August 21, 2018

High Speed Blockchain Network

The blockchain industry has made tremendous progress on platforms and protocols. Here’s why SHIFTMobility changed course to accelerate the pace of innovations for the automotive industry.

1. Scalability: The low transaction speeds created and processed on blockchain platforms are reminiscent of quincunx. An example of the challenges faced are laid bare with the protocols required to send $1 to another user.

Total transactions per second [1] [2] [3]:

• Visa 24,000 (reference)

• PayPal 193 (reference)

• Ripple (CCC: XRP-USD): 1,500

• Bitcoin Cash (CCC: BCH-USD): 60

• Litecoin (CCC: LTC-USD): 56

• Dash (CCC: DASH-USD): 48

• Ethereum (CCC: ETH-USD): 20 (with PoS and Sharding 30,000)

• Bitcoin (CCC: BTC-USD): 7

• RaiBlocks 7,000

• Steem, Graphene 1,000

• NEM 4,000

• Stratis 20,000

• Monero 1,000

Those companies providing Distributed Ledger Technology (DLT) and solution mix are excluded as they are not blockchain platforms in the true sense.

2. Consensus Protocol: Implementing FinTech protocols requires thoughtful consideration for use within the automotive vertical ecosystem. The nature of trading goods and services is more complex and requires the flexibility to customize validators and protocols.

3. Decentralized Networks: Destinations on decentralized networks where transactions are handled behave like a Galton box. Blockchain platforms feed algorithms to create and flow whatever gets generated at the source. However, verticals industries have unique network communication protocol requirements.

4. Efficiency: Block sizes within automotive are driven by vehicle, consumer choices, and service protocols. The need for flexibility, fast throughputs, and low energy consumption are important considerations.

5. Blockchain-as-a-Service: FinTech transaction API’s often require patchwork and are insufficient for the needs of the automotive industry. Whether smart contracts or an asset exchanges, automotive requires additional micro services to handle blockchains that span the extended supply chain.

SHIFTMobility seeks to process 15 million vehicles and their transactions per day. Stay tuned.

References:

[1] 3 Cryptocurrencies Processing 1,500 (or More) Transactions Per Second

[2] Which Cryptocurrencies Have the Fastest Transaction Speeds?

[3] Top 9 market cap blockchains ranked in order by transaction speed. Lets see where Steem fits in

© 2018 SHIFTMobility Inc.

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