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Opinion
Global companies are implementing distributed ledger technologies in an attempt to gain efficiencies in areas such as global payments and supply chain transparency. Blockchain tech can replace slow, paper-based processes, as well as improve security.
However, many of the platforms in use today suffer from poor design. Networks become clogged with traffic too easily, resulting in latency issues and, ultimately, a sub-par user experience.
According to a 2019 McKinsey report, there are now over 20 billion connected devices in the world, all of which “require management, storage and retrieval of data.” However, blockchain design is ill-equipped to handle this immense wave of data, which is creating pressure on networks to maintain fast speed and enough storage capacity.