Blockchain- 2020 Overcoming Challenges...
(By Shivkumar)
In 2019 the block chain revolution ground to a halt.That was the overall view across the industry, but research shows hundreds of production systems underway and most of these are based on Ethereum, Hyperledger, or Corda but other platforms are emerging.
Blockchain Is Booming - Global trade finance is moving to blockchain.
IBM and Maersk’s joint blockchain initiative in shipping.
Everledger has expanded its efforts to end conflict diamonds into China via a WeChat app.
India’s Reliance Industries,announced that its mobile subsidiary Jio will turn its 300 million users into the world’s largest blockchain network.
Facebook proposed Libra, that started revolutionizing social media giant into the world’s largest retail bank overnight.
People's Bank of China revealed “almost ready” to launch a sovereign digital yuan for international use.
Blockchain Challenges in the Global Market.
1. Blockchain has a PR problem
Blockchain or crypto still conjure up images of bad actors, criminals, and get-rich-quick hucksters using a new technology.These has hurt the blockchain image in the ecosystem as a whole.But there lots to cheer about.Some example of industries such as the Blockchain in Transport Alliance,the Enterprise Ethereum Alliance has piloted the Token Taxonomy and Chamber of Digital Commerce are proving themselves crucial allies for governments hoping to strike the right regulatory balance.SEC Commissioner Hester Piece, the outgoing Bank of England’s Mark Carney, and nominee for Democratic presidential candidate Andrew Yang have emerged as advocates of Blockchain. We can in the year 2020 Momentum is building and will get more stronger.
2. Blockchain is running head-on into the system of laws, regulations, and structures that govern society
Regulation represents by far the most significant hurdle for blockchain innovators.Existing regulations favor incumbents over disruptors. Blockchain presents new challenges to regulators looking to protect consumers and markets.Due regulation rigidness we might see company drain from some countries, and some countries might be benefited by blockchain companies protecting Consumers and markets.
3. The technology is still Upgrading & Maturing
Interoperability,Scalability,Usability,Security and Data rights are blockchain challenges which are getting upgraded and Maturing with Muliple blockchain technology company approaches and Government taking an active initiative.
Conclusion : The question of who will build that future should be top of mind in 2020.
With the inaction by business and government leaders, central bankers, policy-makers, and business leaders – all of us – will decide what the future of the digital economy will look like.
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