BlockChain Still Sucks
They’re many blockchain enthusiasts, but their influence hasn’t done much to accelerate the adoption of Blockchain in most industries. More than the disruption itself, there is news about it. Maybe it is yet to happen.
The question becomes if Blockchain is that great, why don’t we have it everywhere?
Well, there are plenty of reasons why that hasn’t been a reality. The obvious one being Blockchain is in its infancy stage. But that alone doesn’t express the intricacy of challenges with implementing Blockchain in most industries.
Let’s start here. The most aerodynamic passenger plane would look like a frog with wings. Whatever this would be, it’d have 50% less fuel consumption than regular passenger planes. If aerodynamic efficiency is vital in plane designs, I guess we should be flying in these winged frogs. But we don’t, so why?
We built our first airport in 1922; proceeding designs have followed similar procedures with minor cosmetic improvements. Otherwise, the formula is the same.
Accommodating planes built differently would mean reconstructing all our airports. Now that’s just a cost no one is willing to incur. Much would need to change, including the systems used to load and offload passengers and change aviation-related education. Perhaps we would resolve to stay with our legacy system.
Blockchain suffers the same challenge as legacy systems. Fully integrating into existing systems means many changes. Moreover, the lack of talent to facilitate these changes is astronomical. The demand for blockchain developers rose by 2000%. Despite this considerable attention, educational institutions have hardly attempted to include Blockchain in their curriculums. Accordingly, there is a chasm between systems in use and Blockchain.
On the other hand, Blockchain still has a long way to go. For instance, separate blockchain networks lack interoperability.
Different blockchain ecosystems operate on non-uniform platforms using various programming languages and standards. As a result, this disharmony reduces versatile tools and talent. Each network needs its specific developers and agencies native to it. And they can not cross to the other network to perform the same duties.
In addition, legacy systems still dwarf Blockchain in many faces, notably scalability. For instance, the bitcoin network adds a block every 10 minutes; Its transaction speed is stuck at seven transactions per second. That is significantly slower when compared to visa, which does over 2000 transactions per second. Using other metrics, the giant corporation may not find Blockchain as a driver for change.
Furthermore, regulating Blockchain is still a challenge for authorities. See, there is a need for law enforcement to protect consumers. However, this usually stifles innovation. The aftermath is a conundrum and conflict of interest; to this day, it’s hard to find a compromise that accommodates innovation while allowing regulators to work within the system. As much as prominent corporations appreciate innovation, they find it hard to work with unregulated schemes.
More significant institutions thrive under uncertainty and pale bureaucracy. In turn, the disruption and unpredictability of Blockchain are unappealing. To embrace Blockchain, corporations would have to take an imaginative approach that’d make them more receptive to change and opportunities induced by Blockchain. Perhaps this is a hurdle that may take a while for us to get over.
Finally, as trifle as this may sound, Blockchain suffers a reputation crisis. Consumers tightly associate Blockchain with bitcoin, and while this should be impactless, bitcoin is inseparable from scammers and speculators. Therefore, Blockchain carries a similar label to speculators, bad actors, fake pyramid schemes and con artists.
No one would want to associate themself with something synonymous with fraud.
We still have a long way to go before fully adopting Blockchain systems.
Adopted from youthvisionoverload.com
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