The structure of a blockchain allows for movement of money to be traceable and at the same time protects the financial privacy of its users. It builds an efficient and reliable value interchange system and accelerates the Internet to become a hub for social trust and value transmission creating what is known as the ‘Internet of Value’.
We at Dimension believe that blockchain technology provides a new kind of social trust mechanism and lays the foundation for the future digital economy. The widespread adoption of this technology would provide a new direction for the future of private and public services.
While seeking adoption we realized that blockchain technology services are subject to several restrictions. The need for high scalability has risen exponentially whilst the protection of digital privacy is not yet fully secure. The technology for a distributed file system remains at its infancy and the efficiency of the current consensus mechanisms require improvements.
There is a lack of a standard for governance, a bottleneck in cross-chain interoperability and a failure in the adaption of different consensus algorithms that would be specialized in different services and conditions.
As blockchain technology has a variety of infrastructure, it consists of challenges such as deep academic knowledge, difficulty of implementation and the lack of an economically viable commercial solution. Commercial users fail to fully understand the technology and finding the perfect solution for their business can be challenging. In the absence of a consistent and sustainable business model most attempts in blockchain adoption still remain in a conceptual stage.
Blockchain needs to adapt with multifarious business needs and satisfy the need for the high efficiency for the sharing of data, and the high data security standards among different enterprise networks. This requires a standard in blockchain solutions that provides more versatility.
As data on a blockchain is irreversible, the file size of the blockchain would only increase with time. With the increasing demand for higher data capacity on a blockchain the problem would become apparent when corporate data begins to be stored on the blockchain as such files tend to grow exponentially in size within a short period of time.
Companies would also struggle with migrating off-chain data to the user distributed blockchain network. The current blockchain infrastructure requires the use of distributed data storage nodes, though there needs to be exploration into better and more efficient file storage solutions.
Many of the current blockchain solutions fail to focus on targeting issues regarding 3 Dimension – Connecting businesses through blockchain business and commercial usage of their platforms. This, in turn, causes their intended use cases to lack adoption and they are unable to expand their usage in businesses and industries.
Such projects also experience obstacles in adapting to the rapid development of business systems. When it comes to corporate collaboration, an intercompany notification mechanism shows particular demand but very few blockchain platforms support this functionality.Dimension Chain Whitepaper