Blockchain technology has been around for a while now, and numerous companies have started exploring potential uses. At the same time, many startups have begun releasing blockchain-based services meant to simplify numerous aspects of our lives. Regardless, we’re still far from mass adoption of blockchain technology. Why is this so?
It is believed that there are several factors responsible for holding blockchain technology back. In this article, we will outline the three main reasons.
1. Lack of Education
At this time, there is a huge knowledge gap between people involved with this technology and the general public. This is mainly so due to a lack of education, combined with a lack of coverage by the media. Most of the time, it is fairly difficult to explain how the blockchain works to a person who isn’t tech-savvy. While all consumers are not required to understand how a system functions in order to benefit from it, it’d be much better if the general public were at least aware of the technology’s existence. From this point onward, education should be focused on CEOs in industries where blockchain technology has significant potential.
2. Regulatory Issues
Changing a standard and implementing an entirely new system requires legislative frameworks to be put in place for its use. For instance, in a utopian version of the world where blockchain technology was the main democratic instrument for casting votes, clear laws would have to be put in place in order to facilitate the introduction of the technology. The same principle applies to numerous other industries where blockchain technology can prove beneficial.
3. Gaining acceptance of decentralized data systems
Blockchain technology shouldn’t provide a newer form of data storage, but rather a way to keep it decentralized. Many blockchain-based systems that we have seen do not solve centralization and are only meant to be databases with added security thanks to the immutability protocol. Scalability also comes into play, as mass adoption of the technology requires that it be accessible to people throughout the world.
Based on these points, what are your thoughts on the barriers to blockchain adoption by the masses? Let us know your thoughts in the comment section below.