Blockchain technology is best known for its application in cryptocurrency, where it is used to create secure and decentralised currencies such as Bitcoin. However, blockchain is a powerful tool that has applications ranging far beyond financial systems, and in the past few years, the adoption of blockchain has grown to a range of use cases.
Organisations now are using blockchain to securely store data of all types, from medical data to supply chain information related to critical goods such as food and minerals.
Blockchain technology is used by many enterprise organisations already, and more startups are emerging each year that leverage blockchain technology to meet the needs of their specific sectors in the second quarter of 2021.
CB Insights reported that blockchain startups raised over 4 billion dollars in funding, the largest amount ever.
According to DigitalOcean, a popular cloud service solution equipped with robust infrastructure and that provides multiple services like Virtual Machines, Load Balancers, Databases, Developer Tools. The Elrond blockchain is the second-largest Proof of Stake network in the world after Ethereum 2.0, with 3,200 validator nodes supporting its geographically dispersed main network. When counting the main and backup nodes, as well as several public test networks and auxiliary systems, the Elrond infrastructure spans close to 10,000 servers.
“Elrond is the first Proof of Stake network to implement all three types of sharding: state, network, and transactions. Maintaining this architecture in a high throughput environment of up to 15,000 transactions per second requires dependable network connectivity and dynamic provisioning capabilities, which Digital Ocean reliably provides to support us on our mission” said Lucian Mincu, Elrond Network CIO.
This means that Elrond is a major player in distributed computing that major cloud providers are excited to support.