Major Challenges to Blockchain Technology Mainstream Adoption

Blockchain technology remains mostly the preserve of the tech savvy and nevertheless its advantages are wide lauded across the money sector - and more and more therefore across others too. nevertheless despite the most important advantages of cut, simplifying and securing, wherever is that the widespread thought adoption in business?

Blockchain technology is a great revolution of the decade, which has transformed the finance industry along with other areas too. However, with the overwhelming benefits of productivity, efficiency, timeliness and reduced working cost it has some major challenges too.

Several organizations that are looking at the technology as a solution, to various current issues of the traditional system, needs to consider these four aspects before deploying Blockchain technology into the mainstream.

Negative reputation

For people who are new to the technology, the fact of having no intermediates or a central authority to trust upon is upsetting. Moreover, the bad name of cryptocurrency accompanying volatility also affects its wider adoption.

We accept that before the technology reaches the mainstream, people should get aware about the difference between cryptocurrency and Blockchain. This will help them to embrace technology with greater enthusiasm.

Blockchain Regulations

Blockchain technology is not yet regulated and this delay in regulation has slowed down its mass adoption. However, as this regulation becomes more established, we expect more platforms using Blockchain technology. Rules, guidelines, codes, these are all like onramps on a highway. They give people a chance to funnel in without much perceived risk. People shouldn’t be tasked with judging which out of 17 different coins for the same purpose is legit, or which exchange will still open shop tomorrow, or worried about losing their investment because of some scam fork.The primary challenge for the broadest adoption of Blockchain technology is regulation. The regulatory environment has not caught up to innovation and in many cases prevents or slows the adoption of many institutions deploy Blockchain technology in ways that utilize all of its benefits. As the regulatory framework becomes more established, more products and services that mainstream consumers use will utilize the technology, though in many cases consumers won't be aware of the change.

Consideration the privacy and security

As much Blockchain technology uses smart contract and transaction that gets stored on a single ledger, the system holds the risk of data security and privacy. Some might favor Blockchain as a secure platform with its unique unbreakable identities,but for the wider adoption of technology in future, companies need to assured with this security issues.

Blockchain Cost of effective

The decision of implementing Blockchain should carefully be planned considering the overall cost of implementation. In spite of the various benefits of Blockchain including the reduced operating cost in a long run, Blockchain technology is very expensive to carry out.

The software required for implication is designed by particular firms and expensive to purchase.Moreover this software requires specified hardware to implement the technology and professionals to work with themwhich also adds to the budget.

conclusion

Blockchain technology is still in the period of infancy and needs enough time to gain its true potential. With the technological evolution in future, security and trust will grow and with regulation enactment deploying the technology will be easier and cost-effective.African businesses are particularly excited about blockchain as it.It also enables users to provision Blockchain Africa networks.