Researchers from Al Zayed University in the UAE have recently released a research paper titled “Investigating the Failure of the Blockchain Technology and Suggested Recommendations”. In their comprehensive analysis, they advocate for the adoption of the hashgraph consensus algorithm, a key component of the Hedera network, as the optimal Distributed Ledger Technology (DLT).
Led by Professor Ala’ Al Hilal from Zayed University, the team thoroughly investigated the strengths and weaknesses of blockchain technology, positioning DLT as a more effective alternative for both public and private applications.
According to the findings, hashgraph emerges as a promising DLT platform. In contrast to conventional blockchains relying on a linear block structure, it utilizes a Directed Acyclic Graph (DAG) to record transactions. The study conducted a detailed comparative analysis between hashgraph and traditional blockchain technologies, revealing that the key distinction lies in their approach and structure.
In terms of speed, hashgraph outperforms traditional blockchains by processing around 500,000 transactions per second using the Gossip method, while some blockchains struggle to reach 10,000 transactions per second. Efficiency is also highlighted, with hashgraph avoiding the block creation process, enhancing overall network efficiency.
The fairness aspect is addressed, highlighting concerns in traditional blockchains where users can selectively process or halt orders, potentially compromising fairness. Hashgraph addresses this issue by randomly allocating nodes and using consensus time stamping to ensure fairness and improve transaction ordering effectiveness.
Professor Ala’ Abu Hilal emphasized, “The primary motivation behind my research was to explore decentralized technologies and their potential applications for enhancing the security and scalability of decentralized applications. Thus, I chose Hashgraph specifically for its unique consensus mechanism, high throughput capabilities, and notable features.” Looking ahead, he plans to delve deeper into hashgraph’s applications and implications for a more comprehensive understanding.
The research paper concludes that hashgraph has the potential to surpass traditional blockchain platforms, citing its patented algorithm, superior scalability, and faster consensus mechanism. While not aiming to replace existing technologies, it is expected to achieve widespread success.
Kamal Al Youssefi, commenting on Al Zayed University research report, said, “This research report backs up what we know to be true about the advantages of Hedera’s DLT. The Hashgraph Association’s work in the MENA region to support startups, government, and enterprise projects both in terms of funding as well as technology and business advisory services will help increase hashgraph’s adoption. As concluded by the researchers, we are firm in our belief of the power of hashgraph technology to offer an impactful substitute to blockchain.”
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