With the world of blockchain abuzz, technology enthusiasts are pushing for the decentralization of financial institutions.
This idea, in theory, appears to be the answer to fraud and shady government practices…
At capacity, the platform completes six transactions per second, compared to Bitcoin’s average of three. Looking for a national comparison, Visa processes 24,000 transactions per second.
With these statistics, Vitalik has claimed his Ethereum blockchain may never replace centralized cloud computing due to scalability, but will reach Visa’s scalability over the next several years.
Yet with technology’s current exponential advancement, nothing is definite, and there are no limitations on what type of infrastructure may be built over time with blockchain programming.
“Unfortunately, existing blockchain applications are far from satisfying the scalability requirements to compete with centralized systems. Current mainstream payment processors, such as Visa, support orders of magnitude higher peak transaction throughput and incurs much lower latency compared to the operational Bitcoin platform.”
The Future of Blockchain Scalability
With the way technology is advancing, nothing is definite, and there are no limitations on what type of infrastructure can be invented. Software development is growing exponentially within the blockchain space.
According to The Upwork Skills Index, blockchain development ranks second of the 20 fastest growing job skills.