Top 7 Blockchain Challenges To Go Mainstream In 2020

by Blockchain council Blockchain certifications

It’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 113 times.


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