Blockchain technology enables value-based interactions; as the internet can enable valuable interactions among devices, the blockchain can provide an easy medium and smooth environment for the transactions that may accompany value-based transaction among different devices.
The huge benefits of decentralization are undeniable. And the most desirable aspect of any product to the consumer is security and transparency regardless of whether it cater for other things. But most blockchain platforms have failed to attract consumer interest
When companies require technological tool tapered to their specific need, they utilize smart contracts which allow trusted transactions to be executed among anonymous parties without the interference for a central authority, a legal system, or external enforcement mechanism
Smart contracts are a basic protocol in blockchain technology. However, Security has always been one of the major challenging issues for smart contract platforms. Reports account for as much as $70M being carted away in DAO hack. This has been followed by a string of incidences. It is clear that the blockchain platforms have room for improvement in this particular area.
Additionally, because of lack of necessary frameworks, a lot of third-party enterprises have stepped up and provided more centralized solutions for multi-platform availability.
At the moment, the Ethereum’s Light Client has only been integrated in an experimental phase, the necessary tools required for secure smart contract development are still in development, and the interaction of mobile applications with blockchain are extremely small in number mobile applications interacting with. This and many more usability issues contribute to the challenges of blockchain.
The design of the blockchain is that every transaction on the system requires all the nodes on the network to transmit this information in order to have an accurate record of the blockchain transactions. As the number of nodes on the network increase exponentially, the transaction time takes longer to distribute the information across the network. Currently, the bitcoin blockchain can only process up to 7 transactions per second while Ethereum can handle around 15.
Another challenge facing the technology is the issue of scaling. How can blockchain increase it number of reasonable transactions per second so that the technology can truly be utilized functionally on a global scale.
The Good NEWS
AERGO is a new blockchain project that is creatiled to disrupt the blockchain technology and to prove that further developments can be done to improve the technology for the benefit of the society.
The DAO's hack of 2017 has brazen new start ups about the importance of establishing secure blockchain platforms. Of course the hack was not due to any problem on the Ethereum blockchain; it came from a loophole in the smart contract coding which was exploited by an intelligent hacker. Had the code been well written, the hack could have been avoided. The AERGO blockchain will use an in-house coding algorithm called AERGOSQL to create smart contracts. AERGOSQL will leverage
LLVM technologies in order to utilize JIT performance and implementation like WiredTiger to create a secure smart contracts.
Blockchain technology is still a novel arena, a new cutting-edge that has the ability to interconnect enterprises and the and the world at large. Thus, in order to enhance the development of applications that will fully utilize this technology, it is necessary to facilitate developers. AERGO has developed an intuitive solution to attract contributors. Naturally, a platform that aims to disrupt the blockchain has an audience of developers. Thus, AERGO has made it possible to develop enterprise-grade applications through a coding language familiar to most developers. The fact that the architecture of AERGO is also open source only further smoothens the on-boarding of developer interest.
Another standout aspect is that AERGO evens the playing field and ensure that there’s an equivalent opportunity for everybody. Any business enterprise, innovator or developer can easily be engaged and given the right tools needed to leverage the power of AERGO blockchain.
Wrap Up: Of course blockchain has challenges. Same as any emerging technology, there are always kinks to iron out. But if we are to put our full trust and support in the technology we need to know that firstly it works, secondly there are innovative researches to improve it to provide benefit to society. And lastly, there is AERGO!!!