Blockchain’s difficulties on execution

As a revolutionary technology, blockchain brings great potential for applications in various indus- tries with its features of decentralization, high trans- parency and security. However, in practical applica- tions, blockchain faces many difficulties in landing. The following will elaborate several blockchain landing challenges from the perspective of resource efficiency and service scenarios.

First, cryptography does not perfectly solve many problems. Although cryptography provides security guarantees for blockchains [6-8], in practical applications, it introduces additional compu- tation and storage costs. For example, in order to verify the computation, a large number of invalid computations are required to complete the Proof of Work (PoW). Similarly, in order to validate stor- age, a space proof technique similar to Filecoin is required to fill up the storage space [1]. The resources consumed in these validation processes often far exceed the actual demand, resulting in serious inefficiencies in the utilization of resources.

Second, blockchain technologies often waste a lot of resources while satisfying consensus. For example, in blockchain networks such as Bitcoin and Ethereum that use the PoW mechanism, miners need to perform a large number of hash calculations to find blocks that satisfy the consensus conditions. The power and computing resources consumed dur- ing these calculations are not available for other valuable computational tasks, resulting in a waste of resources.

Finally, there is a contradiction between the de- mand for efficient service of resources in practical application scenarios and blockchain technology. In many scenarios, such as finance, Internet of Things and supply chain management, there are strict requirements for data processing speed, real- time and resource utilization. However, blockchain technology currently still has limitations in terms

of performance, scalability and resource efficiency to meet the needs of these application scenarios.

To sum up, the difficulties of blockchain imple- mentation are mainly manifested in the contradic- tion between resource efficiency and the demand of practical application scenarios. To solve these prob- lems, we need to continuously explore and inno- vate to find a more efficient, scalable and resource- efficient blockchain technology solution. Utility Network is a new type of blockchain network born to solve these thorny problems. By introducing technologies such as efficient computing consensus, blockchain data structure, token cycle and comput- ing ecological model analysis, isolated execution environment and execution virtual machine, inte- gration of different language environments, and cross-domain data scheduling, it realizes efficient utilization of distributed computing resources and coordination, which provides unlimited possibili- ties for blockchain technology in practical applica- tion scenarios.