According to a recent study conducted by Deloitte, for a mass scale enterprise adoption of the blockchain technology, five necessary obstacles are to be crossed which include the possibility oflongoperations, lack of standardization, highpricesandtheblockchain apps complexity,restrictiveuncertainty along with theabsence of collaboration between blockchain-related differentcorporations.
Identifyingthe global sectionsthatdemandsthe foremostdevelopment, Deloitte outlinedthe problemofpotential operational delays on a distributed ledger network.The corporateemphasisedthat slowtransactionspeed isone the mostknowingly reasonsfor severalplayers to avoid considering blockchain as a technologythat may be applied in large-scale applications.
Another major obstacle for blockchain onthe trailto widespread adoption is lack of standardization. Deloitteoutlinedthatthe lackof standardization prevents technology disruptors fromcorrespondingwithone another. The consultinglargecitesthe very factthat thereareover more than 6,500 active blockchainrelated projectson GitHub, with most of themsupportingtotally differentprotocols, consensuses, privacy measures, along with different writing code languages.
Along with the remaining areas for development, Deloitte listedthe needto cut back each prices and complexnessof network operations, the importance of innovation-supporting regulation,along with its crucial role of collaboration between blockchain-relatedcorporations.
In terms ofpricesandcomplexnessof therisingtechnology, Deloittestatedmajor technology giantslikeAmazon, IBM, and Microsoft that have reportedly deliveredeasierimplementations of blockchain byexploitationcloud technology, while contributing toimprove the operations costs based on the blockchain technology.
Amongthe foremostcomplexproblemsaround blockchain regulation,the corporatehighlightedthe problemofregulating smartcontracts,thatdon’tessentiallyfit within the existing frameworks.
The report’s finalpurposestresses the importance of cooperation between blockchain-relatedcorporationsso as to support and push forwardthe new deployments of the technology,along with providinghigherlevel of educationwithin thesphere.the corporatesays the increasingvarietyof blockchain consortia, such as R3,may be abullish sign,asthe value of a blockchain networkwould only increasewiththe more numberof joining users.