Blockchain software companies: Huge barriers to mass adoption of blockchain technology
The cognitive
We will start at the end of the most important battle: mass awareness of blockchain technology. There is no doubt, as mentioned above, that most of the masses are ignorant of the existence of blockchain. Of course, blockchain technology is so complex (and can be unattractive to the masses) that it’s hard to discontinue it in the mainstream.
Sadly, for most people, blockchain technology is essentially the same as bitcoin, which is a very common misinterpretation, since one is a peer-to-peer, decentralized payment system and the other is a technology with so much potential that it has surprised even the smartest people of our generation. In short, it will take a few more years for people to accept the concept of digital money and understand the limitations of the typical fiat currencies we use today.
While we’re on the subject, another ideal is that cryptocurrencies have gotten a bad rap over the last few years. The anonymous nature of blockchain has attracted many criminal organizations. These encryption techniques are now the main payment gimmick on the dark Web, and like
and
Zcash
Such privacy-oriented cryptocurrencies are the most popular. Not only that, but there have been plenty of hacks and scams in this range over the past few years. From hacks, lawsuits, to a staggering amount of impersonation
ICOs
. All of these aspects help to link blockchain technology to criminal activity, and all of these aspects are very wrong.
The lack of regulation
Of course,
Years and
2018
Most of this year’s crypto history hints at regulation of cryptocurrencies around the world, but ideally the crypto space remains largely unregulated. This makes people afraid to use cryptocurrencies, because they can lose their investment, because no party can be held accountable for the results.
This is one of the reasons why many large institutions and governments are reluctant to embrace cryptocurrencies, as creating these types of frameworks is a very cumbersome and expensive process that can have all sorts of undesirable effects. In short, while blockchain technology offers all the benefits, it still doesn’t in the traditional sense
security
”
.
Blockchains can be slow
Let’s be clear at the end of the day: this is not the rule for all cryptographic projects, especially those that have invested a lot of resources and time to complete a truly fast payment platform. But because blockchains are complex (though there are various claims that they are faster than traditional payment methods), in various cases they can’t really deliver.
The good news is that blockchain relies heavily on the Internet to operate, which means we’re likely to see a lot of development and infrastructure upgrades in the coming years.
Questionable scalability potential
As a concept, Bitcoin is almost perfect. It has worked well, at least in practice, and for most of its life its delivery and promises have been the same in most respects. But people quickly concluded that Bitcoin (and many other projects, to be fair) had a big scalability payoff. Of course, various technical solutions have been proposed over the years, and some have even been put into practice.
Ideally, most blockchain designs are not based on scalability, which means that as the number of users on the network increases, the end of the transaction takes longer, so the cost increases.
High power consumption
Power consumption is another very important challenge for the large-scale application and demand suppression of blockchain technology. As we all know, crypto mining requires incredible energy. Inevitably, this makes the whole blockchain thing look very unattractive to institutions, governments and people with environmental views.
It’s clear that our society is coming to terms with the risk of overconsumption, and blockchain is just unlucky at the worst possible time, when we get hurricanes and all sorts of terrible weather things because we don’t take nature seriously. As you can imagine, when the annual energy consumption of running a encrypted network is similar to the power consumption of a country, this is a very large achievement. In the long run, things will get better as the world adopts more and more renewable power technologies. In the short term, however, blockchain developers will have to continue thinking about common ways to add blockchain energy requirements. There is no escaping it.
conclusion
Of course, these are just the most common challenges to blockchain technology. Ultimately, we humans need time to adjust; As history clearly shows, we are somewhat resistant to change (though one might argue that this is incorrect because of the way we have gone backwards).
That said, one thing is clear: blockchain technology is still in its teenage years, it has yet to mature, and there will be many flaws as it unfolds. Over time, things change, our perceptions change, and technology degrades.
Jiang Huisheng xing
Network Co., Ltd. professional custom development:
Based on the underlying technology of blockchain,
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