ACI’s Roger Oliphant: “Open Blockchain Standards Are Too Slow”

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Ever since corporations garnered an interest in the blockchain, the topic of scalability has been kicked around a fair few times. A new report by Gartner indicates the technology has hit the “peak of inflated expectations”. With more money flowing into blockchain every year, the question becomes how well this technology scales. But can it handle mainstream transaction volume?

There has never been a bigger interest in blockchain than over the past 18 months. Although some people still associate this technology with a lot of hype, there are plenty of use cases. Some of these accusations are justified, as the number of meaningful use cases remains very limited for now. With over US$250m pumped into blockchain throughout 2016 so far, results will have to be provided shortly.

Blockchain Scalability Remains An Issue

ACI World’s chief architect Roger Oliphant sees a major problem for distributed ledger technology, though. With so many people using the “wait and see approach” this technology will have a hard time to mature. More importantly, he feels the Bitcoin blockchain is far too slow to handle financial transactions.

Oliphant claims the same applies to other open blockchain standards, all of which take too long to confirm

Read more ... source: NewsBTC USA

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