Last of the year 2008, when blockchain technology was first introduced in the response to several collapses of banking institutions, it’s by far the most trending topic on every technology industry. Banks and different types of business organization has been using blockchain technology to ensure the most secure transaction as possible. Blockchain was designed to take over the control of money supply and relying solely on the peer-to-peer money exchange, aka the electronic cash system. However, past few years, several researchers reported some limitations of current blockchain technology such as power consumption and performance efficiency. To prevent these limitations, Leemon Baird developed a new technology known as Hashgraph. He claimed that unlike current cryptocurrency technologies, Hashgraph is completely limitations free and 100% efficient. According to the CEO, Hashgraph promises to allow business in using blockchain without limitations. Here is how Hashgraph is beneficial for your business:
Primary differences between Blockchain and Hashgraph: Blockchain technology is an incorruptible digital ledger which works using peer-to-peer connections. In blockchain, there’s no local storage to record data or transaction information because it shares the records with everyone. So, blockchain cannot be controlled by any single individual and second, it has no single point of failure.
However, Hashgraph claims to have no such limitations and has a superior data structure, which is capable of solving many records at a time. On a public network, blockchain technology uses high energy to finish high performance tasks which is not so profitable if you use blockchain at your business. Hashgraph algorithms overcome this problem and save storage and money of your business account. After running test transactions, Hashgraph claimed that it can do a thousand transactions at once while blockchain such as bitcoin can up to 7-10 at a time.
Computational Power: For medium or small companies, who can’t afford a supercomputer, computational power is a problem for them. Blockchain cryptocurrency such as Bitcoin, Ethereum requires enormous computational power and energy. On the other hand, Hashgraph’s algorithm is based on better-distributed ledger technology. This removes the limitation of computational power and energy. As stated earlier, Bitcoin is limited to 7-10 transactions per second and Hashgraph is 50,000 Times Faster: limited only by bandwidth — 250,000+ Transactions per Second. So, using Hashgraph in business will be more profitable than the current cryptocurrencies.
Security: Unlike other technologies, Hashgraph is fully asynchronous, thus makes no assumption about how fast information is passed. This feature helps Hashgraph to prevent a DDoS attack, Firewall issues, and botnets. When it comes to using blockchain technology at your business, security is the most important thing you should concern. However, using Hashgraph frees you from overthinking about security, because it doesn’t have any security limitations like Bitcoin.
Efficiency: Blockchain technology stores information like a block. So, if two different user requests for the same block, one of them will pass and the other one will be the wastage of effort. However, Hashgraph uses every container and discards nothing. Its superior algorithm will generate new container to proceed the request. So, Hashgraph is 100% efficient compared to other blockchain technologies that will be more profitable for your business.
These are some of the reasons of using Hashgraph for your business in using blockchain without limitations. As Hashgraph comes with superior technology, entrepreneurs will start using it to prevent the limitations bitcoin and Ethereum offered.