t i c p r o g r e s s in mulling or p a ssi n g multiple bills that c o u l d lead to many c o u n t r i e s u n d e r t a k i n g B l o c k c h a i n as o n e of thei r pri ma ry n e t w o r k s for c r y p t o c u r r e n c y exchanges.
Cooperative Alliance If m ore f irms c o m e t o g e t h e r and pl ead thei r a ll eg i a nc e to e a c h o t h e r t hen t e c h n o l o g y will u p s c a l e th e d e v e l o p m e n t of i nno va ti ve a p p li c a t i o n s and e d u c a t i o n a l p r a c t i c e s . C u r r e n t l y , m ultiple g r o u p s ex i s t that st r i ve to e l e v a t e the u r g e of s t a nd a r d i z a t i o n by s ur gi ng s p a c e c o o p e r a t i o n . This d e v e l o p m e n t c o u l d f u r t h e r a d d r e s s t he pr obl em of i n t e r o p e r a b i l i t y that l ies b e t w e e n t he var ious B lo c k c h a i n networks. A m ass i ve d e v e l o p m e n t l ike this will not only grab the a t t e n t i o n of many c r y p t o e a g e r e n t h u s i a s t s but also up the value of t he Blo ckc ha i n n e t w o r k . Already, the p a r t i c i p a t i o n on C r y p t o c u r r e n c y E x c h a n g e Pl a t f o r m s has o b s e r v e d that us er s from various e n t e r p r i s e s , g o v e r n m e n t s and t e c h n o l o g y p r o v i d e r s have multiplied w h i c h i n d i c a t e s that as r o b u s t as th e d e v e l o p m e n t of t he B lo c k c h ai n g e t s , t he f a s t er will be th e a d o p t i o n of this p o w e r f u l t e c h n o l o g y .