X

The Crypto Industry Needs to Do More

The crypto industry has to develop different kinds of distributed ledger applications to make a breakthrough in its development. According to the latest findings by the Centre for Financial Innovation and Cashless Economy at the Moscow School of Management, more needs to be done. The report states that at present, there are 24 types of private blockchains. The authors found 50 unique fields of implementation of the private distributed ledgers. But they all fall under three categories which are trustless solutions, business logic automation, and database verification. And on top of these, there are 21 primary distributed ledgers of which 14 are public, uncontrolled, universal and disruptive. The researchers note that “this version of a distributed ledger is most similar to the internet. It does not have a shutdown button and can be adapted to almost any need. Moreover, the consortium blockchains are fewer in number.”

The study states that the blockchain has been developed to automate business logic between different companies. It highlights three such projects – Corda, Hyperledger, and Symbiont, gaining recognition and popularity. The report says “the key value of private ledgers has not been identified yet. It most often comes down to the possibility of creating nodes to review and audit transactions.” Furthermore, the researchers have identified that the blockchain industry needs to urgently solve issues related to network management, ensure data security and confidentiality, address scalability challenges and match the speed of development of public blockchains. As per a whitepaper released in 2017, the disruptive component of blockchain technology is that its core functionality depends on the creation of an immutable ledger of all activity across peer-to-peer transactions. It has the potential to make the world a more transparent, efficient and frictionless place. Global institutions and regulators have realized the potential and benefits of blockchain technology. But more work needs to be done.

Richard Lee: Richard Lee is a regular contributor, who curates in-depth news stories and analysis about the cryptocurrency and blockchain space. He primarily covers latest happenings of US cryptocurrency market. He contributes to a number of well-known industry magazines and news sites before getting into NameCoinNews. He has strong skills in technical analysis of cryptocurrencies.