Mobile Payments Technology Blockchain Adoption Proves Challenging for British Firms
While blockchain is proving to be a powerful new technology, not just for mobile payments systems like cryptocurrency, its use is actually more difficult to put into practice. The value of blockchain technology is quite clear, which keeps companies trying, but a recent report from Greenwich Associates makes it clear what a struggle blockchain is proving to be.
The Greenwich report noted that 57 percent of polled executives revealed that putting distributed ledger technology (DLT) to work in their organizations is proving tougher than expected. DLT is just one type of blockchain technology, and calls for a database managed by several different participants. In that database, both transactions are settled and information is stored and managed.
Difficulties range in number and severity; for instance, scalability proved to be a major issue, depending on who you asked. Blockchain technology companies, for example, only found scalability a major issue in seven percent of cases. The “everybody else” category, meanwhile, considered it major in 45 percent of cases, elevating the average to a hefty 42 percent.
Nexus director Alex El-Nemer noted “…All too often, these stumbling blocks mean that important projects are delayed or even canceled due to concerns over costs and delay times, meaning businesses miss out on the numerous benefits the technology could bring. That’s why open source alternatives are so in-demand, offering blockchain systems that don’t require hiring blockchain specialist developers or associated admin and overheads. Integrating blockchain shouldn’t be an overly complex process, especially with innovations such as the three dimensional chain and faster, constantly scalable alternatives coming into the market.”
There’s an old saying that nothing worth doing is easy. The problem here, however, is that if it’s too difficult to do, it doesn’t matter how worth doing it is. It’s still out of reach. This, however, poses an excellent opportunity for blockchain consultancies to start up, offering a way to cut through the static and make it easier for companies to bring blockchain in. They know there’s a value here, so offering a way to actually put that value to use could be worth some real cash.
Still, in the end, blockchain is powerful, but tough to work with. Making it easier to work with could mean a real opportunity in the making.