What are the Challenges in Adopting Blockchain Technology Worldwide?

In the recent infographic by Central Blockchain Council of America (CBCA), the researchers came across some eye-opening information. The infographic with its focus on the barriers faced by organizations in adopting the blockchain technology, revealed quite interesting insights including a survey by PwC that revealed that Blockchain will generate an annual business value of over US$ 3 Trillion by 2030. Inferring that 10 to 20% of global economic infrastructure will be based on blockchain systems.

The infographic also revealed the extent of blockchain technology that was adopted by various organizations in 2018. The infographic also revealed the status of organizations at different stages of blockchain technology adoption. The research highlighted 14% organizations had not yet adopted blockchain technology, with 20% companies being in their research stage, and 32% in their development stage. While there were 10% organizations who were there in their pilot stage, there were only 15% that were really live with blockchain technology with 7% organizations pausing the project in between.

According to the findings of the infographic, it was revealed that about 84% organizations were actively involved with blockchain, about 45% of organizations felt that trust could hinder adoption. Quite amazing to note was the trend wherein China was being visualized as an emerging leader with almost 30% organization fueling the trend. The rest 28% believed that interoperability of systems is quite important for success.

It (Infographic) also revealed some major barriers in successful adoption of blockchain technology. With 48% organizations were of the belief that regulatory ambiguity can be one of the reasons, and the other 45% thought that lack of trust among users can be one of the prime reasons. While the rest 44%, 41%, 30% and 29% thought that capability to bring network together, distinct blockchain not effective together, intellectual property trepidation, and inability to scale respectively are the major reasons why organizations have not been able to adopt the blockchain technology successfully. With only 20% organizations thought that compliance anxiety can be a big reason.