DELOITTE, an audit and consulting firm, has outlined the main areas for blockchain development, if it wants to be mass adopted and to rule the industry.
So, in order to be adopted massively, the blockchain technology has to overcome some major obstacles:
- Time consuming operations
- Lack of standardization
- High costs
- Blockchain apps complexity
- Collaboration lack between blockchain companies
The main problem was and stays possible delays in the processing of the blockchain operations. The slow transaction speed is due to the huge number of players, however, this is not a justification and causes additional discomfort.
Lack of standardization stays one of the major issues, as well. this actually prevents technological disrupts interact with each other in order to develop. Even coding languages are different!
Cost and complexity are still top high. They are simply too high for most users and companies.
And, finally, the blockchain regulation, it is simply missing. Yes, there are smart contracts, but they aren`t an actual regulation.
So, the blockchain developers have done a great job for now, but still, there are many pending and important things to do.