Blockchain technology is being considered as one of the emerging technologies having the capability to transform the entire financial sector. It is expected that “Blockchain technology will see huge growth in the future and the market growth is expected to reach more than $23.3 billion by 2023. However, most of the companies are still vague about the use of this technology in their business. In fact, many of them are not aware of the Blockchain Challenges that might create an issue in their projects.
Forecasts suggest that global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over 23.3 billion U.S. dollars in size by 2023.
Nowadays, the distributed ledger technology is taking a substantial place in the market. People are now taking it as the next era of technology to leverage their businesses. We have many use cases where blockchain is being used for record-keeping, asset tracking, and audit trails. Experts are considering it as a gradual evolution rather than a big revolution. In recent years, its adoption has increased. As per Gartner Research, its adoption has increased to 3.3% from 1% in a few years. Though companies are considering it as next-generation technology, still there are blockchain challenges that exist which need to be addressed.
What are the Conventional thoughts for Blockchain Technology
Earlier people mostly used to talk about the price of Bitcoin. But the trend has changed now and companies have started digging about the actual use and potential of the technology that is not available yet. For instance, the retailer helps customers to interact with the products they are interested in. One of the impressive use cases can be exemplified with the access of information with barcode or QR code. For instance, the extra virgin oil you are buying from the store will not be exactly the extra virgin. Blockchain technology will enable the people to know all about the provenance of the product before purchasing and thus helps in checking the quality of the product.
Some major companies such as Walmart have just started using Blockchain technology and the time is yet to come when the technology will be mainstream. Blockchain will become fundamental. It will only be a data structure that would assist in information sharing and enable everyone to work on the same page.
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Blockchain Challenges for Businesses
No doubt technology has a vast potential for the future but businesses are facing blockchain challenges during its implementation. Some of them are:
Since blockchain is yet to become mainstream hence we have limited resources skilled in the technology. Most companies depend on consultancy firms for assistance.
Lack of standards
We still do not have a standard set for the use of blockchain. This is one of the substantial blockchain challenges when it comes to healthcare as we really cannot share information as we do with other technologies.
Integration with legacy systems
Integrating the blockchain with legacy technologies is one of the major blockchain challenges that companies are facing today.
Lack of understanding of ‘what blockchain is’
There is a lack of awareness about the distributed ledger technology. Most of the people confuse it with Bitcoin and blockchain technology. Some people don’t have a proper understanding of what is blockchain, how they can use it, and what are the benefits they can get. It is imperative for enterprise success that blockchain be a consortium effort.
“Challenges or opportunities”
You don’t need to start with something big, a small step in this context will be appreciable. If you can tackle the present blockchain challenges, you will find a great potential with the technology for your business. Every business works on multi-party business process. They are either buying or selling to another business or customers. Blockchain helps you by offering an immutable audit trail and thus solves your many problems such as avoid any questions about “what’s happening”.
If you are thinking about blockchain technology for your business, you need an expert. Drop a mail at [email protected] for any requirement.