Blockchain is a decentralised public e-ledger renowned for its broad applicability, immutability and top-notch data security. The blockchain technology is perceived by many as revolutionary and it is by no means adrift of that fact. Popularly labelled an Internet of Secure Records, blockchain’s most successful and popular implementation is seen in the case of cryptocurrencies — such Bitcoin (BTC), Ethereum (ETH) and many others. However, other applications have been minimally seen in the healthcare and music industries; to mention a few.

Blockchain is poised to effect a complete turnaround in the manner in which today’s businesses are conducted and the world at large — this has been evident to an extent. However, due to its fair newness, it is still plagued by uncertainties despite its promises. The mainstream adoption of the current blockchain is still being hampered by some challenges. As at now, Nerves Platforms is set to proffer a long-lasting solution.

One question you might want to ask at this point is: what has the Nerves Blockchain/Platform have to offer?

Nerves Rank Higher

The Nerves Blockchain is an entirely different type of network, centred on self-privacy, scalability and supportive of IoT devices. The design and features of the Nerves Platform is such that it out performs a single blockchain and its manner of operation is strictly based on the following principles:

User Friendliness

Systems on the network must be lightweight, possess the ability to conserve computations and resources, and friendly. All of these must be in place for effective communications, speed, security, scalability and performance to be achieved.

Task Specialisation

The main idea behind the Nerves Blockchain is to form a conglomerate of different networks into a single blockchain. The current blockchain may find it quite difficult to deal with all connected networks at a goal due to security concerns, but the Nerves blockchain is extremely capable of this with regards to the security concerns.

For a single blockchain, as the chain of networks becomes larger, the demand for more computational power increases and subsequently, a reduction in the performance of the blockchain ecosystem is experienced and its potentials become limited.

In the case of the Nerves Blockchain, the ‘Task Specialization’ feature ensures that each blockchain on the network interacts independently with blockchains of other available platforms without issues. These minute interactions via “Task Specialization,” can become the basis of a large and stable and reliable communications system.

Distinct Identity

Just like an embedded system, each blockchain on the Nerves Blockchain has a specific application and function. This simply means that each blockchain takes full control of its own business i.e. the one in charge of sub-chain interactions should entirely differ from that which is maintaining privacy status.

Mainstream Adoption — The Challenges

Every other person who wants to key into the benefits that blockchain has to offer will have to commit a chunk of time to fully understand how it works. Of course, it might take months before an average Joe gets to wrap his head around the blockchain’s encryption principle. Blockchain promises the elimination of the middleman (financial institutions e.g banks). This might be a huge put-off for a lot of potential blockchain users because majority of bank users are satisfied with services of they get.

Frustration and disappointment or in more critical cases, a financial crisis affecting the centralised systems currently in use seems like the only way to turn the tables for blockchain.

Scalability

Blockchain scalability is one of the much discussed plagues. The rate at which transactions are processed is terribly nosediving with the passage of time. This can be attributed to the complexity of pending blockchain transactions. There is huge potential for transactions on the network to be extremely slow due to the fact that the blockchain ecosystem leverages on the computing power of nodes.

Some might even want to ask, how much data records can the blockchain hold/process? For instance, when compared with centralised payment processors such as Verve, MasterCard and Paypal, the crypto blockchain is miles behind in terms of transactions processed per time.

However, blockchain enthusiasts and tech experts have advised the implementation of a progressive system and in some cases, piecemeal solutions.

For every new tech, there is the need for general acceptance before widespread adoption can take place. Instead, blockchain has so far received its fair share of treacherous passes and barriers — although this is inevitable for any revolutionary technology.

Professionals, institutions, with the inclusion of banks, and the masses at large are sceptical about the use cases of the blockchain tech and have perceived it inappropriate for digital world interactions.

Fear of the Foreseen

The blockchain technology is poised to turn around traditional business models hence, its mainstream adoption threaten the revenue base of institutions leveraging on centralised systems. Therefore, it will be in their best interest if the whole “revolutionised business” idea is forgotten.

What Nerves Blockchain offers

Nerves Blockchain is capable of leading the current blockchain into a whole new different level. Its top-notch architecture and design is an indicator of its performance. The consensus algorithm of the Nerves Blockchain is referred to as proof of linkage, which is built mainly to ensure that users reliability, security stability and an improving processing speed.

Nerves Blockchain has two types of Chain: Central Chain and Peripheral Chain, with both able to connect to each other to produce a platform where the connected chains act dependently on each other to ensure fast-paced and secure transactions. A Central Chain is made up of several Peripheral Chains; this chain is a connection that produces the multi-dimensional Nerves Blockchain.

The multi-dimensional structure of the Nerves network allows sharding (a concept that allows ease of data management by partitioning large databases into shards in order to split processing power).

Speed and Security

The Bitcoin blockchain at the moment (without sharding), processes a meagre 5–7 transactions per second on a normal business day but during rush-hours, it process only about 3 tps. Ethereum blockchain perform a little better with 20 tps. With sharding the BTC and ETH blockchains are expected to process thousands of tps or even more.

In the case of the Nerves Platform, one Peripheral Chain is designed to process between 1000–500,000,000 tps. Now if more than one Peripheral Chain takes part in sharding, it means that processing performance will be greatly enhanced within the system. This means that the Nerves Platform will make payments quicker, more effective and secure.

Conclusion

The Nerves Platform is able to proffer solutions to blockchain challenges by introducing Peripheral chains and Central Chains as part of its components rather than the conventional single blockchain. Both blockchains have varying tasks but work together to ensure effective, smooth and fast-paced processing.

This platform also promises to address known security loopholes on the blockchain such as: Data storage and retrieval, access controls, account hacking and transaction cloning. In other to achieve this, all have these have been put in place: multi-signature authorisation, public and private keys, passphrase requirement.

For the blockchain to gain massive adoption, it must first evolve and advance from what it is right now, this is why it becomes necessary to appreciate Nerves Blockchain — a system which optimises connected chains to improve efficiency, transaction speed and security.