Overcoming Barriers in developing Blockchain Tech
There is an actual question whether the blockchain-based services can replace existing services or not; if yes, how long might it take? For example, in 1969, after the Pentagon’s Alphanet introduced the Internet, it took more than 45 years for offline businesses to go online using the Internet.
According to Deloitte, 55% of C-level officers classified blockchain as a significant part of their organization, helping to function more efficiently. From November 2020, PayPal started to promote crypto trading services. After this launch, the company recorded its highest performance. Visa also decided to encourage banks to accept blockchain transaction services in a global context. So, we can conclude that there is a possibility for banks to start trading Bitcoin and other digital assets in the future.
Therefore, we can assume that the new blockchain technology seems close to commercializing services that can replace existing services.
What are the obstacles?
People often compare Blockchain to the Internet, but the difference is that people knew the usage of the Internet from the beginning. In terms of Blockchain, there are many misunderstandings, so it has many barriers on the way to realization.
Lack of understanding of the idea: however, decision-makers and executives have not bothered to expose the blockchain concept and its use cases.
- Lack of Experts and specialists:Blockchain is a brand-new technology with a few experts in this subject.
- Misconceptions:people used Crypto for black money from the beginning, leading to a misunderstanding of the idea of Blockchain.
Many governments struggle to establish a digital currency. They are building a digital infrastructure, reducing network expansion prices, and decreasing obstacles. Besides that, it might solve the problem of identifying Blockchain not only as a cryptocurrency. Social agreement and technological development are necessary to create a blockchain that can slowly adopt a wide range of markets.
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