The Major Implementation Challenges In Blockchainby Sonal Mehta Content lead at Solulab
A blockchain developer is always dedicated to ensure that the digital ledger platformis error free and secure. They work hard tirelessly to make sure that the decentralized network does not have any loopholes making the platform vulnerable.
Every blockchain development company focuses towards giving a hassle-free service with effective and efficient operation. The innovation of blockchain is a boon to all enterprise blockchain technology by itself. This technology needs constant upgrade to avoid threats and make sure all data is protected and there is no security attack.
With changing technology blockchain is required to adapt every day and this involves the need for more time and money. This bring us to question what are the challenges in implementing in blockchain given its limitations.
Following are some major challenges that every blockchain development company faces while implementing blockchain.
Blockchain is probable to have bugs and issues which constantly brings change in technology. This takes time to get looked into even after a lot of complaints and issues have been raised. This leads to raise concern for its privacy and security issues on transaction and transfer of funds and data.
Since the technology is new and yet to be explored in many sectors, every new exposure of the platform opens a door for new learning of blockchain. Functions as easy as creating a portfolio even is subjectable to problems and issues in terms of operation in a decentralized network. This can be avoided by testing the platform, in detail, multiple times which increases the investment cost.
The cost and technical aspect of making payments in a decentralized network in blockchain has always been higher and difficult. This makes blockchain to drop down from the market in terms of usage and increase the price of using its service. Market price might fall down as a result which will cause disruption and distrust among users.
Another reason for price decline might be a result of the promises that blockchain had made but still undelivered or delayed in delivery. Blockchain is striving hard to reduce all issues regarding its development which involves cost of testing, maintenance which in turn increase the price of blockchain service.
Price of developing or using blockchain is often unpredictable due to constant changing technology. This makes users feel reluctant that the digital ledger platforms are insecure. Developers should not focus only on the developing part but rather also consider the impact it will have on the price range of developing or upgrading too.
The rate of technology change is faster than the rate of producing compatible tools to use those technology efficiently. The markets are unexplored and available tools are insufficient for tracking or debugging. This makes blockchain look insecure. As a result, cost of maintenance requirement increases for blockchain, which further increases the cost and need for resources.
In smart contracts, there is something called as gas limit which indicates the amount of digital money you pay for executing your transaction. Your transaction in turn depends upon the code of lines you execute. As the amount of gas limit is low, you can make only limited number of transactions and transfers. This implementation issue will reduce as more knowledge is learnt and more tools are invented but for now blockchain is still in growth stage trying to cope up with the changes.
One of the major implementation challenges in blockchain is due to false or fake story spread about cryptocurrency in the dark web. There has been many complaints raised by dark web users recently stating that they face technical problems which causes them to receive or transfer funds at a delayed operation time. Cryptocurrencies accessing blockchain platform are widely being used in the dark web for transactions. But, most of these transactions and operations that take place in dark web with blockchain are ethical and legal.
Yet, still the word dark web by itself gives a type of meaning and image in the minds of users which makes them feel insecure. This kind of perceived image about the crimes happening in dark web reduces the credibility of blockchain even though it is fake. This makes the implementation even more harder.
Another major challenge in blockchain implementation is delay in delivering promised features at the right time. Maintenance are completed at reduced intervals and when the security updates are not frequent. This issue is not intentional but rather it is due to the lack of resources to develop the program platform and meet the constant demand.
When the network is updated at low
intervals, it makes blockchain susceptible to hacks and many other
vulnerabilities. Thus, it results it convincing the users more to make them
feel safe with using blockchain. If this issue persists then implementing
blockchain will result in disrupting the user and developer connection.
Facing the challenge:
When any new technology is invented or any new service is introduced that uses technology to make life easier, implementation is always a challenge. This is because of the resistance group formed by individuals or entities. This resistance group will either fear the technology or service for its future threats or just to make the technology or service crumble. Blockchain also faces such problems and yet they show promising future potential. Some examples are projects like Augur, Golem, etc. What are the other implementation challenges do you think blockchain will face?
Created on Oct 26th 2018 02:14. Viewed 284 times.