Highlight of the many challenges confronting the blockchain technology. Issues ranging from scalability, security, and world scale utility
Posted December 12,2018 in Science and Technology.
Blockchain technology allows value-additive interactions.And since the internet permit valuable interactions between devices, theblockchain can offer a smooth environment and an easy medium value-added transaction among different devices.
The massiveadvantages of distributed ledger technology are undeniable. And the most attractive aspect of any product to the consumer is transparency, utility and security regardless of whether it cater for other things. But many blockchain platforms have failed to attract the interest of the consumers.
When organisations require technological tools designed to their specific need, they often utilize smart contracts which allow trusted transactions to be done between anonymous parties without the involvement for a central power, external enforcement mechanism, or a legal structure.
Smart contracts are a fundamental protocol in blockchain technology. However, Security has always been a major problem for smart contract platforms. Reports indicated thatclose to $70 million was stolen from the DAO hack. This incident was followed by series of other hacks since then. It has become apparent that the blockchain platforms have work to do concerning improvement in this particular area.
In addition, due to lack of required structure, many non decentralised enterprises have stepped up and provided more centralized solutions for multple platform availability.
Currently, theEthereum blockchain's Light Client has just been implemented in an experimental stage*, thenecessary tools required for the development of secured smart contract are still in development and the interaction of mobile applications with blockchain are very little in number. The above utility issue and many more usability problems contribute to the challenges faced by blockchain technology.
The blockchain technology is designed such that all thenodeson the network isrequired to transmit the information of every transaction on the system to all the blocks in order to have a very accurate record of the transactions on the blockchain. Usually when there is an exponential increase in the number of nodes know the network,it takes longer time to process a transaction and also distribute the information across the network. At the moment, theEthereum blockchain can only process about 15 transactions per secondwhileBitcoin blockchainis way slower and can only handle7 block transactions in a second.
Another challenge is that the technology is having to deal with the issue ofscalinghow can blockchain successfully increase it number of processed transactions per secondso that the technology can truly be utilized functionally on a global scale.
Elisiais a startup blockchain project that is developed to disrupt the blockchain technology and todemonstrate that more developments can be done to improve the technologyin order to offer the world the full benefit of blockchain.
The 2017 hack of DAOplatform has taught new start-ups the significance of developing a secured blockchain platforms. Interestingly, the hack was not because of any problem on the Ethereum blockchain,the hack came from a error in the coding of the smart contractwhich was exploited by a very smart hacker. If the code was well written, the hack could have been avoided. TheElisia blockchainwill utilizeBuchmann's original Winternitz OTS algorithmto ensure a very unalterable or unforgeable protocol to fight against message attacks.
Blockchain technology is still seen as a new arena a new cutting-edge innovation that has the capability to interconnect businesses and enterprises and the world at large. Thus, in order to improve the development of applications that will fully leverage this technology, it is a requirement to facilitate developers.Elisiahas created an intuitive solution to attract contributors. Inherently, a platform that aims to disrupt the blockchain technology has an audience of developers. Thus, Elisia will make it possible to develop enterprise-grade applications through a coding language familiar to most developers. The fact that the framework ofElisia also support inter-blockchain migration or swappingonly further smoothens the on-boarding of developer interest from across different sidechains.
Another notable feature ofElisiais that the project evens the playing ground and ensure that theres an equal opportunity for everybody. Any developer, innovator or business enterprise can easily be engaged and provided with the right tools required to utilize the power of Elisia blockchain.
Similar to any emerging innovation,the blockchain technology has challengeswith few kinks to correct. But if we are to put our full trust and support in the technology we need to know thatfirstlyit works,secondlythere are innovative researches to improve it - to provide benefit to society. Andlastly,there is Elisia blockchain!!!