Future Scope of Scaling Blockchain Technology

  • May 14, 2024
  • Admin_Blockchain
Future Scope of Scaling Blockchain Technology

Blockchain technology can have widespread applications only if it remains fully scalable. In 2021, 100 corporations were surveyed and 81 were found to be actively engaging with blockchain. Blockchain scalability must fulfill the five criteria. These include economic viability, openness regarding governance, sustainability, and regulation adherence. Moreover, it is also vital to analyze whether blockchain complements the existing system or not. Assuming that the future of blockchain scalability will increase, these are some of the real-world applications of Blockchain technology.

Benefits of Sharding in Blockchain Technology

Sharding is of two kinds, horizontal and vertical. Horizontal sharding helps in better use of computer resources for queries. It may help in resolving queries and improve the capacity of the platform. Vertical sharding helps in increasing RAM or storage capacity. It upgrades the system’s existing hardware and may increase the capabilities of the CPU. It can improve efficiency if each transaction needs to be improved. 

Applications of Blockchain Technology

The future scope of Blockchain technology depends on its scalability and different applications can suit its scalability. 

BFSI industry

Blockchain technology can enhance the tracking ability and offer real-time insights into the following trends. It can tap to gain deeper insights into the history of a client’s finances. It can also track the transactions and depict the current status. The operational risks can be minimized considerably. It includes finding inaccuracies in purchase orders, contracts, packing lists, and original certificates. Moreover, blockchain can accelerate the credit and guarantee systems.

Pharmaceutical and Healthcare Industries

Blockchain technology will play a significant role in both these industries. It will ameliorate the healthcare quality across the globe. Due to its transparency, immutability, and traceability features, blockchain can change data storage, retrieval, and sharing in the sector. Moreover, it can make the supply chain transparent while transporting life-saving medications. It can also improve product traceability by using IoT sensors. Additionally, blockchain may prevent the quarantining of valid products. 

Food industry

Blockchain can improve transparency in the supply chain and improve consumer level at lightning speed. Blockchain may help in tracking and monitoring the freshness of food products in the supply chain. It can power alarm systems to warn respective authorities of the product temperature by smart sensor. It can carry out proper market analysis, and consumption patterns, and adjust production capacity. Therefore, it can invariably resolve or reduce the food wastage problem of the industry.

Retail Industry

The future of blockchain technology depends on the future of the retail industry. The smart contracts feature can resolve disputes with vendors. It can strengthen relations by improving the visibility of the chain. Moreover, it can free up precious resources such as time and energy for better thinking, innovation, and productivity. Smart labels, QR codes, and packaging can radically change once the integration of blockchain becomes widespread. 

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Blockchain technology can manage, run, improve, and maintain the old infrastructure in many sectors. In some scenarios, if the scalability is high then the technology can replace the old infrastructure with a new one. It can therefore dramatically reshape the organization and fundamentally alter the processes of the sectors. However, blockchain technology can reach its optimal potential, only if there are external restrictions or intervention from the state. As of now, the future looks bright. 



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