5 Things Blockchain Should Consider for Universal Adoption!
April 18, 2019
Emerging as the modern technology that acts as a linkage between cryptocurrencies, Blockchain is revolutionizing the crypto world marking FinTech as one of the biggest sectors out there. With such powerful digital mechanisms to serve the finance sector, there’s what Blockchain should equip for itself in the future.
Every crypto enthusiast loves this and every frenzied amateur knows about this. Clearly, Blockchain is a popular concept in the crypto market and deserves every bit of success it owns.
Cryptocurrency analysts cite the technology as an innovative network that has reinstated multiple financial solutions to be operated eliminating the need of a central authority by storing data that cannot be tampered or hindered in any way. As cryptocurrency exchanges are deemed as a gift to FinTech, many analysts also cite that soon Blockchain could go on to be a benefactor for multiple industries and not just Finance or Technology - Sectors such as Healthcare and Law that are heavily involved with myriad of paper records and obsolete technology can profit largely from Blockchain.
However, Blockchain's rise has been thwarted owing to its absence of uniformity and sluggish transactional speeds. Here are 5 things Blockchain should consider for universal adoption.
· Enhanced Execution Rate
Holding many similarities as that to an accounting ledger, the Blockchain network records all sanctioned transactions with decentralized technology that ensures that the government or the central authorities are devoid of the network and everything that happens on it.
Legal experts of Blockchain technology consider this as a huge benefit as it safeguards all data and does not allow anyone to track any financial transactions.
Although Blockchain comes with its own fair share of problems - Blockchain technology can lag for longer so its slow competencies sometimes may not sit well with the people who use the network for any Cryptocurrency Exchange. Owing to this very reason, a lot of businesses refrain from employing this technology for large-scale applications so it is important Blockchain soon considers adoption of enhanced execution rate mechanisms.
As Blockchain is a constantly evolving network, some of the users associated with it are concerned that as multiple networks exist, interaction with each other is restricted.
Lack of interoperability essentially leads to lack of communication between Blockchain coders and cryptocurrency developers which in turn results in lack of interaction between the multiple platforms.
To tone down this problem and eliminate interoperability, standardization on Blockchain network could help enterprises operate collectively and build strong applications on a collaborative front exchanging innovative Blockchain solutions as an ode to cryptocurrency technology at its finest.
· Cost Cut Downs and Lesser Complexities
Blockchain network generally consumes a lot of electricity and drains heavy computing power which ascertains that mining is definitely in no way cost-effective as miners have to employ massive computer rigs with many servers to keep the network active.
Apart from the multiple costs involved, running a Blockchain network imposes its own complexities that can result in major technical issues.
Modern cloud solutions are being introduced in the market one after the other hoping to manage these complexities and overcome underlying barriers in maintaining Blockchain networks. Intuitive automations may lead to potential cost cut downs and lesser complexities for Blockchain technology in the future.
· Supportive Statute
Over the years, a lot of countries banned Initial Coin Offerings (ICOs) and prevalent regulations did not their focus shifted to Smart Contracts which may have prevented a lot of investment to take place in Blockchain.
However, in the past two years itself 15 U.S. state legislatures have made a drastic progress in mulling or passing multiple bills that could lead to many countries undertaking Blockchain as one of their primary networks for cryptocurrency exchanges.
· Cooperative Alliance
If more firms come together and plead their allegiance to each other then technology will upscale the development of innovative applications and educational practices.
Currently, multiple groups exist that strive to elevate the urge of standardization by surging space cooperation. This development could further address the problem of interoperability that lies between the various Blockchain networks.
A massive development like this will not only grab the attention of many crypto eager enthusiasts but also up the value of the Blockchain network. Already, the participation on Cryptocurrency Exchange Platforms has observed that users from various enterprises, governments and technology providers have multiplied which indicates that as robust as the development of the Blockchain gets, the faster will be the adoption of this powerful technology.