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Blockchain technology is the best way to store and record data and even finish some complex tasks and processes.

Think of it this way, instead of going to a bank and giving them all of your money, using the blockchain technology no third party will have control over your assets and all of the data will be safely stored in multiple places. This is a much secure system and it is very accurate and transparent.

Cryptocurrencies are the biggest field where you can see how the blockchain technology works, but now you can easily see the implementation of blockchain in, for example, financial services where they reduced trade settlements from days to minutes. But there are still a lot fewer companies that use this technology than it is believed to be. This is because this technology comes with certain problems and challenges.

For example, scalability is a major concern for this technology and it is the most important reason why companies still haven’t turned to it. It’s extremely difficult for this technology to scale. Take for instance VISA which makes more than 1.500 transactions per second compared to Bitcoin that has a capacity of making 3-4 transactions per second. For the problem to be even bigger, blockchain requires enormous amounts of electricity. It is estimated that for the bitcoin network to process those transactions, it spends more than 30 terawatt hours of electricity.

For this technology to work, there must new ways to create and build processors that will provide great performance and operate efficiently. Whether that would be advanced CPUs, architecture innovation, better power management etc, improvements must be made.
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