Blockchain vs. Tangle | Automatisierung.com

  Blockchain vs the Tangle

By Jonathan Wilkins, Marketing Director, EU Automation

Apple vs. Microsoft, Uber vs. Lyft, Amazon Video vs. Netflix. Technology companies are constantly developing their product or service offerings to stay competitive in their areas, especially when they have a lot of competition. As cryptocurrencies become more popular, their creators compete for new customers. This article explains how Blockchain and Tangle differ and what they can do to improve manufacturing practice.

Blockchain

Crypto-currencies like Bitcoin have the potential to radically change the financial sector. They use a technology that stores and processes sensitive information in a way that is easy to track but hard to hack.

Blockchain, the digital journal that records cryptocurrency transactions, logs each set of transactions as blocks and strings. The data is distributed across a large network of computers rather than just one to protect the data and decentralize control.

Blockchain is in an early stage of development, so its future is unclear. However, there are currently some limitations that slow down growth.

Safe but slow

The main criticism of blockchain-based cryptocurrencies like Bitcoin is the speed

Miners verifies transactions that are added to the blockchain and monitors the system to protect the network from hackers. However, miners have an incentive to complete transactions as they receive a fee for each block created. The diffuse nature of Blockchain makes it inherently safe. Each person or group of people with malicious intent would have to control 51 percent of the nodes across the network to manipulate the transactions and balance sheets.

Blockchain Miners are currently completing 4.5 transactions per second, while Visa is completing 4,000 transactions per second. It would be difficult for Blockchain to reach this scale, because as more blocks are created, the system slows down. For the blockchain to become mainstream, problems with speed and scalability must be solved.

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Enter Tangle

The IOTA Foundation took these limitations into account when developing Tangle, a technology that rivals Blockchain. Ignoring the process of block and chain, she decided to develop a directed acyclic graph (DAG) or collection of non-circular nodes that allow connectivity and transactions between humans and machines.

To complete a transaction at Tangle, you must review two other previous transactions. It is not necessary for miners to power the network – users can help the system grow. Tangle also handles micropayments and machine-to-machine payments, promotes computer connectivity, and removes transaction fees.

Each node becomes more secure as more transactions are made, making it harder to manipulate each transaction. The verification speed of the network becomes faster as more devices join, meaning. The more devices Tangle uses, the more secure and scalable it becomes-a key advantage for cryptocurrencies that compete for position as the de facto alternative to non-digital currencies.

Manufacturing

Blockchain and Tangle are both in their early stages of development, so we see potential. However, looking to the future, Tangle could have potential in manufacturing.

IOTA developed the technology to help companies realize Industry 4.0 and markets Tangle as the backbone of the Internet of Things (IoT). Any device connected to the Internet can securely complete transactions with Tangle. As technology evolves, machines will be able to complete secure transactions without human interaction.

Although Blockchain is the most discussed technology hosting crypto currencies, it is not the only solution for secure transactions on the Internet. Competitors such as IOTA are developing technologies that eliminate the limitations of Blockchain. In the future, rather than relying on a price or the latest model, manufacturers should look at the goals of each system to determine which service is most useful to them.

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 Blockchain vs. Tangle | Automatisierung.com

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