Blockchain technology was first introduced towards the end of the year 2008, in response to the collapsing of several banking institutions. It is so far the most trending topic on every technology industry. Banks and different types of business organizations have been using blockchain to ensure secure transactions, as much as it is possible. Blockchain was designed to take control over money supply, relying solely on peer-to-peer money exchange or the electronic cash system. However, in the past few years, several researchers have reported some limitations in the 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 the cryptocurrency technologies, Hashgraph is completely free from any limitations and is 100% efficient. According to Baird, Hashgraph allows businesses 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 secondly, it has no single point 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 in your business. Hashgraph algorithms overcome this problem and saves space and money. After running test transactions, Hashgraph claimed that it can do thousands of transactions at one go, while blockchains such as bitcoin can do only up to 7-10 at a time.
Computational Power: For medium or small companies, who can’t afford a supercomputer, computational speed and power will pose problems. Blockchain cryptocurrencies such as Bitcoin and 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 of 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, solve firewall issues, and botnets. When it comes to using blockchain technology in your business, security is the most important thing you should be concerned about. However, using Hashgraph relieves you from worrying about security, because it doesn’t have any security limitations like Bitcoin.
Efficiency: Blockchain technology stores information in a block. So, if two different users generate requests for the same block, one of them will pass and the other one will have to wait and there is a time lag. However, Hashgraph uses every container and discards nothing. It's superior algorithm will generate new container to process the request, which makes Hashgraph 100% efficient compared to other blockchain technologies. This will eventually make your business more profitable.
Mentioned above are some of the advantages of using Hashgraph in your business. As Hashgraph comes with superior technology, entrepreneurs will start using it to overcome the limitations of bitcoin and EthereumPublished: Dec 13,2018 05:28:10 AM IST, Updated: Jan 26,2019 08:09:49 AM IST