Although there are very few “mainstream” blockchain applications in existence right now, some parties are already looking at the next big challenge. Dealing with large amounts of information, sometimes referred to as big data, will be very challenging to say the least. ABN Amro and TU Delft want to explore how blockchain technology can help in this regard and even develop some more complex proofs of concept.
Blockchain Development Is Accelerating Quickly
The financial sector only recently started showing a genuine interest in blockchain technology. Ever since that time, the R3 blockchain consortium has been formed, and many other banks began exploring the technology on their own. But ABN Amro, one of The Netherlands’ largest banks, feels the time is right to look beyond the “simple” tasks blockchain can be used for.
Instead, they want to tackle some more complex problems. Together with the TU Delft, they will put together some use cases for distributed ledgers when it comes to processing large amounts of data. Albeit details remain a bit scarce for now, it appears this concept will be built on top of the university’s earlier big data research which dates back to 2007.
Scalability has always been a concern where blockchain technology is concerned. The Bitcoin network, which has lacked scalability for years, is an excellent example of how difficult it is to resolve such a matter in a quick and convenient way. ABN Amro and TU Delft want to remain ahead of this problem and work on solutions that can process large amounts of information, as well as support significant amounts of users at the same time.
But there’s more to this ambitious plan, as both parties expect to have a working prototype application within the next six months. All of the code used and created during this process will be made open source. What is rather interesting to note is how ABN Amro blockchain engineers will attend some of the courses on blockchain apps offered by the TU Delft.
ABN Amro’s Arjan van Os told the media:
“This offers us an excellent opportunity to expand our knowledge and gain a deeper understanding of the ways in which blockchain applications can be used. The fact that it is being approached from a scientific perspective makes it especially interesting.”
Even though it is impossible to guess as to what both parties are looking for exactly, this is great news for the blockchain industry. The technology is gaining more recognition every day, and its potential use cases continue to grow. ABN Amro shows a great interest in blockchain, and their willingness to explore new frontiers of development paints an exciting future.
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