For the past decade, since Blockchain Technology made its debut, there have been many major issues that have clouded its acceptance and adoption on a global scale.
Bitcoin which is the first token to be successfully driven by Blockchain Technology has become a staple favorite and now has a cult following on a global scale.
This, of course, has made everyone (especially the Chinese Government) to become advocates for blockchain technology and to also develop projects that will allow for the domination of Blockchain Technology on a Global scale.
Blockchain technology has a lot of advantages over other technologies that have been employed over the years.
The existence of a public transparent ledger alone is one of the features that allow for transparency in process-based calculations when storing data into the specific blockchain.
Another is the enhancement of cooperation from each node that makes up the blockchain to allow for transaction confirmation. This allows for faster on-chain transactions and subsequently faster block formations on the blockchain.
Thirdly blockchain technology is independently operated as all nodes don’t report to a central authority.
It is important for this to occur because as long as the byzantine fault tolerance is maintained the veracity and accuracy of the data stored within the blockchain ledger hasn’t been tampered with thus leading to integrity of data on the blockchain.
The security of blockchain technologies can’t be overemphasized. Currently, blockchain technology is one of the most secure systems in the World.
All these and more point to the fact that blockchain technology shall be the next big thing in the coming decade.
Many issues surround the adoption of Blockchain Technology on a global scale.
They are discussed serially.
Lack of Blockchain-Friendly Jurisdictions
Many Nation-states are either afraid of unsure about or not lack adequate knowledge about blockchain technology and other Distributed Ledger Technologies.
This has led to a range of responses ranging from absolute excitement (for those that are knowledgeable) to fear to lead to laws stifling the encouragement of such in some jurisdictions.
This has greatly stymied the growth rate Blockchain adoption and is already slowing the global progress of blockchain technology adoption in many respects as well.
However, the rise of several innovations such as the Swiss Crypto-Bank demonstrates the resolve of some jurisdictions to drive and spearhead the Blockchain revolution.
This will enable other jurisdictions to see the light and will enable them to follow as well.
Lack of Technical Knowledge as Regards Blockchain Technology
There is a current lack of technical knowledge about Blockchain Technology and even Distributed ledger technologies among even many techies, coders and the like.
The only solution to this is to start a discussion about blockchain technology and how it can be used in different sectors.
This will lead to wider acceptance by the technology community and the ripple effect will spread to others within the wider context.
Lack of Industry Use-Case Scenarios for Blockchain Technology
The applications of blockchain technology have neither been fully understood nor appreciated in the wider context.
While many use cryptocurrency tokens which are based on blockchain technology for one thing or the other whole industries are yet to accept blockchain technology on a wider scale than normal.
That is set to change however with the inclusion of Verge on Adult platform Pornhub.
Paypal recently decided to ax all the accounts associated with models on the platform leaving Pornhub and its models to be deeply frustrated but also allowing the verge to fill a need which will lead to new members of the cryptospace.
This could be a potentially bigger market for the guys at Pornhub and also for the crypto space as the new entrants into the crypto space will begin to learn more about cryptocurrencies and blockchain technology and vice versa.
Lack of Regulatory Definition of Tokens That Run on Blockchains
The lack of a proper definition of Blockchain Tokens has led to a dearth of those who would want to adopt blockchain technology in the first place.
Why would anyone want to adopt what cannot be defined?
This question and many others are the questions that people have asked within the blockchain space as many remain confused as to the nature of what tokens and cryptocurrencies are?
More light, however, has been shed on this issue as the recent support for the definition of digital commodities by the US Commodities and futures trading commission has supported a new bill defining the role of cryptocurrency tokens and also supported the blockchain community in diverse ways.
This, of course, will change how people perceive the blockchain community if other governments and their agencies also follow in this direction.
In all, the rise of Blockchain Technology gives credence to the fact that innovation can change everything on a global scale.
However, the process of getting such innovations off the ground towards mass adoption can be an uphill task which only the brave can undertake and ensure its success.
Blockchain Technology is here to stay!