Industry Challenges with Blockchain

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Transcript

Hey everyone, welcome back to the course. In the last lecture, we discussed why industries need to adopt blockchain. We have also seen some of the current implementations of blockchain throughout the world and what kind of future deployments and new domains are available, where blockchain can be helpful and efficient. But all these industries have some reservations when implementing the blockchain solutions. In this lecture, we are going to discuss industry challenges related to blockchain. The major challenge faced by industries in regards to blockchain projects like Bitcoin and aetherium is the energy consumption.

Most of the prominent blockchain solutions in the market are using proof of work consensus algorithm. proof of work consensus algorithm involves the use of computational power The machine to solve a complex mathematical puzzle to verify the transactions and add a block to the blockchain. This mathematical puzzle is related to the calculation of the nonce value, which is approximately in the range of two to the power 68. For Bitcoin blockchain, any machine will require a substantial power to guess a number that large. The current energy consumption by Bitcoin blockchain is almost equal to the energy consumption of the country Ireland as a whole throughout the year. It is estimated by 2020 Bitcoin blockchain will utilize more power than that of the whole world consumes right now.

Energy consumption problem is a significant issue for the adoption of blockchain in industries. industries have already started working to tackle this problem. Currently we have some feasible solutions in the form of different consensus mechanism, such as proof of stake and delegated proof of stake, which can help in reducing the energy consumption problem. scalability is also one of the significant challenges for blockchain projects. industries are worried about implementing the blockchain solutions because most of the primary blockchains are facing difficulties in scaling the services. The scalability issue has been seen with the Pioneer blockchain projects, such as Bitcoin and aetherium.

Blockchain projects are having trouble effectively supporting a large number of users or data on the network. The size of the blockchain keeps on increasing due to the immutable nature of the blockchain. For example, the current size of Bitcoin blockchain almost more than hundred GB. This is a significant issue for the industries. Because one blockchain network is holding hundred GB of data. A new user who wants to be a participant of the network needs to download and synchronize the whole chain before he can start contributing to the system.

The synchronization process is quite slow for most of the blockchain projects. One possible solution to tackle this problem is storage of hash data over the network and storing the actual data off chain. The hash of the data makes sure that even if the stored data has tampered, then the hash of the stored data will be different from the hash, which has been stored over the blockchain. This still maintains the immutability over the blockchain without storing large size files over the network. Another problem with Dada of blockchain is public perception. Presently blockchain technology is almost synonymous with Bitcoin.

As I mentioned at the beginning of the course, in a recent visit to one of the colleges, when I ask students about blockchain, only four people raise their hands. But when I queried them about Bitcoin, more than 200 people raised their hands. The majority of the public is still not aware to the existing potential use cases and efficiency of blockchain technology. Moreover, blockchain technology gets us bad name from the cryptocurrencies Bitcoin is anonymous and is used for shadow dealings of money laundering in the black market trade and other illegal activities. The blockchain is also getting a wrong name and reputation because of that. People feel that blockchain is only being used for unlawful services.

Some of the major countries and enterprises have even banned the use of cryptocurrencies. All these undertones of Bitcoin and other cryptocurrencies are required to be removed for the mainstream adoption of the blockchain. Another major challenge faced by industries and government bodies is that the blockchain does not have standards and regulations yet. blockchains are continuously evolving, but still countries are skeptical because there is no proper definition of what to do and how to do regarding the technology. enterprises and governments always want regulations to protect their customers and citizens. They want standardization available which can be followed to deliver a quality product.

Blockchain technology currently is not having any significant standards and regulations. Although regulation bodies throughout the world are working on standardizing blockchain algorithms and compliances, still they are made to continuously change those frozen up compliances and regulations, as the blockchain is continuously growing and evolving at a tremendous rate. There is one feasible solution for laying down the blockchain standards and regulation. Some countries are trying to launch combined regulations over the blockchain technology. industries want to have mass adoption of blockchain shortly. They need to standardize the blockchain standards and regulations sooner than laters.

These kind of challenges have become a major roadblock for industries to implement blockchain solutions. Apart from these challenges, industries are also skeptic about the attacks which could happen over the blockchain Although till now there is no hacking of blockchain algorithm possible. It has always been the enterprise who made the mistake in the implementation of the blockchain algorithms. Now, let's go and see some of the attacks over the blockchain. If you have any queries feel free to contact us at info at the rate v two blocks.com

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