The major finance risks firms face today once they make very high revenue may range from higher tax rates to even manipulation of records. Worse risks may include the risk of security of data being stored on a company's network database. These risks now make it seem like it would not be advisable for one to embark on policies to "over"increase revenue.

Block-chains were then invented in 2008 to help mitigate the consequences that follow higher margin levels. Block-Chain as it the name sounds is a chain made up of blocks. A block is used to record transactions and carries with it a cryptographic hash from the previous block. This cryptographic hash can be likened to a DNA in a living organism. The whole essence of this is just so that the blocks preserve information integrity in the sense that one cannot change the contents in a singular block without changing the contents of the whole chain.

A lot of these blockchain networks have emerged including the current most used in business setting-Ethereum. Ethereum serves the normal capacity any block-chain network should perform. However, it has some short-comings that need to be tackled.

First, ethereum processes only 13 transactions per second which is very slow compared to the needs of most big firms today. There is an urgent need to upgrade this feature, if blockchain is to become a world-wide adoption. Companies need to be assured that their systems would not malfunction or under-function.

Second, ethereum is majorly concentrated with the big companies. This would help propagate collusion that blockchain technology is meant to eliminate in the first place. The major reason it is concentrated with a few companies is because of the cost in installation and maintenance of the network. A small entrepreneur cannot therefore operate with an ethereum network.

WHAT IS GoChain??

Gochain is a new Block-Chain network that has been designed to cater for all the shortcomings of ethereum. Gochain is a hundred times faster than ethereum(i.e. processes transactions at the speed of 1300 transactions per second). It is equally 7500 times cheaper than ethereum. It therefore helps in ensuring its equitable use.

Gochain also has an added feature that enables previously existing ethereum users to upgrade their network systems without having to go through the rigorous process of setting up a new blockchain network technology. The major implication of this is that it would help eliminate the lag that would have occurred before the full set up of the system occurs.

From the foregoing, Gochain is to be seen as a better alternative to ethereum in our today's society. However, some problem would still rear their ugly faces out in the open. For instance, a general disadvantage of block chain network is that it disrupts a lot of activities in the financial and banking sector. This would lead to a general reduction in jobs already created in those sectors and worsen the unemployment rate. It should be noted that this is just a short-term consequence. In the long-run, Gochain would provide it's own unique employment opportunities that would cover up for the one lost.

To learn more, visit:

GoChain Website
GoChain Whitepaper

You can also participate, simply visit:

https://steemit.com/crypto/@originalworks/640-steem-sponsored-writing-contest-gochain

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