Top employees within the industry cite scalability as a major issue in woking with the blockchain technology, with around more than 40% stating it an absolute prime concern. Alternative challenges mentioned within the study embody security, 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 213 individuals took part within this study, along with several professionals from firms, blockchain experts, technical vendors, exchanges and consultancy companies.
The transparency that however several of us see as a key status for blockchain may very well be holding firms back from grasping this blockchain technology, the analysis indicates, with simple fraction of respondents mentioning the importance of zero-knowledge proofs [ZKP].
Mentioning further Richard Johnson, VP of Greenwich Associates Market Structure and Technology and author stated:
“ZKPs are very new innovation. They need a further layer of cryptography within the agreement protocol that permits one party to encourage another that something is true while not revealing any further information.”
Scalability has been a persistent issue for blockchain and crypto, with Australia’s Federal Reserve Bank stating earlier in June this year that Bitcoin’s biggest problems are still speed and its ability to scale.
In line with Tony Richards, head of payments policy at Greenwich Associates:
“9 years after its launch and around 5 years since it entered the general public consciousness, Bitcoin continues to possess structural flaws that create it unsuitable for several uses, many of that stern from its inefficient verification method.”