If Bitcoin Ever Fails, Can “Blockchain” Really Ever Make A Significant Difference
Is it possible for blockchain to improve its functionality? The answer is yes. At the moment blockchain technology gives the users security and authenticity. On the other hand, it makes users go through a whole chain in order to access their balances as well as the metadatas having to hold too much memory.
Challenges Of Blockchain
One of the things that the technology does is mix one user’s data with another’s in a single block. Consequently, one has to go through a whole chain in order to get their transactions details and view their balance.
Secondly, metadatas are used to store too much memory and hold all information of a user in a single list. Take Bitcoin for example, the data regarding a transaction is stored with hash in key-values where those keys are then store them in a single block.
These challenges arise because data is mixed in one blockchain. So the question is – why can’t each person have their own blockchain in order to overcome these challenges. Doing so will allow for the sender and recipient to obtain their own information and verify it. This will reduce the amount of data held in a single block. Such a move will decentralize fully the current system.