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5 Barriers to Complete Adaptation of Blockchain
Over the years, blockchain has progressed as a genuinely revolutionary technology having the potential to profoundly impact the way the internet is being leveraged to enhance online lives in terms of simplicity and safety. Yet, are they being utilized to its full potential?
Fremont, CA: It won’t be wrong to say that no current technology available today would match the level of safety that is extended by the blockchain platform. The core architecture of this new technology can ensure that the records accumulated on distributed computers turn immutable without any central check over transactions and eliminate the possibility of third party involvement to ensure zero probability of data being altered, eavesdropped or shared across network, nodes or blocks.
However, the most critical question pertaining to the blockchain would be, has its full potential has been unleashed yet? The answer apparently would be ‘not yet.’
There are critical challenges that remain significant for unleashing the full potential of blockchain technology. Let’s take a look at some of them.
There is an urgent need to make blockchain technologies democratized so that its access and use are enhanced in such a way that policymakers, SMEs, industry leaders, and citizens can be better served.
Blockchain should be in sync with the real requirement of society, companies, and citizens for making a real impact on social and economic development. An international governance framework is needed, which covers both the private and public sectors.
Enterprises are eager to invest in the blockchain technology but fail to often integrate this into the real-world business applications which go beyond pure demonstrators or cryptocurrencies. The causative factors include specific requirements that should be dealt with data privacy and security. It is a fact that present blockchain technologies remain unable to meet such needs, thereby preventing a large-scale adoption of blockchain in critical business applications.
An ever-expanding sector such as blockchain includes several players which is also on the rise. As a result, the presence of different networks leads to a lack of a standard for a much required mutual interaction.
Further, as cryptocurrency rates spiked last year, regulators became more and more anxious about the tentative nature of the market.