CoinGeek Backstage with NUI’s Subhasis Thakur: Lack of scalability has severely limited blockchain adoption
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The Global IoT Summit in Dublin brought together technical experts in emerging technologies, including blockchain, IoT, IPv6 and 5G, from startup founders to thought leaders. National University of Ireland (NUI) Subhasis Thakur represented academia at the event, and as he told CoinGeek Backstage, the inability to scale has been the biggest obstacle to blockchain adoption – a challenge that BSV’s infinite scaling solves seamlessly.
Thakur, a fellow at NUI, has been working on blockchain technology for the past six years, including financial and energy trading platforms. One of his main areas of interest is data verification for blockchain networks. While the blockchain’s immutability ensures that data cannot be changed or manipulated, there can be a loophole in the data fed to the network. Incorrect or manipulated data will still be unusable even if recorded on an immutable blockchain.
NUI’s research has primarily focused on Layer 2 networks, and as Thakur revealed, it’s all about scalability.
“BTC takes about 7 minutes to process a transaction and record it on the blockchain. If you want to develop something in real life, you have a few seconds to do it. So we can’t use [BTC] blockchain,” he told CoinGeek Backstage host Becky Liggero.
Thakur is one of many whose enthusiasm for blockchain technology was crushed after trying to build on the expensive, slow and inefficient BTC blockchain. Some who have tried Ethereum have also encountered the same bottlenecks, and many have migrated their applications after a while.
BSV’s infinite scaling solves this challenge, and with fees consistently staying below $0.001, it is the most cost-effective blockchain with real-time transactions. The stable protocol also gives developers and enterprises confidence that they won’t have to rebuild their applications in a few months.
Blockchain adoption in Ireland is on the rise, Thakur added, with many large companies and even the smaller businesses exploring the technology.
Watch: The Blockchain Beat Episode 4 – Global IoT Summit Dublin 2022: Why IPv6 is needed for the IoT world
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