| title | has_children | nav_order |
|---|---|---|
The Past Considered |
false |
6 |
Inspiration comes from current international standards like GS1 and ISO standards. They have served us well and will continue to do so in the future as they paved a way to provide regulation and standardization of processes that make supply chains and asset management better. Although these organizations and systems have made things better they also limit the availability of information to the general public and have a fiscally high point of entry. In order for a system to be widely adopted, it must accessible for everyone and easily understandable going forward.
The current most widely used blockchains today use proof of work or proof of stake, while serving its purpose, have a large negative impact on the environment and also a high point entry to use. Proof of work algorithms requires expensive hardware and high energy costs in order to be competitive while proof of stake algorithms requires large investments still being prone to manipulation due to flaws in the most commonly used staking protocols. They have been 51% attacks, stake grinding, resource exhaustion, and many other inconsistencies in current implementations over the years.
Things have been changing for the better but the need for full archiving of ledger data seems to be consistent with security and is still a misconception while common practice. There is no need to fully track everything but only what is required to ensure security is met, this is visible in the movement to using snapshots in place of full chain data for several blockchains.
In the past selecting a software solution and its hardware was an all-in commitment that has been outgrown by the incoming gig economy and subscription models. Today entities, users or corporations, should be able to easily integrate solutions that they need without committing to the costly full suite of systems of the past.
Current blockchain systems mostly provide full disclosure of all data and have resulted in the rise of private blockchains for corporations or what have you. There needs to be the possibility for public and private data going forward for a broader acceptance of the technology.
Several of the most popular blockchain systems deployed today have a long initialization period that can take weeks to become an active participant on the network, in order to cut down on these times users must have an intermediate understanding of a broad range of technologies in order to actively decrease this period without the loss of security. This is not a common acceptable metric of usability and prevents further adoption by the general public. Initialization and setup should take only minutes in order to keep with current usability trends and prevent negative psychological framing. Previously this aided in the security of the system but is no longer a requirement.