• Blockchain

Top Challenges Facing Enterprise Blockchain Adoption

The Crypster
Top Challenges Facing Enterprise Blockchain Adoption
Although many small and large firms are actively adopting blockchain technology, there are some major obstacles in their way. Let’s learn about them.
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Blockchain technology is the hottest topic in the cryptospace these days. It has gained massive traction and created a lot of buzz and hype in the market. And as its popularity increases, organizations are eyeing this opportunity to gain a competitive edge in the market.

However, it’s a new and unique technology and therefore surrounded by risks and challenges.

But before we dig into the blockchain implementation issues, let us brush your knowledge about blockchain.

Simply put, blockchain is a peer to peer or a shared ledger technology that records, holds, and stores transactions in a chain. These chains are verifiable, traceable, and hence secure for crypto transactions and data management. Blockchain is an emerging technology and is beginning to get popular for more than its roots in the cryptospace.

Here are two main challenges by firms that are trying to adopt and implement blockchain technology.

1.    Scalability

Let’s take an example here. VISA is known for processing over 1,667 transactions every second. But when it comes to bitcoin or any other cryptocurrency, only three to four transactions are recorded every minute.

Each crypto transaction requires 32 terawatt-hours of electricity per annum. This means that blockchain is not only expensive but also difficult to scale.

This poses a challenge for enterprise adoption unless the industry ensures higher transaction speed and lower costs.

Another study conducted by IDC states that enterprise blockchain adoption will hit and cross over 12 billion USD by 2022. This means that blockchain’s growth is compounding every day, and the industry needs to address its scalability issue to facilitate mass adoption.

2.    Network Deployment and Management

Another major challenge facing blockchain enterprise adoption is the network deployment and management control. Companies need to scale up their DevOps units with more technical expertise.

They need to conduct extensive training sessions to manage the deployment of blockchain. Automating control and privacy is the need of the hour, especially for blockchain adoption. Companies also need to deploy protocols such as Hyperledger Fabric and HyperledgerSawtooth to prevent security breaches and enhance overall privacy.

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