Topemployeeswithin theindustrycitescalabilityas a major issue inwokingwith the blockchain technology, with around more than 40%statingit an absolute primeconcern.Alternativechallenges mentionedwithin thestudyembodysecurity, confidentiality and ‘editable blockchains’.
In line with the Greenwich analysis report revealed, the crypto industry seem to be lagging afar from its own expected optimistic expectations from two years ago. However, implementing enterprise technology designed to replace hundred of years of existing legacy markets is a no easy task and around more than 55% of blockchain executives and experts told us it’s been more difficult than was expected.”
About 213individuals took partwithin thisstudy,along with severalprofessionals from firms, blockchain experts, technical vendors, exchanges andconsultancycompanies.
The transparencythat however several of ussee as akey statusfor blockchainmay very wellbe holdingfirmsback fromgraspingthis blockchain technology, theanalysisindicates, withsimple fractionof respondents mentioning the importance of zero-knowledge proofs [ZKP].
Mentioning further Richard Johnson, VP of Greenwich Associates Market Structure and Technology and author stated:
“ZKPsare very new innovation. Theyneeda furtherlayer of cryptographywithin theagreement protocolthat permitsone party toencourageanother thatsomethingis truewhile notrevealingany further information.”
Scalability has been a persistent issue for blockchain and crypto, with Australia’sFederal Reserve Bankstating earlier in June this yearthat Bitcoin’s biggestproblemsarestill speed and its ability to scale.
In line with Tony Richards, head of payments policy at Greenwich Associates:
“9 yearsafterits launch andaround5years since it enteredthe general publicconsciousness, Bitcoin continuesto possessstructural flaws thatcreateit unsuitablefor severaluses,many ofthatstern from its inefficient verificationmethod.”