Deloitte Says These 5 Roadblocks are Stopping Blockchain from Mainstream Adoption
Deloitte, one of the largest audit and consulting firms in the world, has decided to outline five basic issues that have to be solved by the blockchain technology in order to be really widespread in worldwide adoption.
The Main Issues
The company has defined these five obstacles as the possibility of operations being too time-consuming, lack of standardization, high costs and complexity, the uncertainty of regulation and the of collaboration between companies.
The consulting firm has identified the operational delays as the problem that needs most development to be solved as the slow transactions are one of the most popular reasons for why people decide not to use the blockchain technology and why it fails to be used in large scale.
Another very important issue, the company affirmed, is the widespread adoption in the lack of standardization that prevents the companies from interacting with each other in meaningful ways. For instance, if you only consider GitHub, you will see about 6,500 active projects. Each one of them uses a different technology and most are not compatible with each other as their consensuses and coding languages could not be more different.
Reducing costs and the complexity of network operations is another issue, especially when you consider Bitcoin, which is slow because its equations are complex and expensive.
Deloitte has also talked about how Amazon, and Microsoft have been delivering less complicated implementations of the blockchain technology and use cloud technology to improve it and contribute to the future of the blockchain.
Some other relevant issues are the difficulty of regulating smart contracts, as they are often not existent in the frameworks that are being used right now.
The company has signalized that the creation of consortiums like R3, Hyperledger and the Enterprise Ethereum Alliance is very important for the development of the industry. In fact, Hyperledger and the EEA are actually making a partnership of their own, so they are already making their part to improve these issues.
Recently, Jeremy Gardner, the founder of the Blockchain Educational Network and co-founder of Augur, has recently talked about mass adoption with the crypto media. According to him, the industry has not done a great job of including the people who need it the most at the moment, but things are improving and this might change soon.