article Wired article When blockchains have been used to make online payments for years, they have been useful for storing data.
But now, with the increasing popularity of blockchain-based applications like bitcoin and other cryptocurrencies, they can also act as a currency and storage medium.
“As we use blockchain technologies to build our own digital economies, we have to look at how they scale,” said Rohan Srivastava, co-founder and CEO of Chain, a blockchain startup.
“This has always been a problem, because blockchains are inherently limited by the amount of space they can store and the amount you can actually put in there.”
The problem is, many of the applications on the blockchains aren’t yet secure enough to store data securely.
That means they’re only secure for a fraction of a second, before the data is destroyed.
But it’s important to remember that the blockchain is not a digital wallet or a store of value.
“Blockchain technology has been around for a long time, and people have tried to make use of it in a different way,” Srivacava said.
“There is no blockchain that will ever be the gold standard for security.”
He pointed to the rise of cryptocurrency, which uses cryptography to protect the data.
“Cryptocurrency uses the blockchain, but we don’t have the same kind of security guarantees,” he said.
Chain is currently working on improving its technology to make it more secure.
One way the company aims to do this is by adding an additional layer of security to its blockchain-aware applications.
Srivachava pointed out that the new features will be used in the upcoming blockchain-enabled applications like Trezor, the popular hardware wallet that was recently acquired by Apple for $1 billion.
“The main thing is we want to make sure our applications are secure,” he explained.
Chain’s newest technology is based on a new class of hardware that can store a lot of data in a small amount of storage space.
The idea is to use this technology to store a huge amount of information and to make payments faster.
Srikrishna Raju, the co-founders and CEO at Chain, said that by storing data on the blockchain and then using this storage space to make transactions, Chain can offer an improved user experience than is possible with existing financial applications.
“By using the blockchain to store transactions, we can improve the transaction flow, the ease of use and the security,” he told Wired.
The company is also working on a technology called the “chip and pin” that will enable payments to be made with a single, tamper-proof chip.
The chip and pin technology will be able to make the payments in a way that makes the transaction more secure and less prone to fraud.
It’s not just the security and ease of using the chip and plonk that are appealing to Srivakas new customers, but also its speed.
“Our goal is to make this technology as fast as possible for all types of transactions,” Srikachas said.
And by using this technology, he added, “We can do a lot more with the blockchain.”