4.1 The need to develop a proprietary blockchain

Blockchain is a relatively new technology with various applicabilities, but it has not yet reached its intended maturity. Thus, as it develops and integrates into actual activities in our society, problems regarding limitations in satisfying user needs are identified more frequently. The issues encountered by blockchain users are becoming more and more pressing as they directly affect both developers and beneficiaries.

A blockchain system is comprised of three layers:

• Application - ensures responsibility for updates and interoperability between multiple systems for recording actions (transactions).
• Networking - responsibility for operating data and ensuring its propagation.
• Consensus - ensures the system’s responsibility to validate data and maintain status updates.

CryptoDATA’s extended experience in blockchain development allowed us to identify issues in current blockchains’ utilization. By means of analyzing the evolution and the necessity of using current blockchains for meeting the needs of beneficiaries in order to achieve sustainable development, we have identified various issues that will be presented in detail.