The blockchain industry is growing every day as its applications spread to various businesses. However, the high demand for blockchain integration is leading to a saturated blockchain environment. In this article, we will go through the pain point of blockchain scalability and how BLOOCK addresses these issues.
How scalable is BLOOCK?
1. Optimization of Ethereum permissionless blockchain
BLOOCK’s principle lies in our integration on top of Ethereum.
Ethereum officially went live on 30 July 2015. With over 6 years of development, the platform has been constantly upgraded and now is on its way to a PoS blockchain – Ethereum 2.0. The key characteristic of Ethereum Mainnet is that this blockchain allows its users to deploy decentralized applications (Dapps) onto it. As a result, Ethereum is the providing source of various blockchain applications such as Defi, Tracking and Provenance, Security in Internet of Things (IoT), or Tamperproof certification., etc.
Being a permissionless blockchain, Ethereum provides a decentralized ecosystem, transparency in transactions, and immutable data. All of these characteristics help build a secure network. Being a decentralized ecosystem, Ethereum features an extensive number of validators due to its fast-growing community. Moreover, public blockchain deploys a peer-to-peer protocol that enables easy data traceability for any movement and transaction on the network. This transparency also prevents any corruption in the ledger. Finally, Ethereum uses the hash function which translates original data to an immutable value.
2. Scaling on Ethereum
While Ethereum Mainnet is a great blockchain base, its high traffic and demand make it less efficient and more expensive for users. This means that the Ethereum blockchain is getting more expensive while having a non-efficient transaction speed. Being a layer 2 solution, BLOOCK moves the transactions off the main chains. As such, we are able to improve the transaction processing rate as well as lower the total gas fee.
On Ethereum, the normal throughput is calculated to be around 14 to 16 transactions per second. However, BLOOCK can process and upload up to 4000 records per second. With our advanced algorithms, enterprises data will be stored in Ethereum Mainnet with a traceable block.
Nonetheless, layer 2 solutions still receive all the advantages of a decentralized security system of Ethereum.
Facing scaling issues, Ethereum is attempting to solve it with Ethereum 2.0 Sharding and the protocol update to Proof-of-Stake (PoS). However, this scaling solution lacks a secured timeline. The rollout has been suffering delays since its first phase. In the meantime, it is still possible to access an Ethereum 2.0-like environment through layer 2 solutions such as BLOOCK.
3. Work with any data size: no limit
In today’s world, most organizations have enormous proportions of information stored digitally. This leads to a need for secure data storage with quick and easy access. With a huge amount of data, it is no doubt that enterprises have a concern over the recording speed or the limited storage on a certain platform. However, this issue does not apply to BLOOCK and its blockchain usage.
Deploying hashing function, BLOOCK ensures that data in any size will be converted into its unique hash with a fixed value. As the value does not depend on the size of the original information, blockchain recording service such as BLOOCK is a perfect way to go for enterprises with a large amount of data.
How do enterprises work with BLOOCK?
Through our multilanguage SDKs, you can generate hashes for your data. This serves as the unique encrypted fingerprint of your original file. By doing so, you are using BLOOCK while keeping your data safely on your server. Once you have your hashes, no external agent will be able to decrypt your hash to retrieve the data it represents. By employing BLOOCK advanced algorithms, we accumulate all multiple hashes in a single block, which can hold up to 100 million hashes. You, or your customers, can verify at any time if the data has been tampered with by comparing it with the one stored in the Blockchain.
It is important to notice that blockchain is not only about cryptocurrencies, Data recording in blockchain has proven its applications through multiple use cases such as Traceability and Provenance, Title certifications, or Security for the Internet of Things. Additionally, supply chain tracking has been pointed out to be the number-one use case for blockchain in the future (reported by the Cointelegraph). The need for this blockchain application grows due to the need for full customers transparency.