Pilot High Speed Blockchain Network

The blockchain industry has made tremendous progress on platforms and protocols with furious fervor. We changed course to accelerate the pace of innovations for the automotive industry. Here's why?

1. Scalability: Low speeds on transactions created and processed on blockchain platforms reminds me of quincunx. Navigating a network of inter-related loops, we found ourselves in a tight spot. On one hand was the problem that we needed to address - high speed blockchain network for Automotive Industry, and on the other were the protocols limiting our pathways. Let's take a look at protocols to send $1 to your neighbor or a distant cousin. I have not added any notes to the transaction as yet; it will cost more by the bit.

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 on an average. With PoS and Sharding 30,000 (future). Click to see latest blocktime.
• Bitcoin (CCC: BTC-USD): 7
• RaiBlocks 7,000
• Steem, Graphene 1,000
• NEM 4,000
• Stratis 20,000
• Monero 1,000

Companies providing Distributed Ledger Technology (DLT) and solution mix are excluded because they are not blockchain platforms in a true sense.

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

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

4. Efficiency: Block sizes in automotive are driven by vehicle, the consumer choices, and service protocols. 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 automotive needs. Whether it is smart contract or an asset exchange, the automotive industry requires additional micro services to handle blockchains spanning the extended supply chain.

Our goal may seem ambitious, process 15 million vehicles and their transactions daily. Sheer frustration experimenting alternatives sometimes leads you to dig your head under a pillow even if you can no longer get a good sleep. Fortunately, we could wake up, build and pilot a better, faster network especially one that would provide us much needed flexibility to address the needs of the automotive industry.

Stay tuned for more information.

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.