Scalability of Blockchain; Amarpreet Singh
When bitcoin; the pioneering cryptocurrency of blockchain, was first created, it was targeted at the financial transaction industry. However even today, Bitcoin can only process 8 transactions per second; paling in comparison to Visa’s 65,000 transactions per second (Fortune, 2018).
Besides transaction speed, there are still many scalability hurdles that blockchain has to cross before being widely adopted. I had the pleasure of speaking with tech expert Amarpreet Singh to learn more about his outlook on blockchain.
An advisory board member for over 40 ICOs (Initial Coin Offerings) and invited speaker for a plethora of tech forums, Amar is a seasoned fintech and blockchain expert who has amassed a wealth of tech experience working for international organizations such as Microsoft, Airbus and the World Bank. He also has a consulting house in Singapore and a technology center in India that provides back end and front end blockchain solutions.
Transactions per second
While bitcoin may be reaching its limits, Amar sees that the blockchain space is incredibly innovative and the new cryptocurrencies coming in hold much promise in solving the scalability issues with Bitcoin. For example, Ripple (XRP) can now handle up to 1,500 transactions per second (Business Insider, 2018) and claims to be able to scale to the same throughput as Visa (Ripple, 2018).
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