A look into Blockchain’s main limitations
The industry is far from reaching the system’s capabilities
Speculating about the future of the Blockchain technology has been a hot topic among programmers, investors and other crypto enthusiasts. The main concern is that this might be a huge speculation or a bubble.
Today, it is easier than ever to raise millions of dollars without actually having a product or a business plan to offer. You just need a basic idea and some technical specifications. The ease of access to such huge amounts of money raises the bubble concerns. Experts compare the current situation with the one in the early stages of Internet.
According to TechCrunch’s contributing author Andy Vitus, people can’t see the real potential behind the Blockchain technology, because it’s overshadowed by the whole insanity involved with cryptocurrency. He believes that this technology is the most exciting thing that has happened in the digital world over the last 10 years.
There are three main limitations involved with Blockchain that obstruct its faster development – intolerable latency, high computing costs and limited storage capacity. These issues must be addressed in order to transform investment in major cryptocurrencies to something more than just a speculative bet, Vitus claims.
In the Blockchain technology, speed is limited due to consensus approach for every transaction, which slows down everything. It also consumes enormous quantities of computing power. Experts say that the network must increase its working speed dramatically before we can expect mass adoption of crypto. Blockchain engineers must focus on achieving real-time interactions with the technology.
High computing costs
Complicated calculations made in millions due to infinite parallel execution, coming from every single nod in the Blockchain require huge computing power at a high cost. So another challenge lies ahead – learning to write extremely efficient software. Again – to achieve worldwide adoption of cryptocurrencies the cost of computing power must go down significantly.
Not enough space
Costs play a major role also here. Data comes in blocks, whose size is predetermined and every single one must be verified requiring additional space.Nowadays, people pay to some cloud storage on a monthly or yearly basis to store their stuff, which cannot happen with Blockchain, since it stores data indefinitely, meaning that you need a lifetime subscription to any storage service.