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 of long operations, lack of standardization, high prices and the blockchain apps complexity, restrictive uncertainty along with the absence of collaboration between blockchain-related different corporations.
Identifying the global sections that demands the foremost development, Deloitte outlined the problem of potential operational delays on a distributed ledger network. The corporate emphasised that slow transaction speed is one the most knowingly reasons for several players to avoid considering blockchain as a technology that may be applied in large-scale applications.
Another major obstacle for blockchain on the trail to widespread adoption is lack of standardization. Deloitte outlined that the lack of standardization prevents technology disruptors from corresponding with one another. The consulting large cites the very fact that there are over more than 6,500 active blockchain related projects on GitHub, with most of them supporting totally different protocols, consensuses, privacy measures, along with different writing code languages.
Along with the remaining areas for development, Deloitte listed the need to cut back each prices and complexness of network operations, the importance of innovation-supporting regulation, along with its crucial role of collaboration between blockchain-related corporations.
In terms of prices and complexness of the rising technology, Deloitte stated major technology giants like Amazon, IBM, and Microsoft that have reportedly delivered easier implementations of blockchain by exploitation cloud technology, while contributing to improve the operations costs based on the blockchain technology.
Among the foremost complex problems around blockchain regulation, the corporate highlighted the problem of regulating smart contracts, that don’t essentially fit within the existing frameworks.
The report’s final purpose stresses the importance of cooperation between blockchain-related corporations so as to support and push forward the new deployments of the technology, along with providing higher level of education within the sphere. the corporate says the increasing variety of blockchain consortia, such as R3, may be a bullish sign, as the value of a blockchain network would only increase with the more number of joining users.