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Blockchain: Everybody’s Talking, but Adoption’s Still Tepid
Has Blockchain stalled? Performance is slow and adoption has been relatively tepid.
Christian Catalini, As MIT professor, said that “some of these platforms are developed to be kind of replicas of the old system, where the trusted intermediary has almost the same control, or exactly the same control, it would have had in the old system. And then you’re wondering, why are we switching to a less efficient IT infrastructure? Because it’s trendy?”
Fear of Missing Out (FOMO) has been suggested as the greatest impetus behind blockchain technology. It’s likely the reason why 84 percent of global businesses surveyed by PwC said that they’re investigating blockchain. The survey noted that “everyone is talking about blockchain, and no one wants to be left behind.”
PwC found that roadblocks preventing blockchain projects from moving forward include trust, regulatory uncertainty and compliance. “In reality, companies confront trust issues at nearly every turn. As with any emerging technology, challenges and doubts exist around blockchain’s reliability, speed, security, and scalability.”
