These days, there were two major elements which were expected to give blockchain some extra jet fuel to go ahead.
The first one was Bitcoin Halvening, which has passed by cutting down Bitcoin per block rewards into half. The next one and more impactful was the COVID -19 that has reshaped the world as we know it.
COVID-19’s is a perfect scenario which can help the new market forces to emerge. No one predicted COVID 19 to turn into a global public health crisis, an economic meltdown and a surge in online connectivity, which could be a catalyst for the emergence of Fourth Industrial Revolution as per World Economic Forum founder Klaus Schwab’s new book “ The Fourth Industrial Revolution”
As per Klaus, This Fourth Industrial Revolution will be, however fundamentally different from the past revolutions and will be characterized by a range of new technologies that are fusing the physical, digital and biological worlds, impacting all disciplines, economies and industries, and even challenging ideas about what it means to be human.
This is exactly what happened in the past few months. The measures being currently taken around the world to fight Corona will surely be having a long term impact on our lives and our relationship with technology.
In this new world, Social distancing has become a new norm. Banking now happens from your fingertips. Work from home or remote working is now the new way ahead. Electronic and mobile payments have started to zoom.
As per a recent study from one of the most technology-driven sector, Banking 1,000 bank customers found that 82 per cent of respondents were worried about stepping into their local branch, and 63 per cent were more willing to connect via a digital app or website than they were before the pandemic.
Currently, in US mobile payments represent less than 10% of all payment methods whereas, in China, it’s above 80%. Before COVID, US citizens used payment methods such as credit cards, cash, cheques etc more than virtual payments. But once COVID impact came, banks have witnessed a surge in mobile banking and new registrations to electronic-payment services.
With the world eliminating physical touch in the wake of the coronavirus spread, blockchain can add immense value by facilitating digital payments in place of cash transactions.
To meet these new demands we need blockchains which are faster as well as scalable
Scalability is one of the cryptocurrencies’ core issues, especially when it comes to the older coins. Let’s take for example BTC. On average, BTC is currently processing an avg of 5–7 TPS, In case of Ethereum the transaction processing rate is 15–20 TPS were as the centralized global payment system Visa, which can process 24,000 TPS.
Even though many blockchains have claimed to surpassed Visa’s TPS, but that was only on paper as most of these blockchain used ideal conditions to measure the TPS, not real-world conditions.
Among these one blockchain stood out, ælf.
aelf testnet was officially launched on June 30, 2018, which went on to clock an incredible achievement of 14,968 TPS.
In addition to speed, aelf blockchain can scale effectively which is crucial when it comes to Enterprise adoption
Apart from that Aelf is one of the most active projects from a development perspective as well. In the past Aelf was ranked one among the Top 10 projects with high GitHub activity.
This was just a tip of what’s future is holding for us and expectations blockchain will be facing in future.
We are witnessing an unprecedented paradigm shift in which Old business models and methods are becoming obsolete as digital transformation overtaking the world. We need solid projects like Aelf, BNB etc to be the front runners helping to add immense value to the upcoming blockchain revolution.