Many business owners and organization founders are talking about Blockchain with their discussions not solely revolve around its challenges or possible issues. Nobody wants to be left off from deploying this technology into their businesses. A 2018 Global Blockchain Survey which 600 executives from 15 territories participated, reveals that an encouraging number of 84 percent of the surveyed executives affirming that their companies are involving actively with the technology. This finding is derived from one of PwC’s recently published reports.
The report further explained, 45 percent of the respondents whom were mostly business executives shouldering technology responsibilities agreed that “trust” could be the key roadblock in blockchain’s widespread adoption. ” Additionally, PwC stated that “In reality, companies confront trust issues at nearly every turn.” They also added, “As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security, and scalability.” Such challenges, doubts and whatever the future of the technology may hold should be addressed intelligently and with endless commitment from different levels should an organization makes involvement in Blockchain as one of their ambitions.
While world-class leaders and high-profile investors like Warren Buffett and Jamie Dimon have been publicly expressing their wariness about investing in cryptocurrency, they are far more optimistic towards the underlying benefits and opportunities which the technology may offer. International companies such as and not limited to Amazon, Microsoft and Facebook are exploring use cases for this miraculous technology. On another note, Facebook has announced in May that the company is going through a reorganization that will reappear with the inclusion of something which is believed to be a new blockchain effort. A similar initiative is also taken by others such as IBM, Accenture, Deloitte, JP Morgan, and HSBC.
Despite the high profile international companies’ and investors’ optimism and bullishness, some of the aforementioned survey’s respondents thought otherwise. Some respondents mentioned regulatory uncertainty, challenges in bringing the network together, compliance concerns and intellectual property concerns as major obstacles for adoption of blockchain. Although the world has witness growing interest in blockchain, another research conducted by Cowen estimated that blockchain may need another 5.9 years before it could gain widespread.
The term “blockchain” may seem alient to many. It is defined as the technology that underlies cryptocurrencies. It has the ability to record transactions (bitcoin transactions, for instance) on a public, distributed ledger and may get rid of the need for third-party management in most cases. This website provides a generous piece on blockchain for complete beginners and it is presented through cohesive, simple English with minimal jargons to facilitate comprehension.
Prepare your organization’s reservoir of employees for the involvement of blockchain in your business by taking the Blockchain Essentials certificate program offered by Genashtim, in collaboration with eCornell.