Progress to Five Vectors Can Help Blockchain Enter Mainstream

Progress to Five Vectors Can Help Blockchain Enter Mainstream

Though the potential of blockchain to disrupt industries is groundbreaking, it suffers from multiple obstacles that prevent it from mainstream adoption. Deloitte has studied five areas that should continue to be addressed and then progressed before the technology can become the norm

1. Increase Throughput and Performance

It is evident that blockchain has a problem with scalability. Two of the most popular blockchain platforms, Bitcoin and Ethereum, can only transact three to seven TPS. More advance consensus mechanisms are being explored and built by blockchain architects to tackle the technology’s with sluggish throughput.

2. Enhancing Standards and Interoperability

Blockchain allows developers and coders the freedom to alter it. There are 6,500 active blockchain projects in Github that use different coding languages, protocols, consensus mechanisms, and privacy measures.

Groups such as Enterprise Ethereum Alliance, Hyperledger Foundation, and the Decentralized Identity Foundation are formed with the goal of standardizing blockchain. Standardization can help with validating proofs of concept and enterprises collaborating and sharing blockchain solutions.

3. Reducing Complexity and Cost

Amazon, IBM, and Microsoft offer cloud-based blockchain technology to automate basic blockchain infrastructure setup. This is beneficial since it reduces time needed for application development to days instead of months, which also makes it more cost effective.

4. Regulatory Support

Regulatory issues act as a barrier to investment in blockchain. This is according to Deloitte who has surveyed blockchain proficient executives. Governments and legislators are beginning to act in order to draft laws and rules and regulations to facilitate blockchain technology and cryptocurrencies.

5. Multiplying Consortia

Groups of startups and companies are banding together to advance shared objectives for this emerging technology. Different consortia have different goals. Some focus on setting standards and developing infrastructure, while others lean on conducting research and working as advisers to their member companies.

Blockchain, when its scalability is improved, its technological standards and markets are protected, its cost reduced, and its consortium vibrant then we can see the technology inch closer to mass adoption.

Related news

Ripple partners with Chinese research institute for Blockchain Technology Research Scholarship program

Ripple has been working non-stop in terms of spreading its reach, with the firm recently marking a milestone by crossing more than 200 partnerships across 40 different countries. According to Crowd Fund Insider, Ripple has struck another partnership with Tsinghua University, in order to launch a scholarship program. The Institute for Fintech Research, Tsinghua University [THUIFR] plans to launch a Blockchain Technology Research Scholarship Program [BRSP] for graduate students in China, and Ripple will be supporting the university’s cause with this partnership. THUIFR is a well-recognized and a leading research institute in China and based on its research resources and achievements it will be focusing on international regulatory policies and the development of blockchain technologies. Ivy Gao, Director of International Cooperation and Development, THUIFR, said “Most importantly, I believe, this program will greatly help with their future research or career in the field of blockchain technology.” Eric van Miltenburg, Ripple’s SVP of Global Operations, said: “The program’s goal – to provide students with opportunities in blockchain research – closely aligns with that of Ripple’s University Blockchain Research Initiative. We’re thrilled to support THUIFR in this endeavor and look forward to its launch.” Ripple is well-known for its far-reaching partnerships financial industry related companies and even research-based companies and universities. The company plans to support and improve the academic research and development of blockchain and cryptocurrency. Moreover, Ripple recently announced that it had a few banks going live with their blockchain solution xRapid, which continues to create a lot of buzz in the community. A few days after this announcement, more than five financial institutions announced their plans to go live with xRapid. With its partnership with the Chinese University, Ripple is slowly moving into countries with strict rules and regulations when it comes cryptocurrencies, and this is considered as a breakthrough by some in the community. @coupleofcrypto commented: “Awesome. Go @Ripple. Most criticized in the crypto space, and yet by far the most active to get blockchain technology adopted worldwide… This is part of Ripple partnering with universities around the world to push blockchain development. It’s awesome, Ripple is really helping the entire crypto space, but you take it one step too far Just my opinion.” The post Ripple partners with Chinese research institute for Blockchain Technology Research Scholarship program appeared first on AMBCrypto.
AMBCrypto

Ripple, SBI, And Tangem team up to Expand Crypto Ecosystem and Speed up Mass Adoption

Last year, Tangem, the Swiss crypto wallet company introduced physical ways to spend and trade cryptocurrency. “Smart cards” and “smart bank notes” are physical representations of cryptocurrency that could be carried and spent by users. The idea is that with an actual physical representation of cryptocurrency, people can simply hand the note over and make even simpler, no fee transactions. With the adoption and actual spending of cryptocurrency in mind, Ripple, along with financial backer and partner SBI are investing $15 million to accelerate the amount of Tangem Notes that enter circulation. Tangem already had vending machines, ATMs, money exchangers and wider acceptance at retail outlets on the radar for 2019, and this influx of money will speed up these plans. Yoshitaka Kitao, President and CEO of the Japanese investing firm SBI, thinks Tangem’s product is an important factor in bringing blockchain and cryptocurrency to the masses. “The Tangem hardware wallet, which is highly secure and affordable, is an important tool to promote the mass adoption of digital assets and blockchain. We believe utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.” SBI has been partnered with Ripple since 2016 and their crypto exchange VCTRADE started allowing XRP deposits late in 2018. VCTRADE is also set to become the first regulated exchange for Japanese residents so they seem to be pushing for the usage and adoption cryptocurrency from multiple angles. Ripple has recently confirmed that 27 companies would be adopting the use of XRP, with 13 more using Ripple’s xRapid system. While many in the space have spoke of Ripple as a company that will help businesses interact with each other without the use of banks, the team at Ripple doesn’t want the public to lose focus on how XRP and Ripple’s platform can help average people making small everyday transactions. The post Ripple, SBI, And Tangem team up to Expand Crypto Ecosystem and Speed up Mass Adoption appeared first on ZyCrypto.
ZyCrypto

Blocktrade.com partners with DESICO to accelerate adoption of tokenized securities

CryptoNinjas DESICO, a platform to issue and trade tokenized securities announced today its partnership with Blocktrade, a trading facility for security tokens, crypto assets, crypto traded indices and other tokenized assets. Both... Blocktrade.com partners with DESICO to accelerate adoption of tokenized securities
CryptoNinjas

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.