But one’s suffering is another’s joy. Technical problems with Ethereum have been known for a number of years and are now being resolved through alternative blockchains. They are called Polkadot, Cardano or Avalanche and want nothing more than the evolution of the previous blockchains: fast transactions, low fees and scalability. Cardano will make its programmable smart contracts available for the first time in autumn 2021. But also newcomers like the Electra Protocol (XEP) are in the starting blocks and want to revolutionize payment processing as an alternative to tech giants like Google or Apple.
There is currently a real gold rush feeling with the alternative blockchains of the “third generation”. But in contrast to Bitcoin and Ethereum, they should not only be used for financial transactions, but also for numerous other use cases.
With one of the new blockchains, for example, it will be possible in the future to track the supply chain from a product to the manufacturer to answer a question such as: Is this really an original brake disc from Volkswagen?
With a blockchain, self-driving cars will be used to communicate with each other without having to rely on a Google or Microsoft cloud. In the future, an insurance company will issue policies on blockchain contracts. And a bank will issue loans using a blockchain. Or, to put it in a more complicated way: the financed car may no longer start in a few years if the corresponding insurance premium has not been paid. The use cases for blockchain applications are virtually limitless.
In less than a decade there will likely be hundreds of thousands of different blockchains, and most of them will be able to communicate with one another. Some will be public, some will be private. What sounds futuristic today will be as normal in the next decade as using a smartphone is today.