Blockchain Isn’t Ready for scale?
When blockchain came into existence, few people were able to predict the incredible kind of demand and hunger for this technology. SXSW 2018 saw 40 sessions on Blockchain Technology related issues. The topic was so prominent that Twitter was filled with mocks from Journalists and technologists alike. At this time, it is clear that businessmen, technologists, consumers and all other sections of people want access to more knowledge about the technology and its developments from time to time. This is obvious because this sort of technology has the potential to change the human civilisation for the better. Such innovations are rare, but talking about the surety of such technology right now would be too early.
The talk about the upsurge of blockchain technology becomes a bit too overrated at times. The small, distinct flaws in the scale of blockchain are generally overlooked considering it as a slight niggle in its detail. But, in the long run, these flaws have to be corrected and redefined in an organised manner, otherwise, blockchain would continue to be just a working technology in constrained networks and small applications.
It is absolutely necessary for a financial management firm to assess the fields where blockchain technology can be applied. There are scale issues at the moment regarding blockchain. High volumes prove to be too much for blockchain as of now. Also, there are standard issues as these are not mature enough to be commercialised anytime soon. If a business has to incorporate blockchain in its working, then it has to take help of IT firms extensively in order to assess its various aspects and employable fields.
Hence, this is not the right time to declare that Blockchain is the deciding factor in the future technology innovations. Deep research and modifications must be performed continuously in order to upgrade and solidify blockchain usage.