Is Hashgraph technology better than Blockchain?

Must Read

Microsoft partners with Accenture to host virtual startup challenge in India

Microsoft 100X100X100 program that focuses to bring 100 companies and 100 early and growth startups will collaborate with Accenture Ventures Open Innovation program to host Accenture Ventures Challenge

SAP eyes India’s MSMEs with ‘Global Bharat’ program

With the aim to focus on MSMEs market in India, SAP has launched 'Global Bharat' program with , UNDP and Pratham

With AWS Outposts, Amazon Web Services enters into data center in India

said that , a new product that brings its cloud infrastructure to on-premises data center is now available in India

Is better than ? This the most popular questions in the technology world today. The life and credibility of the is being questioned and Hashgraph is being predicted as the technology of the future. While it is difficult to predict whether is a thing of the past and whether Hashgraph is the final answer, one thing is sure, Hashgraph definitely addresses a lot of the critical challenges that has been grappling with, the challenge of speed of processing, the challenge of fairness, and the huge challenge of requiring multiple industry regulators to come together.

Hashgraph can process 250000+ transactions per second as opposed to Blockchain’s 7 transactions per second. Hashgraph is fast because it uses Gossip protocol to spread messages to the network and also performs some optimization of the gossiped messages to reduce the communication overhead. One other reason behind this speed of Hashgraph is because Hashgraph today uses private, permissioned networks.

Coming to fairness, the main challenge of Blockchain is its dependence on miners. There could be forking and delay because of the actions of the miners, who can manipulate the process. Since Hashgraph is based on consensus and time stamping, it’s faster and more accurate. The Virtual Voting Consensus Algorithm of Hashgraph, which was invented by Dr. Leemon Baird, makes it straightforward to know how a node would vote and this data can be used as an input to the voting algorithm and to find whichever transactions have reached consensus quickly, thus making it more fair.

Also ReadWorldwide Blockchain technology market to reach $13.96 billion by 2022

According to me, one of the biggest challenge for Blockchain to be a commonly used technology, is the need for multiple industry regulators to come together and set regulations which will cut across industries. As I have said before also, a Blockchain, or for that matter any DLT is beneficial only when the chains are big or integrated to each other. While it’s not really a technical challenge, given the water tight compartments of today, it’s an enormous roadblock to overcome for a DLT. Hashgraph is planning to overcome or partially address that challenge by way of their 39-member council. If run properly it will take care of enabling cross-industry discussions and regulations.

Added to this, Hashgraph’s security is also claimed to be better than that of Blockchain. Hashgraph has been proven to be fully asynchronous Byzantine. This means that it doesn’t make any assumption about how fast messages are passed over the internet and this makes it resilient against DDoS attacks, botnets, and firewalls. While the security in Blockchain was never a challenge, the Byzantine Consensus of Hashgraph makes it stronger.

Also ReadCan Blockchain stop bank frauds? Yes or No? Nobody knows

While Hashgraph does seem to have quite a few advantages over Blockchain, we cannot say that Blockchain is a thing of the past and Hashgraph is the new technology of the future. I can only predict that Distributed Ledger Technology (DLT) is the way to go, but whether it will be Blockchain or Hashgraph or Tangle or any other DLT, only time can tell. They are all evolving and evolving very fast. As Distributed Ledger Technologies move beyond the POC stage to actual implementation stage, we will see even faster evolution. So it’s very hard to predict which DLT is here to stay because tomorrow is truly another day.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

- Advertisement -SAP Hana

Related Articles