The blockchain industry has grown exponentially over the past few years, but most of the growth has been on the cryptocurrency and digital asset front.
However, there have been a few key innovations in the technology side of blockchain. The launch of bitcoin was a significant milestone for the industry in 2008 when Satoshi Nakamoto released the first-ever white paper behind the cryptocurrency. Arguably, almost as significant, was the mainstream introduction of smart contracts along with the emergence of Ethereum.
These two protocols have allowed for a much better understanding of the capabilities of this technology. Various firms have experimented with bitcoin and used Ethereum to prove a use-case in their industry.
These range from improving efficiencies in supply chains, trading, and settlement of financial instruments, storing/retrieving electronic health records to managing cybersecurity in top-secret government programs & other areas of defence.
Despite all the hype, the industry lacks a product that would be widely accepted as a commercially viable and practical solution that would lead to the mass adoption of blockchain technology. Most blockchain protocols have scalability issues that would prevent and discourage the use of this technology.
However, due to the immense potential implications of the technology in businesses and everyday life, several companies are working to create new solutions that would help reduce the enormous power consumption problem prevalent in the most popular blockchain protocols in the market.
Red Skies aims to deliver this solution to businesses through a new lean architecture and highly secure consensus mechanism, which enables deployment of blockchain at a fraction of the cost of first-generation blockchains like Bitcoin and Ethereum.