As a promising industry, the blockchain has been highly anticipated since its birth. The blockchain reshapes the monetary system, realizes the value of the Internet, and the core of a new round of industrial revolution. Corresponding to expectations, blockchain practitioners are also working around the clock, hoping to come up with disruptive industrial solutions as soon as possible, giving blockchain believers a satisfactory answer.
Starting with Bitcoin, countless practitioners have tried to apply blockchain technology to various fields. Ten years have passed. There is still few winner today. The bottleneck in the application of blockchain are in front of practitioners. Whoever breaks him the bottleneck first is the winner of in the blockchain field.
1. Technical bottleneck
Hybrid consensus algorithms and the maturity of cross-chain technology bring breakthroughs
The first bottleneck in the blockchain is from its own technical characteristics. The consensus algorithm is the guarantee of the decentralization of the blockchain. The POW consensus proves to be inefficient. The DPOS consensus is too central. Therefore, the IOTT project adopts the hybrid consensus-FT algorithm. This original algorithm draws on the combination of high-consistency RAFT and high-concurrency BPFT, while solving the problems of security, high performance and trust, and has been able to meet the needs of large-scale commercial applications.
Cross-chain technology enables the flow of data on isolated backbones to become the basic tool for blockchain ecology. The IOTT public chain supports cross-chain interaction, and users can open their own personal data links through IOTT to generate real business value.
The technical bottleneck has been able to have large-scale commercial applications after years of improvement in the industry and innovation of IOTT.
2. The industry bottleneck
The blockchain landing has no specific focus
Mature industries generally have their own solutions. Blockchain applications have always wanted to find a breakthrough in the old industry. Attempts have been made from the financial to supply chain to the anti-counterfeiting traceability blockchain. But the breach has not been opened. The arrival of 5G communication technology just opened the door to the new industry of the Internet of Things.
The underlying data processing end of the Internet of Things industry is highly dependent on edge computing. The blockchain finds a blank cut-in opportunity in the field of edge computing. This is the IOTT large FACE edge computing + blockchain solution. In the IOTT edge computing industry, blockchain technology plays the role of encrypting data and data validation. Successfully found space for applications in the 100 billion market of edge computing.
At present, we can find IOTT in unmanned driving, smart home, and visual medical treatment. Blockchain technology plays an important role in IOTT.
3. The cognitive bottleneck
The cognitive threshold is high, users are accustomed to training costs
The current technical attributes of the blockchain are still relatively strong. Ordinary users can’t fully adapt to the technical threshold of blockchain in a short time. This is also the specific reason why many blockchain projects cannot be popularized. IOTT uses the blockchain technology as the underlying data processor to make the blockchain work on the IOTT. Without the user’s deliberate learning and operation, the system automatically calls the blockchain technology to encrypt user data.
This non-inductive use mode allows blockchain technology to be widely used on IOTT. In the future, hundreds of millions of users will realize the uplink of personal data and big data because of IOTT.
Technological innovation just happened to meet the rise of the new Internet of Things industry and a reasonable underlying design. Blockchain technology is gaining unprecedented success on IOTT. Meanwhile, the IOTT model has opened up possibilities for future blockchain entrepreneurs.