Blockchain, Featured

Tackling Blockchain Scalability Issues Can Bring Revolution In Financial Sector

Blockchain scalability and speed have been the biggest challenges for the experts and developers of this field. Indeed this technology has been making a mark in almost all the industry domains but it is still evolving, diversifying and thriving. However, there are some factors which are yet to be monitored and controlled in a system that is powered by this future technology.

Let us understand first what does the scalability mean in a blockchain system. A simple blockchain can process about 3 and 7 transactions per second, while Ethereum is a little better than this and is able to conduct 15 transactions per second. But, to compete with the already established products like VisaNet, blockchain has to improvise its feature of scalability to a massive extent. This is because a VisaNet is able to make approximately 24,000 transactions per second which are a total of about 150 million transactions per day. This figure is really enormous to achieve.

This challenge of Blockchain scalability will be the main point of discussion at the Amsterdam Blockchain Workshop. This two-day workshop is going to be held at Primalbase from 17-18th November. The esteemed workshop is said to be attended by world’s respected researchers, developers and industry experts chit chatting on how to handle the speed and scalability of a blockchain platform, as mentioned by The Next Web.

One of the main attractions of the workshop is the 14-year-old AI expert keynote speaker Tanmay Bakshi who will speak on the various advantages of machine learning technology.

Fintech Revolution And Blockchain Technology

Indeed, fintech can possibly be called as a synonym to blockchain as it has been one of most rapidly adopted technologies of the financial services in the recent times. The financial intuitions are undergoing a massive change with the acceptance of future technologies replacing their existing operational systems. It is capable of combating fraudulent activities in a network with efficiency and transparency according to BBN Times.

Despite the challenge of blockchain scalability, there is a real good enthusiasm in the market among the blockchain supporters.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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