Challenges faced by blockchain technology
Blockchain is one of the latest technologies emerging out as a boon for various trading and finance companies. This technology is summarized as a digital ledger of online transactions decentralized to open its access to everyone using this platform with a 0% change of forgery or theft. With the explosion of this latest technology a big transformation has been seen in the finance industry and it has come up with great advancements and benefits and also has changed the way of online transactions. Every coin has two sides, at one side where blockchain is making trading easier and secure, on the other hand it is also facing challenges in its way of development. There are several benefits offered by blockchain technology, but before stepping into this sector it is important to know the possibilities of challenges this industry is facing now or may face in future.
Few challenges faced by the blockchain industry are listed below:
Blockchain completely works digitally and it has no such manual involvement directly, hence a robust technical background is required to run blockchain smoothly. Major issues faced by this technology are difficult integration with legacy system, lack of interoperability; it is not scalable, higher stage of complexities, and also in-depth knowledge of this technology to run it smoothly. To run as an organization with the best blockchain measures you need to first overcome all the above listed flaws.
Blockchain and crypto currencies emerged simultaneously in the finance sector and blockchain attain success rather crypto currencies were a victim of several forgeries. Most of the folks have a great confusion between both the platforms even most people take these two aspects as a single one and hence blockchain has ever been suspected for the theft and forgery even after have the most robust security systems and technologies used as an infrastructure.