Eighty-three percent (83%) of global giants rely on blockchain for creativity and innovation, such as Facebook, Walmart, IBM, and Amazon; they are significantly embracing blockchain to transform their operations.
Blockchain technology is continuously emerging to be an incredible force in modern society thanks to its decentralized or distributed ledger technology (DLT).
A recent survey conducted by Deloitte depicted that at least half of the companies interviewed suggested that blockchain was a fundamental priority for their firms.
As we gear towards the fourth industrial revolution or 4IR, technological innovations, such as blockchain, artificial intelligence (AI), robotics, cryptocurrencies, and augmented reality, among others will reign supreme.
Nevertheless, any blockchain network ought to consist of various fundamental features for massive adoption.
Blockchain’s sustainability
Global enterprises are considerably embracing blockchain. For instance, Walmart utilizes it in food tracking from the farm to when it’s served for safety purposes. Conversely, Facebook is betting on blockchain technology for its Libra project to be launched.
Nevertheless, widespread adoption necessitates immutable storage capacities for large files. This challenge of sustainability can be solved through sharding, a form of database partitioning that divides huge databases into faster and smaller parts.
Moreover, the combination of the distributed ledger network with artificial intelligence will propel sustainability for mainstream adoption. For instance, DeepCloud AI utilizes both AI and blockchain in decentralizing cloud computing.
Blockchain’s speed
Speed is a fundamental element that optimizes productivity. As a result, MetaHash network has been crafted, and it is founded on blockchain 4.0 technology in enhancing speed.
The perception relayed is that slow speeds are costly as their instigate frustrations. For instance, in 2017, a crypto game called CryptoKitties went viral, and this made the Ethereum network clogged. Speed is, therefore, fundamental in any blockchain network for optimal results.
Blockchain’s privacy
Privacy is a crucial element in any setup. As a result, privacy in a blockchain network is fundamental because it enhances data security.
Blockchain networks have emerged to be a reputable force because of their anonymity, data security, and privacy.
On the other hand, blockchain technology is continuously being embraced in the education sector.
For instance, in California, MouseBelt, a venture capital-backed blockchain accelerator firm, will sponsor blockchain programs of study at three California universities. This follows its successful curation of blockchain courses at Cambridge, Oxford, and Harvard.
Moreover, the United States Food and Drug Administration (FDA) is set to tap on blockchain technology for medical reviews.
