- Blockchain tech was supposed to revolutionize the world, but it hasn’t happened
- 2017 saw every man and his dog want to go blockchain, but hardly any actually have
- What’s holding the technology back from large scale adoption?
Blockchain technology has been around for over a decade, but it is still a million miles away from reaching its full potential and widespread adoption. The froth created by blockchain hype of 2017 has not been realized, and little real world adoption has happened in the six years since. But what are the key reasons behind this lack of adoption? Let’s take a look at some.
Perception
One of the main reasons why blockchain technology is suffering from low adoption is the lack of understanding and education surrounding it. Many people still view blockchain technology as something solely related to cryptocurrency and fail to see the broader applications it can have across various industries. This has made it difficult to gain mainstream acceptance and adoption of the technology, even in sectors where it could make a big difference.
Scalability vs Decentralization
Another issue is the scalability problem. As blockchain technology grows in popularity, it becomes increasingly difficult to maintain the decentralized nature of the system while also processing a large number of transactions. This results in slower transaction speeds, higher fees, and limited capacity, making it difficult for businesses to use blockchain technology at scale.
Regulatory Opaqueness
A major problem regarding the uptake of blockchain tech is lack of regulatory clarity surrounding it, which has made it challenging for businesses to integrate the technology into their operations. There are still many gray areas when it comes to regulations and compliance, which was picked up by a U.S. judge of all people recently, which can create uncertainty for businesses looking to invest in blockchain technology.
Not User-friendly
Finally, the lack of user-friendly interfaces and applications has made it difficult for consumers to adopt blockchain technology. The technology is still relatively complex, and risky when it comes to looking after one’s own money, and many applications require a level of technical expertise that the average person may not possess. This is improving, but not enough to challenge the status quo.
Don’t Lose Faith
Despite these challenges, there is still hope for the future of blockchain technology. As more people become familiar with the technology, and more resources are allocated towards research and development, it’s possible that blockchain technology will become more accessible, scalable, and user-friendly.
With the potential to revolutionize industries like finance, healthcare, and supply chain management, if the right approach is found, the benefits of blockchain technology are too great to ignore.
