Cable Forum - View Single Post

**Hugh** · 05-09-2021, 15:31

Quote:

Originally Posted by OLD BOY

Fair points. But I would point out that the cryptocurrency system must be pretty secure as people are putting a lot of their money into it. The Bank of England is also considering using blockchain, so it must offer some viable solutions.

As for regulations, well, that is up to the government to create those regulations. These are things to do to make it work, not obstacles that cannot be overcome.

I’m not sure what you mean by ‘speed’ - the blockchain system is fast and efficient. Are you talking about speed of implementation?

I don’t see scalability as a big problem - surely, if the Bank of England is seriously considering this, it must not present major issues.

Legacy services? Surely, this new system would require all systems to be brought into line. It would be a complete overhaul.

It will take time, of course it will, but it is achievable, and if both sides agree that this is a solution, I’m sure we can find a way to manage the transitional period. We can start with eliminating the unnecessary bureaucracy, which is what so many businesses are finding difficult to manage. It just isn’t this difficult to export and import to and from other countries.

https://towardsdatascience.com/the-b...i=a2fe48f4a60a

Quote:

The battle for a scalable solution is the blockchain’s moon race. Bitcoin processes 4.6 transactions per second. Visa does around 1,700 transactions per second on average (based on a calculation derived from the official claim of over 150 million transactions per day). The potential for adoption is there but is bottlenecked currently by scalability.

A study published by Tata Communications in 2018 showed that 44% of organizations in its survey are adopting blockchain, but also alludes to the universal problems that arise from deploying new technologies. From an architectural level, the unsolved problem of scalability is emerging as a bottleneck to blockchain adoption and practical applications.

As Deloitte Insights puts it, “blockchain-based systems are comparatively slow. Blockchain’s sluggish transaction speed is a major concern for enterprises that depend on high-performance legacy transaction processing systems.”