Blockchain Technology: The way forward

Bitcoin: Introduced the Blockchain World

In the first generation of blockchain stage we have observed that Bitcoin has successfully acted as a purely peer-to-peer version of electronic cash, which allows online payments to be sent directly from one party to another without going through a financial institution. The network is secured cryptographically, verified by a decentralized global network and recorded into an immutable public ledger.

Ethereum: Disrupted the Blockchain World

Ethereum was introduced to the world in 2015–16 as a second generation blockchain with a built-in Turing complete programming language; allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats and state transition functions.

By offering ways to write distributed application easily on top of inherently secured Ethereum, the blockchain network opened up unlimited possibilities for innovators across the world to build powerful trust-free applications. Applications with novel use cases further demonstrate, and validate, the technology’s ability to evolve beyond just a means of transferring value.

Mainstream adoption in Enterprises?

While businesses have been adopting concepts of private networks to ensure scalability, privacy and low operation costs, they have started losing some of the inherited core values provided by a public blockchain network. These private blockchain networks also started acting similar to “small islands located in the middle of a sea”, with no economic and information transfer being possible in a trust-less environment. This inability led to a serious hindrance in blockchain realizing its true potential and is in a number of ways analogous to the early part of disconnected intranet, which disrupted with the introduction of the Internet.

With more number of new use cases been coming up the requirements of creating more networks are rising up. With mainstream adoption, businesses are demanding high transaction speed and more scalability which is being limited by the current Blockchain infrastructures. Further, with more research on implementing Blockchain for real life complex business cases, we are seeing a growing requirements of infrastructure which can provide more customizability, flexibility and adaptation in business protocols of Blockchain network.

The limitations of current Blockchain infrastructure as discussed above is considered to be the major reason of why Blockchain technology is lacking in the mainstream adoption.