ITS-836
Blockchain Limitations and Emerging Concepts
Data Science & Big Data Analytics (ITS-836-M50) - Full Term
University of the Cumberlands
Introduction
The future of Information Technology is looking great, especially with the growth of
bleeding-edge technologies like Blockchain and Big data. It is pretty evident that Blockchain
technology has a great future, and organizations worldwide address the majority of the
blockchain limitations. However, certain limitations need immense focus to avoid unforeseen
issues shortly. Some of the limitations are discussed in this paper. Big data and Blockchain are
emerging technologies that can be high on many corporations' agendas. Each is predicted to
significantly rework the manner corporations and companies are run in the upcoming years.
Long-time growing in a separate way, at first sight, one would possibly expect that these
techniques are together exceptional. However, that idea is unexpectedly changing. The marriage
of the blockchain era and Big data analytics could deliver several exciting possibilities. There are
several ways. Blockchain can help massive statistics control, primarily records analytics (De
Meijer, 2019). This paper will go through few limitations in Blockchain technology and the
possible solutions to avoid those limitations. We will also discuss some of the bright emerging
concepts resulting from Big data and blockchain technologies as part of this portfolio project.
Blockchain Limitations
Scalability Is An Issue:
, Scalability is and will be a significant limitation for the Organizations that are looking for
highly available and resilient Blockchain systems. Blockchain solutions are not scalable as their
traditional counterpart systems that follow a centralized system. If one has used the Bitcoin
network, they could understand that the transactions are completed depending on the community
congestion. This hassle is related to scalability problems with blockchain networks. In easy
words, the more humans or nodes be a part of the network, the more possibilities of slowing
down are extra. Nevertheless, there has been an increasing trade in how blockchain technology
works. With the proper evolution of the technology, scalability options are being included with
the Bitcoin community as nicely. One solution could be to take the transactions off-blockchain
and handiest use Blockchain to keep and get information entry. Aside from that, there also are
new approaches to fixing scalability, including permissioned networks or the use of a unique
architectural blockchain solution along with Corda. However, all these answers are nonetheless
now not at par with the centralized structures. If one has examined Bitcoin and VISA transaction
speed, they will discover a considerable distinction among them. For a quick comparison,
Bitcoin can perform 4.6 transactions per second. On the other hand, VISA can perform as high as
1700 transactions per second. This only conveys that the current monetary systems can perform
almost hundred and fifty million transactions per day (Iredale, 2020).
Few Blockchain Solutions Consume a Whopping amount of Energy:
In the past decade, significantly since the Covid-19 pandemic, the ecological
consciousness of organizations or people, in general, grew immensely. As a result, companies are
now focusing mainly on technological solutions that consume less energy to perform their
business operations. Simultaneously, few Blockchain technological solutions require quite a lot
of energy to perform the normal operations. It uses the proof-of-work consensus set of rules that
depended on the miners to do the difficult work. The miners are given a decent amount of money
Blockchain Limitations and Emerging Concepts
Data Science & Big Data Analytics (ITS-836-M50) - Full Term
University of the Cumberlands
Introduction
The future of Information Technology is looking great, especially with the growth of
bleeding-edge technologies like Blockchain and Big data. It is pretty evident that Blockchain
technology has a great future, and organizations worldwide address the majority of the
blockchain limitations. However, certain limitations need immense focus to avoid unforeseen
issues shortly. Some of the limitations are discussed in this paper. Big data and Blockchain are
emerging technologies that can be high on many corporations' agendas. Each is predicted to
significantly rework the manner corporations and companies are run in the upcoming years.
Long-time growing in a separate way, at first sight, one would possibly expect that these
techniques are together exceptional. However, that idea is unexpectedly changing. The marriage
of the blockchain era and Big data analytics could deliver several exciting possibilities. There are
several ways. Blockchain can help massive statistics control, primarily records analytics (De
Meijer, 2019). This paper will go through few limitations in Blockchain technology and the
possible solutions to avoid those limitations. We will also discuss some of the bright emerging
concepts resulting from Big data and blockchain technologies as part of this portfolio project.
Blockchain Limitations
Scalability Is An Issue:
, Scalability is and will be a significant limitation for the Organizations that are looking for
highly available and resilient Blockchain systems. Blockchain solutions are not scalable as their
traditional counterpart systems that follow a centralized system. If one has used the Bitcoin
network, they could understand that the transactions are completed depending on the community
congestion. This hassle is related to scalability problems with blockchain networks. In easy
words, the more humans or nodes be a part of the network, the more possibilities of slowing
down are extra. Nevertheless, there has been an increasing trade in how blockchain technology
works. With the proper evolution of the technology, scalability options are being included with
the Bitcoin community as nicely. One solution could be to take the transactions off-blockchain
and handiest use Blockchain to keep and get information entry. Aside from that, there also are
new approaches to fixing scalability, including permissioned networks or the use of a unique
architectural blockchain solution along with Corda. However, all these answers are nonetheless
now not at par with the centralized structures. If one has examined Bitcoin and VISA transaction
speed, they will discover a considerable distinction among them. For a quick comparison,
Bitcoin can perform 4.6 transactions per second. On the other hand, VISA can perform as high as
1700 transactions per second. This only conveys that the current monetary systems can perform
almost hundred and fifty million transactions per day (Iredale, 2020).
Few Blockchain Solutions Consume a Whopping amount of Energy:
In the past decade, significantly since the Covid-19 pandemic, the ecological
consciousness of organizations or people, in general, grew immensely. As a result, companies are
now focusing mainly on technological solutions that consume less energy to perform their
business operations. Simultaneously, few Blockchain technological solutions require quite a lot
of energy to perform the normal operations. It uses the proof-of-work consensus set of rules that
depended on the miners to do the difficult work. The miners are given a decent amount of money
