VECTORS FOR BLOCKCHAIN PROGRESS
The barriers to adopting blockchain are dropping and this will further help to resolve some of the crucial issues in order to bring the technology into mainstream.
Increasingly, companies are attracted towards blockchain technology as the technology is inspiring widespread enthusiasm. A large number of business leaders are also accepting its potential and streamlining business processes by adopting newer business models which will in return help in reshaping new industries.
The value of blockchain has however become more prospective than actual. This is one of the main reasons why commercial adoption has remained limited in this industry. Experts believe, as the technology continues to evolve, its progress along five vectors will further help in mitigating and will even topple current obstacles to adoption by further helping to bring blockchain closer to mainstream.
Sources reveal IBM researchers tested an application which runs on Hyperledger Fabric blockchain platform and has achieved a throughout of 3500 transactions per second along with a sub-second latency.
The Enterprise Ethereum blockchain consortium brought forth an open-source, cross-platform and a standard-based framework. Finally, some of the major technology vendors, including five of the world’s biggest cloud companies launched blockchain-as-a service.
In addition, sources reveal, state legislatures took action against a dozen of bills related to the blockchain. Furthermore, at least eight states have passed laws with regards to blockchain. Other sources also reveal that there are several active blockchain consortia across a large number of industries which have swiftly increased. In 2017, the number was 28, which has now grown to 60.
Barriers to adopting blockchain technology
Experts believe blockchain technology can have a notable impact on business. If adapted effectively, the technology can help in enhancing efficiency in addition to effectiveness, and will also increase revenue and reduce costs. This will further help in creating new products, business models and services. Because of this special feature, most of the companies have invested resources and time in blockchain pilot projects. Analysts also forecast that the enterprise spending on blockchain will augment to double year on year. The figure is estimated to be US$ 2.1 billion in 2018.
There are however several unresolved issues which are limiting enterprises to adopt blockchain technology. A latest survey suggests, only 9 percent of CIOs had either adopted or planned to adopt blockchain-related projects within a year’s time.
