What are the Primary Challenges to Adoption of Blockchain Technology? Any emerging technology goes through a hype stage. It takes a while to get the kinks out and for pilots and proofs of concepts to prove use cases and revise the curve to broad adoption. The power and disruption of blockchain development services are evident in the news almost every day, and people are beginning to acknowleding how blockchain distributed ledger technology functions. However, there are many issues currently slowing down adoption of blockchain.
Different Obstacles to Blockchain Adoption Blockchain integration is presently crossing the chasm, and it is been expected that the next couple of years will be quite essential for resolving problems now slowing broader adoption. 1. Regulations Regulatory entities sometimes trail technology innovation, and that is surely the case with blockchain. New products and services are rising based on blockchain transactions, but there are currently no regulations on how the transactions should be written. Even though auditability and transparency are promised benefits of blockchain, highly regulated industries may require to develop new regulations for blockchain. Its distributed ledger transactions are likely to demand changes to industry regulations controlling financial reporting and auditing processes as well. Information-sharing regulations will likely require to be modified to protect companies as well as their investors and their customers. In addition, laws will need to be enacted that govern smart contracts of blockchain. 2. Standards As with regulations, we currently lack one common set of standards for defining transactions on a blockchain. In reality, there are three open source consortium firms, each with its own standards and code. Part of this evolution is complicated by the large variety of utilization of blockchain development service. The most appropriate form standards will need to take in considering these use cases.