The blockchain is in the middle of a major hype cycle at the moment, and that makes it hard for many people to take it seriously, but if you look at the core digital ledger technology, there is tremendous potential to change the way we think about trust in business. Yet these are still extremely early days and there are a number of missing pieces that need to be in place for the blockchain to really take off in the enterprise.
While the level of interest in blockchain remains fluid, a July 2017 survey of 400 large companies by UK firm Juniper Research found 6 in 10 respondents were “either actively considering, or are in the process of, deploying blockchain technology.” In spite of the growing interest we have seen over the last 12-18 months, blockchain lacks some basic underlying system plumbing, the kind any platform needs to thrive in an enterprise setting. Granted, some companies and the open source community are recognizing this as an opportunity and trying to build it, but many challenges remain.
Some of the core challenges that seem to be still revolving around the concept are;
– Adoption Obstacles
– The Volatality of New Technology
– Moving towards Adoption
As with any new technology, the more it scales the more the tools and adjacent technologies are required. We are still in the early stages of discovering what those are, and before the technology can take off in a big way, we will need more underlying infrastructure in place.