Financial services, advertising, and real estate could benefit from a faster and more efficient blockchain, says Zilliqa's Amrit Kumar and Ilya Sergey.
Some industries will be flushed with success using the Zilliqa's high throughput and have transparency" because they "can audit how the supply chain actually works in a digital advertising scenario," Amrit Kumar of Zilliqa tells TechRepublic's Dan Patterson. The following is an edited transcript of the interview.
Dan Patterson: Amrit and Ilya, this is a question for you both. What industries are likely to benefit from or lean heavily on smart contracts and will benefit from this optimization method?
Ilya Sergey: Amrit?
Amrit Kumar: Okay, yes sure. There are two aspects here. One is the applications that actually require very high throughput that Zilliqa provides. Any application that you can actually imagine, even the simplest ones like payments, where you want to be something like Visa for instance. You want to have a throughput that actually matches that of Visa.
There's an application, which is very interesting, and it's not actually there yet. If you look at Bitcoin and Ethereum, people are not able to use that as a method of payment because of its scalability issues.
The other applications that we are currently working on is digital advertising. There's a company called Mindshares, which is one of the biggest firms in digital marketing. And they want to build something like a supply chain for ads. They want to do it on a blockchain because you will have transparency and you can audit how the supply chain actually works in a digital advertising scenario.
SEE: 6 industries that are using blockchain to drive business value right now (TechRepublic)
And then again, if you look at their throughput requirements, it's billions of transactions per day. This is something that current blockchains cannot handle. So this is the aspect where scalability is required.
The other aspect, which Ilya talked about is scenarios where you want to ensure that strong security and blindness properties are required from contracts. You don't want to deploy an application where a smart contract starts leaking funds to, let's say, other parties. So, any application where you need high throughput and high security is something that we are looking after.
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