Though the term Blockchain has become one of the biggest buzzwords only in recent years, it was discovered way back in 1991. It is safe to say that the technology has developed leaps and bounds in the three decades since its inception.
While the use cases of blockchain are undeniably beneficial, with most experts believing it can be used to disrupt a wide number of industries, it would be foolish to not be on the lookout for something better.
Let’s be honest, even if it isn’t the “big thing” in today’s era, it’s exciting to take a look at more system solutions that may replace the current ones. Blockchain, for one, was definitely not the “big thing” in the early 00s period.
On that note, I thought it would be interesting to go over three such pieces of technology that may invariably be the next “big thing,” replacing blockchain.
Logbook Technology is aimed to be a direct upgrade of certain features of the existing blockchain system, such as security, scalability and transaction speed. While it may not be decentralized, logbook offers a singular platform for any kind of real-time deals or validations.
Additionally, it provides a three-level hashing, set at the server, generator, and validation end to secure data from any malicious interference. There are also two levels of encryption for linking the server-validator and generator-server to ensure the safety of the data packets.
Moreover, unlike blockchain technology, a logbook does not run a chain-based architecture, it functions more like a logbook just as the name suggests — meaning all the transactional data is proximate to one another. In this scenario, generators play the role of a node, initiating a transaction and the validators are trustworthy nodes (similar to miners) that are highly distributed. All of this process is looked over by the system, which acts as the mother.
The logbook also has the potential to offer limitless transactions every second where blockchain manages to secure only limited transactions. Logbook also has a significantly higher rate of authentication, which takes milliseconds for each order, whereas blockchain consumes a couple of minutes.
IOTA is a distributed ledger and cryptocurrency that emerged in 2016. The initial design for IOTA is to be utilized for IoT (Internet of Things).
The data retrieved from IoT devices are usually stored in cloud servers which are more prone to cyber-attacks due to their ability to expose security breaches online. Here’s where IOTA jumps onto the scene. In order to resolve security issues, IOTA created a new DLT (Distributed Ledger Technology). With the use of a decentralized system, there’s no relying on any central authority, assuring secure transactions using the P2P nature of the DLT.
The most common problem blockchains face is their inability to play the role of being all three; decentralized, secure, and scalable. As of now, it can only guarantee two of these three essentials in certain situations. With IOTA’s person ledger “Tangle,” a few of blockchain’s flaws have been covered up.
Contrary to blockchain’s method of transaction, the Tangle network does not use “blocks” to move over to a new transaction. In the Tangle’s network, if someone decides to start a new deal, they must first approve any two previous deals attached. This works as a way of the user saying “I approve that the previous transactions which weren’t verified earlier and all their previous deals and success are linked with my profit.” Also, there’s no need for any miners since all the validations are performed by the users themselves.
IOTA’s Tangle is also more efficient than the current blockchain technology since not only does it fulfill all three roles of being decentralized, secure and scalable simultaneously, but also does not charge its users for transactions.
All in all, the Tangle network, while solving the present blockchain problems, has also managed to create a microtransaction framework for IoT with the increase in Internet-connected devices.
Hyperledger is a worldwide project aiming to provide all enterprises the correct tools and outlines to create an open-source blockchain. It also acts as the home for several ledger structures such as Indy, Sawtooth, and Hyperledger fabric.
Hyperledger allows firms to customize a standard blockchain system to perform the way in accordance with their exact needs. Almost all firms who make use of blockchains modify the way it functions with the help of different software developing companies. HyperLedger, however, serves as a common roof for every type of firm to evolve their current system. Thus, they bring all types of businesses to one place for any specific changes, improving efficiency in their field.
Hyperledger offers several perks to its consumers’ current blockchain systems such as:
- Improved productivity with expertise.
- Better hold on code value.
- Easy management of company designs.
While there may be plenty of other hidden gems hidden which may have gone unnoticed so far, Logbook, Tangle, and Hyperledger are my three top shouts as candidates to be the next “big thing” after the blockchain. Let me know if I’ve missed something which you think might supersede the blockchain.