What's going on?
Blockchain is ‘revolutionizing’ the way we store and use sensitive information but its slow and costly.
Blockchain is a good vehicle to save data that is 100% immutable. The problem today is the speed and cost to add and retrieve records from the blockchain in a real-time application.
In early 2018, Bitcoin blockchain maxed out at being able to handle (ONLY) 7-8 transactions per minute, worldwide, while Ethereum does a little better at around 10-25 per second. Currently, neither of these platforms are ready for high-volume, high-speed 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.