June 13, 2024
By Anjali Kochhar
Blockchain technology is rapidly evolving, driving innovation in DeFi, gaming, asset tokenization, and overcoming adoption challenges with rollups.
In this interview with Dr. Ravi Chamria, Co-Founder & CEO, Zeeve we explore the dynamic landscape of blockchain technology in 2024, highlighting its adoption, emerging applications, and the challenges hindering its widespread use. We also delve into innovative solutions like rollups, and their integration with Zeeve’s offerings.
Q: How would you describe the current state of blockchain technology adoption worldwide?
A: In 2024, blockchain adoption is set to soar, with the market size reaching $17.19 billion by December 2023 (Statista). Key sectors like DeFi, gaming, and government are thriving. Rollups, particularly optimistic and zero-knowledge, are driving modular L2/L3 development. Projects are eager to launch custom L2/L3 chains using OP Stack, Arbitrum Orbit, and Polygon CDK solutions.
Q: What are some emerging applications of blockchain technology that you believe have the potential to disrupt existing systems?
A: Blockchain is vital for supply chain management, digital identity, DeFi, trading, energy, and government. Asset tokenization can transform gaming, NFTs, real estate, healthcare, banking, and government by enhancing liquidity, transparency, and accessibility, thus overcoming traditional system challenges.
Q: What are the primary challenges and barriers to widespread blockchain adoption?
A: Some of the major challenges for the wider adoption of Blockchain have been usability, scalability, interoperability, infrastructure complexity, and regulatory uncertainty. The regulatory clarity and mapping of real-world compliances in blockchain apps still remain the biggest barriers to adoption. The great thing is that despite these challenges, blockchain is seeing rapid adoption and the development of many innovative use cases.
Q: How can these challenges be addressed to accelerate blockchain adoption globally?
A: Technological advances are solving usability via account abstraction, scalability through Layer 2 stacks, and interoperability with protocols like Axelar and LayerZero. Platforms like Alchemy and Infura enhance web3 infrastructure. Enterprise adoption improves in asset tokenization, supply chain management, decentralized identity, and gaming. More evangelization is needed for developers, startups, enterprises, and the public.
Q: What are the major security concerns associated with blockchain technology?
A: Some of the major security concerns have been smart contract hacks and private key management, but these are manageable with better audits and advances like account abstraction. On the other hand, blockchain technology has proven to be instrumental in solving some of the massive security issues in the Web2 domain, such as data breaches, privacy abuse, and data tampering.
Q: How can blockchain technology ensure data privacy and security?
A: Blockchain has a range of key features that ensure data privacy and security. Its ledger is immutable, it uses asymmetric cryptography keys to secure transactions, and it implements validator sets via consensus protocols that are accountable for overseeing the network and ensuring its robust security.
7. In your opinion, what will be the defining moments for blockchain technology in the next few years?
I believe the amalgamation of new-age technologies like AI, machine learning, AR, and VR with blockchain use cases will drive the blockchain revolution in the coming few years, or we can say, the next decade. Immersive metaverse platforms, massively scalable L2& L3s, and futuristic dApps will be the outcomes of this.
Q: Roll-ups are becoming a crucial aspect of scaling blockchain solutions. How does Zeeve integrate roll-ups into its offerings?
A: From the outset, Zeeve recognized the potential of rollups for scalability, security, and modularity. Now, Zeeve’s Rollups-as-a-Service (RaaS) provides a comprehensive stack with a low-code deployment platform, optimized infrastructure, and plug-n-play tools. It supports over 40 third-party integrations for seamless rollup development with Polygon CDK, Arbitrum Orbit, OP Stack, and ZkStack.
Q: What are the advantages of using roll-ups in blockchain deployments, and how do they align with Zeeve’s mission of simplifying Blockchain DevOps?
A: Rollups enhance scalability, throughput, and lower fees for L1s and L2s, enabling cross-rollup interoperability. Zeeve RaaS lets enterprises and web3 projects leverage these benefits through our high-availability, secure Rollup-as-a-Service platform. Our one-click deployment sandboxes for OP Stack, Polygon CDK, Arbitrum Orbit, and Zk Stack Hyperchains allow easy rollup chain deployment and management, even for basic web3 developers.
Q. What makes deploying and managing a blockchain network complex and error-prone? Can you share some specific examples or experiences?
A: To deploy a full-fledged blockchain, one needs to be highly skilled in various Web3 technologies, DevOps, and security. Manually laying the infrastructure, programming smart contracts, or implementing essential components can be challenging, leading to higher costs and time to market. At Zeeve, we have built highly sophisticated automation and native integrations to abstract the complexity of building and managing a Rollup chain.
Q: What types of blockchain networks and nodes does Zeeve support?
A: Zeeve supports all the major AppChain and Rollup stacks, such as Cosmos SDK, Avalanche Subnets, Parachains, OP Stack, Arbitrum Orbit, Polygon CDK, and zkSync Hyperchains, for setting up custom L1, L2, or L3 chains. On the node infrastructure side, Zeeve supports around 40 major public blockchains, such as Ethereum, Polygon, Cardano, Polkadot, Arbitrum, Cosmos, etc.
Blockchain technology rapidly evolves, driving innovation across various sectors and overcoming adoption challenges. Rollups, integrated into Zeeve’s offerings by Dr. Chamria, simplify deployment and management, aligning with Zeeve’s mission of streamlining Blockchain DevOps for enterprises and web3 projects worldwide.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
