Blockchain systems are built with the aim of creating a single universal, secure and tamper-poof record of digital assets and related transactions. Ever since the emergence of this open source and even more recently, the crypto industry has been bombarded in almost every sector seeking to solve one problem or the other. At first these projects sound really innovative, people get excited and take part in their ICO (If any). However, there are glaring constraints on blockchain technology that have delayed these projects from fulfilling their missions. Most of these projects, especially business models find it difficult to implement the promised protocols or even make necessary updates in their existing platforms.
The Problem
Scalability:
Businesses built on the blockchain that require large scale use need a super fast network or response system that will meet their ever-growing demands by numerous customers. To meet these demands, they would require more than just a basic scalable system. For instance, a business that works with real-time market prices will need to be highly scalable to suit user tastes, hence, a highly scalable system is needed.
Privacy:
Big data can be rightly referred to as the ‘new gold’ because businesses have discovered how important it is in gaining competitive advantage. This is the main reason some firms unjustly sell user data. Encyption and decryption layers at the application level may be used to secure data and improve security on public blockchains but it is not enough. Blockchain powered businesses need a better data privacy model than what we presently have.
Difficulty in IT Integration and Software Development:
Businesses that follow the trends recognize the need for online presence and have been making use of various digital technological advancements to improve their services. However, integrating blockchain into an existing business can prove to be a herculean task and at the same time very costly.
With new technological advancements (such as blockchain) comes new programming methods and languages. To retain a fast pace while focusing on the main project, some firms have to rely on third-parties to code their blockchain rules. Though it seems to be a better option for project teams to focus on the project while leaving the IT work for skilled third-parties, this is not exactly a wise decision.
Lack of Interoperability:
Presently there are over 100 different public blockchain protocols being used to solve different problems in different sectors of the economy. Some big companies have also developed private blockchains for their own use. Since there is no way for these blockchains to interact with each other, this has placed a constraint on their adoption. Eventually, most of these projects will be phased out. Therefore, there is an urgent need for blockchains to interact with each other.
The Solution – AERGO
AERGO is a revolutionary concept and open source project.
AERGO intends to be an enterprise blockchain that will bridge the gap between public and private networks. The AERGO platform uses a core blockchain technology that has been tested and proven in real life cases across the globe. Blocko’s COINSTACK platform is a full enterprise product that is already in use and will be leveraged by AERGO to provide services.
AERGO offers solutions to the current limitations of blockchain technology including interoperability by combining public blockchains with private blockchain such that businesses will find it easy to upgradeor migrate to a higher performance private blockchain if they decide to without losing the advantages of the former public blockchain model.
Conclusion
AERGO will utilize the Blocko’s COINSTACK platform to build an ecosystem for everyone including developers, businesses and cloud delivery partners. The AERGO platform would be feature rich and useful for programming different business implementations. The AERGO platform is made of three core elements: AERGO Chain, AERGO hub, AERGO marketplace.
AERGO believes that combining innovative dApps running on the blockchain along with mobile adoption of secure and reliable e-commerce services will make huge impact on businesses and they intend to make this happen in an easy, seamless manner.