While interoperability is vital to blockchain success, another critical area for industry growth is scalability.
It will simply not be possible for companies to build a healthy and functional ecosystem around technology without scale. Tackling on-chain scalability and creating a distributed ledger that can facilitate rapid value transfer and smart contract functionality could make it easier to globalize potential technology use cases.
Many projects in today's market have tried to solve the problems inherent in the scalability that currently afflict blockchain technology. But there are other variations to the distributed master books that could potentially have much higher throughput and security than any existing blockchain. Such a form of distributed register technology is directed on acyclic charts. DAGs are inherently asynchronous and in theory can reach enormous throughput as more people join the network and transactions.
For most companies, the value of blockchain still resides in its potential rather than in current use. Overcoming this narrative will be one of the most significant challenges of technology.
As most of the industry remains focused on creating completely new blockchains, the industry's real leaders are those who have quickly developed alternative solutions to the systematic problems that have contributed to the increase in blockchain technology. Identifying and solving these problems, and addressing the requirements for progress, will be crucial for companies looking to succeed in today's overcrowded market.