Blockchain Challenges And Opportunites Challenges
When a deep examination was made, technical problems related to computing parts of block chain was encountered. Literature Review categorized security and other issues separately as a domain although they seemed like technical.
Let's quote the description for encountered Challenges:
Certain factors are owned by organization like awareness, capital, implementation which makes the blockchain process acquisition challenging. Its perceived that there is constant scarcity of resource who are well versed , skilled and capable of handling blockchain project.
Mean while middle man may be hesitant for blockchain adoption as there is a fear triggered of being removed in future. According to illustration banks have willingly involved for transaction authorized by block chain.
Result of the old school business process and cultural resistance is the most challenging aspect in blockchain technology acquisition. To fetch a skilled blockchain specialist to deal with the application and its functionalities is quite hard.
Governmental Challenges :
Majority of the countries are planning to adopt blockchain in upcoming years. In spite of blockchain established smart agreements are existing to prove technical ownership, Although blockchain based smart contracts can provide proof of technical authorship, magistrates are found to be lacking the laws for technical variance in blockchain application.
The rise in usage of blockchain adoption go hand in with standardization problem which needs attention of government. It is necessary to perform analysis to blockchain outcome in order to law and deploy with cooperated regulations.
Technical complexities is very basic issue that is user is facing difficulties to grasp the full end to end functionality. Rapid growth of the blockchain is one more concern.
Performance is the top most priority when it comes to application , but blockchain application requires large amount of transaction with considerable space and estimated resource which impacts the performance and difficult to fulfill.
Security and Privacy Challenges:
Despite the incredibly secure data structure blockchain has promised to provide it is identified that cannot ensure full accuracy and there is a chance of cyber attacks and data theft.
As blockchain applications are available as open source over internet there is a high chance of being affected cyber attacks, data breach , spy attempts etc.
1. Traditional system following legal systems and current business procedure with effective integration with blockchain must be included in literature. This step will be helpful while executing blockchain with smooth and effectual process.
2. Industrialists and field researchers have highlighted blockchain technology adaptability is very difficult hence there is more requirement of scientist and researchers for frequent testing .
3. The rapid growth of blockchain technology is increasing employment with numerous options and opportunities. Big MNCs, Small companies , banks all are indulged in block chain and looking for experts.
4. To embattle cyber security with perfection blockchain principle of ledger technology and decentralization is utilized.
5. It is illustrated that Blockchain shows effortless efficiency in finance sector to track the data.
6. Defending against hackers cloud storage can become more secure with smooth enforcement of blockchain technology.