The world is currently experiencing a major transformation at the moment. With the likes of blockchain and artificial intelligence, the world is gradually coming to realize that our future is with these 2 powerful technologies.
Because of these realizations, many industries are preparing for the next generation by integrating blockchain technology into their industry in everyway they can. From telecommunication companies to real estates and even financial institution, they all want to get their hand on this technology.
However, the blockchain from its first generation which is the bitcoin blockchain and others which came after it, to the current 3rd generation blockchains, there have always been one problem or another plaguing the adoption of the technology to real world industrial applications.
CHALLENGES WHICH THE BLOCKCHAIN HAS EXPERIENCED SINCE ITS INCEPTION
The original bitcoin blockchain which is the mother of all others which have followed, was never perfect to begin with. In its first year of creation, the technology suffered from challenges such as privacy, speed, ownership and many more imperfections. This prompted the invention of many other blockchains which aimed at ultimately improving the bitcoins blockchain.
However, as the network grew larger due to the creation of more blockchain, even more problems kept popping up in the blockchain such as the lack of network scalability, wasteful mining hardware, centralized mining community and more.
This involuntarily led to the creation of the second generation of blockchain which started in 2013 with Ethereum, its smart contract and more. But like the previous blockchains, and although the Ethereum was highly successful, Ethereum still faced challenge such as low efficiency, high network fees, scalability issues and more.
This again gave birth to the inventions of 3rd generation blockchains who were adamant on solving all the existing problems from the existing blockchains by adding newer concept to the existing crypto space. These 3rd generation blockchains from companies such as EOS, IOTA, QTUM and more were great but out of the bunch which have been invented, very few were actually made to be able to be incorporated into real life technology or our day-day life improvement.
ALL ABOUT SOOM AND THE 4TH BLOCKCHAIN SOLUTION
4th Blockchain is being developed by SOOM TECH who is committed at making the blockchain ecosystem accessible to the greatest number of businesses, industries and individuals by leveraging the ubiquity of the smart phone networks and enabling flexibility, richness and efficiency at the centre of the 4th blockchain.
4th blockchain unlike existing blockchains, is set to meet the needs of industries and organization who intends to harness the blockchains potentials without having to build one from scratch. 4th blockchain is going to be a blockchain-as-a-service so SMEs and every other industry can integrate its services into their own.
4th blockchain is set to eliminate the challenges which has been faced by the existing blockchains by utilizing data+time+space in other to bring about a new era blockchain tech.
This blockchain will be bringing in transaction speed, scalability, low network fees and many more which you will get to see in its wake, and what’s more important is that these features can all be integrated into any industry.
4th blockchain will be coming with innovative features such as proof-of-transaction, grouping algorithm and more.
This innovative blockchain is not just set to be used by the cryptocurrency or financial industry, but its being built to function in our day after day lives.
This technology will be a much-needed improvement of all the generations of blockchain which now exist today combined, and am assuring you of the greatness in which this technology will bring to life. But like every other project, the project needs you, just as much as you need it.
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