Blockchain Challenges

While a Blockchain solution has several advantages over traditional solutions in some business operations, it also comes with some challenges that need to be managed before the benefits can be realized.

The technical challenges include:

• Processing Speed
• Scalability
• Processing Power
• Transaction Security
• Power Consumption

Additionally, there are several soft-factor challenges to adoption. Blockchain is still considered synonymous with the world of cryptocurrencies. And since that is yet an unregulated space, businesses are worried about the adoption of similar technology. Then there are challenges, such as the maturity of products and solutions, the lack of skilled developers, user experience, and education.

But one of the biggest mindset challenges is the requirement that multiple participants should come together to collaborate and amicably set up processes, protocols, rules, and regulations and adhere to those with self-regulation. While there is an advantage to removing the intermediary, it also removes the mediator who could assist in resolving disputes. There will be big players and small players in the network, and the concern of the bigger players, taking control will remain in the minds of the smaller players.

While all these challenges can be overcome by building awareness and understanding of the value of collaboration and self-regulation, and while technology and products and solutions mature, there are still some inherent challenges in the solution approach itself.