What's going on?
Blockchain is ‘revolutionizing’ the way we store and use sensitive information but its slow and costly.
We are watching Blockchain as a great vehicle to save data the will be 100% immutable. The problem today is the speed and cost to add records to the blockchain and to retrieve this information in a real-time application.
As as 2018, Bitcoin blockchain maxes out at being able to handle (ONLY) 7-8 transactions per minute, worldwide, while Ehereum does a little better at around 10-25 per second. Currently, neither of these platforms are ready for business transactions.
We have researched the third platform, Hashgraph, and while the claims of being able to handle >200K transactions per minute using the ‘gossip’ method seems remarkable, we have not yet seen anything convincing to prove this level of throughput.
Until such time as the issue of speed and cost is resolved the blockchain remains not a viable way to store data, despite what some pundits may say.
We will continue to closely watch this space and when things eventually settle down, mature and the mechanisms available are fast and not ridiculously expensive to use, we will begin moving certain high-value data tables into the blockchain thereby ensuring N9 data is 100% immutable.
Right now, we do feel that using the blockchain to store business data makes any practical sense whatsoever.