Tiding Over Potential Blockchain Performance Challenges

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The incorruptible digital ledger, Blockchain is one of the most impactful technologies of this decade. Once started off as the technology behind the cryptocurrency – Bitcoin, Blockchain is now powering-up enterprise data solutions in integration with modern technologies like IoT and Artificial Intelligence. Many industry verticals such as financial and legal services have established successful Blockchain use-cases to enable tamper-proof transactions.

Due to Blockchain’s capabilities to enhance business efficiency and security, a large number of enterprises and organizations are now looking to invest in blockchain-based solutions. Around 60% of CIOs that participated in Gartner’s 2019 CIO agenda said that they expect some level of Blockchain adoption in their organization in the next 2-3 years.

Blockchain technology has also observed significant improvements over the years with the invention of Smart Contracts and Proof-of-Concept opening possibilities of its integration with IoT. However, just like every other technology, Blockchain also possesses some challenges that if overlooked can disrupt the performance of a Blockchain.

Factors that Affect the Performance of a Blockchain

The performance of a Blockchain network depends on scalability (the ability of the platform to increase load and number of transactions), and the time in which a transaction is validated and stored in each …

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