Vitalik Buterin (left) and Joseph Poon

Vitalik Buterin, ethereum founder, hopes to overcome the limitations of blockchain technology in three years.

“The blockchain is not perfect in terms of user efficiency,” said Vitalik R. Buterin at a policy meeting held at the Parliamentary House Hall jointly organized by GDNet Korea and the 4th Industrial Revolution Forum of the National Assembly. The limitations of the blockchain technology will be greatly complemented.”

Buterin predicted this by responding to the question, “Do you think the service will be available when the use of the blockchain-based service is still inadequate yet?”.

He says, “There are endless questions about the areas in which the use of the blockchain will be most active in the future. Currently, blockchains are mainly used for financial services such as overseas remittances. However, if the blockchain limit is overcome within one to three years, I think there will be a use case. “

Buterin also emphasized that overcoming technical limitations is the current blockchain industry challenge.

Buterin is working on improving the transaction processing performance of the blockchain. The blockchain is designed to allow all nodes participating in the network to record all transactions. This allows verification through distributed nodes even if the data of one node is modulated.

However, due to this structure, the processing capability of the whole network can not be limited to the processing capability of a single node. No matter how many computers you connect, you can not exceed the processing efficiency of a single node. If the user suddenly increases, the transaction can not be efficiently processed.

One of the technologies being studied by Buterin to solve this problem is the ‘plasma’ project. It creates a side chain to process the data and passes only the optimized data to the main chain. This can reduce transaction fees and improve network throughput.

Joseph Poon, a bitcoin lightning network designer who is working with Buterin upon Plasma Cache, attended the meeting and predicted that the blockchain would develop rapidly and revolutionize society.

Joseph Poon said, “As the internet appeared in the 1990s and the development of communication technology has changed society a lot, we think that the blockchain will make a huge change in our society and bring about a much deeper change.” He added, “I think it will lead to a profound change in how an organization is structured, how intercompany trust works and how it procures funds like ICO.”