Scalability and Other Challenges
This chapter aims to explore various challenges that need to be addressed before blockchain can become a mainstream technology. Despite the fact that multiple use cases and Proof of Concept (PoC) systems have been developed, and that the technology works well for many scenarios, there still is a need to address some fundamental limitations that are present in blockchains to make the technology more adoptable.
At the top of the list of these issues comes scalability and then privacy, both of which are significant limitations. The lack of scalability is a general concern, where blockchains do not meet the adequate performance levels expected by users when the chain is used on a large scale. Privacy is also of utmost importance, especially as blockchains are envisioned to be used in privacy-demanding industries. There are specific requirements around the confidentiality of transactions in the finance, law, and health industries, for example. These...