Why Blockchain Adoption Is So Slow, and What Can We Do about It?
Even though the blockchain market is expected to reach $3 trillion by 2024, Gartner’s 2018 CIO Survey states that only 1% of CIOs confirmed blockchain adoption within their organizations. With so many potential blockchain use cases, only a few companies actually rely on the technology in day-to-day operations.
So is anything wrong with it? Why don’t companies rush to embrace blockchain? Or maybe the technology is overhyped, as some claim? Read on to find out that it’s not so bad after all.
What Hampers Blockchain Adoption
We investigated what prevents business leaders from adopting blockchain massively and discovered several hurdles that are slowing down the process. Let’s see what they are and if there’s a way to accelerate blockchain implementation starting from today.
Little Understanding of Technology
“What the farmer doesn’t recognize, he won’t eat.” What the business owner doesn’t understand, they won’t implement.
Everyone in the blockchain community can spot the knowledge gap between the industry experts and non-professionals. Most people can’t grasp the terminology, having no idea how to explain what “a block” on the blockchain is and how to create it. Not only everyday consumers but even C-level executives and techies find it difficult to get along with the concept.
Lack of Success Stories
Getting into blockchain and understanding how it works might be challenging. It’s hard to realize its benefits for your business and how to maximize them effectively. Decentralization, secure transactions, smart contracts, unhackable data storage, quick payments, encrypted records — the potential of blockchain is endless. But this universal promise doesn’t build a strong case for business owners, who need more real-life proof to base their decisions upon.
Today’s blockchain is not capable of supporting a large number of users in the network, and there’s little understanding of how the underlying technology will scale upon mass implementation. It’s not that it can’t withstand multiple users, but it can face some issues should the number of users increase, such as slower operations and higher transaction fees, to name just a few. With the growing base of public ledger users, blockchain scalability comes to the fore with concerns like registering each transaction and validating the block size.
How Can genEOS Help?
Choosing a reliable partner and a stable platform is the #1 priority if you aim to succeed with blockchain implementation. genEOS is exactly what comes in handy here. A robust, business-oriented blockchain platform, it allows building and running decentralized enterprise applications with no fuss and extra resources.
The innovative structure of the genEOS blockchain platform underpins a better blockchain ecosystem — the one that provides huge time- and cost-saving opportunities. As the platform is able to produce a new block every 0.5 seconds, transactions can be created and completed in limitless numbers, in real time. This way, genEOS ensures a very low transaction latency, which results in unlimited scaling capabilities.
Plus, an experienced technical team will help you plan, design, develop, deploy and maintain your projects, sparing the need to build your own in-house team.
So, it might be a bad idea to abandon blockchain implementation if you simply don’t know where to start or consider it to be costly for your business. This way, you may miss on the numerous opportunities blockchain can offer. But genEOS is here to make sure you don’t.