Can Blockchain Solve Its Scalability Problem?
People, companies, and governments are in love with blockchain.
They see a future in which business processes are migrated to blockchain, allowing speed, security, and transparency.
I’ve heard predictions that music services will use blockchain to serve and charge for songs. I’ve seen articles that forecast digital currency replacing cash. I’ve watched presentations in which a speaker proclaims that all health records will ride on the blockchain. And yet today’s reality has bitcoin transactions sitting in queues for days, so there’s clearly a problem with the status quo.
One of the most important questions about blockchain is whether it can scale to handle the loads that will occur if these predictions, articles, and presentations come to pass.
In other words, can blockchain solve its scalability problem?
I haven’t seen much discussion about this issue, but it’s one I’m very familiar with. When I ran part of engineering at a database company we invested enormous resources in measuring and improving scalability and performance (they’re not exactly the same thing, although they are related). So in thinking about the rosy future of blockchain and the formidable current challenges, I turned to my experience to analyze the situation and consider the potential solutions.
I decided to create a video to share my thoughts. I hope you enjoy it and feel that it describes the topic of blockchain scalability in an approachable way.
Enjoy! And, as always, if you do, please share your reactions on social media.