Greenwich Associates Crypto Research Reveals Companies’ Difficulties in Scaling Blockchain Use
Research Shows Companies Cannot Scale Their Blockchain Solutions
According to a new study released by the financial market advisory firm Greenwich Associates, companies are having trouble to upgrade, improve and scale their blockchain promises.
In the last months and years, several companies have been investing in blockchain technology in order to improve their processes and services. However, it seems that it is not being easy for firms to enhance these systems.
The research company interviewed 213 companies that said that they are working with different blockchain projects. The main intention is to understand why firms are struggling to scale and improve the systems that they are trying to implement.
Greenwich Associates interviewed the companies between February and March 2018 and said that 93 per cent of respondents play an important decision-making role related to blockchain projects. Almost 50% of the respondents work in banks and had access to corporate management and strategy or technology.
As per the research, just 14 per cent of the respondents said that the businesses in which they work decided to start developing a blockchain-related project. However, 57% of the interviewees explained that it has been harder than expected to build and implement blockchain technology into their businesses.
One of the main issues is related to scalability. This is also a topic that is being debated in decentralized blockchain networks as well. For example, Bitcoin and Ethereum are now developing different systems that would allow them to scale, but it has not been easy.
Clearly, blockchain technology is not able to fix all the problems and solve all the issues faced by companies. Indeed, some of these firms might be trying to implement systems that are not necessary for their businesses. This can also create difficulties at the time of searching for solutions.
At the same time, it is difficult to find experts related to blockchain technology and decentralized systems. Nowadays there are just some few universities giving courses about blockchain technology and not all the graduates have the necessary experience to perform their tasks as they should.
Companies should really understand whether they need blockchain solutions for their problems and if implementing a decentralized solution is more suitable than doing it with a centralized option.