Top 7 Blockchain Challenges To Go Mainstream In 2020
by Blockchain council Blockchain certificationsIt’s a fact that Blockchain is one of the revolutionary technologies that has transformed business operations. It has disrupted most of the industries. Although there is a rise in the demand for Blockchain technology and Blockchain’s career is one of the most lucrative choices that one can make in today’s time. Despite so much buzz about Blockchain technology and its use cases, but we have to agree to the fact that this technology is still at a nascent stage. There are a lot many changes taking place in this field. But, there is a flip side of the coin, Blockchain technology has its own set of drawbacks which has made it earn a lot of opposition. The technology has still not reached the masses, though it aims to solve the problem of people. But, when it comes to information, then it is limited. In this blog, we will be exploring the 7 seven challenges that Blockchain technology is facing are.
Challenges :
As per Samson
Williams, out of the seven challenges that Blockchain technology is facing, the
online one is technology-based, rest are all human challenges. Let’s explore
them:
1. Budget & Investment — One of
the first things that Blockchain stalwart should be looking at is the adoption
of Blockchain by the people. It requires a lot of investment when it comes to
research and development. Although Blockchain platforms promise to be one of
the greatest solutions for all the flaws and errors of the conventional
technology, a lot needs to be done to overcome the glitches. It requires
monetary support. Besides, the government must have some consensus on the
interoperability of blockchains. In the absence of the same, Blockchain would
be nothing but the silos of data and information.
2. Simple User Experience — Another
challenge that Blockchain developers and Blockchain experts need to solve is to
make it easier for the common people. When we compare Blockchain platforms like Corda,
Hyperledger, and dApps developed on the Blokchcian platform, then they appear
to be more complex than applications like Google Maps, Whatsapp, etc.
3. Education — Educating people about
Blockchain is equally important. Over a period of time, people have become
acquainted with technologies like AI, ML, Wi-Fi, etc. but when we talk about
Blockchain, then it still remains an alien concept.
4. Incumbents — Creating
adaptability of Blockchain technology is something that we should be looking
at. Without having incumbents who can adopt in this technology and invest in
it, showing the acceptance of Blockchain technology. In the absence of the
same, Blockchain will continue to face the uphill battle of the mass adoption
of Blockchain technology.
5. Fear of replacement- There is a
greater fear penetrating across the different sectors about Blockhain replacing
the current work, thus creating unemployment. Well, it needs to be propagated
that Blockchain is going to be working in association with the current system
and not a complete replacement.
6. Decentralization — We do
understand the working of Blockchain technology. The hyper-incentivization
works in a way where the winner takes it all. It is the early mover advantage
that people get leaving very little or no scope for earning for the ones who
follow. This creates a gap when it comes to the adoption of Blockchain
technology on the mass scale.
7. Lack of regulation- One of the
drawbacks of Blockchain technology is that there is no regulation. This is one
of the challenges that is coming in the way of the adoption of Blockchain
technology. Although we have permissioned the Blockchain platform that is
solving this issue, a lot needs to be done for its improvement.
Choosing a Blockchain career :
Although there
are a lot many challenges in the field of blockchain technology, with the help
of Blockchain experts and developers, these
can be overcome. To achieve this, there is a need for proficient Blockcahin
experts, and here comes the role of choosing the right Blockchain certification program that can
train you in the same. Blockchain Council is a renowned name and a great online
platform where you can learn about this technology and use cases.
DLT technology
is paving the way for a lot of development, and with a certification in this
field, you can explore new career avenues that will be more fulfilling than
others
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Created on Apr 16th 2020 02:42. Viewed 491 times.