Mass Adoption of Blockchain in 2019

Blockchain is capable enough for mass adoption globally. In 2008, the first blockchain application was moderate, but after passing many years of Bitcoin, the business leaders become amazed by the DLT (Distributed Ledger Technology).

Blockchain has bought an evolution in the world of technology. It is a great platform that deals with decentralized global transactions, as well as the fulfillment of the on-demand contract. Many CEOs and stakeholders of various organizations appreciated blockchain technology, and there is an excellent scope of it in the future. The distributed ledger technology is progressing slowly with Bitcoin, but it is not yet ready for mass adoption.

In 2019, the blockchain technology is going well. According to the research, many things have come into consideration:

1. There are 84% of organizations that have involvement in blockchain technology.
2. In 2019, blockchain has become an initial priority for 53% of respondents.
3. According to the response from 86% organizations, blockchain technology will achieve the target of mass adoption because it is highly scalable and acceptable.
4. Globally, there are 40 million users of blockchain wallet.

According to the surveys, there is a vast scope for the adoption of blockchain technology. But, there are some obstacles in the evaluation of blockchain, as many researchers found that investment in the blockchain can be tangible.

A report by MERL (Monitoring, Evaluation, Research, and Learning) in 2018 is about 43 blockchain use cases with no evidence of claiming. In a few years, many organizations have invested money in the blockchain pilots. There are around 80,000 projects that are claiming to use blockchain, but only 8% are active currently. There is a potential uncertainty of blockchain in the finance industry.

Many reasons are stopping the mass adoption of blockchain. There are various challenges in distributed ledger technology that are facing by business owners.

1. Expensive: High cost is the biggest challenge that is obstructing the development of blockchain technology. According to the president of Deutsche Bundesbank, Jens Weidmann, the blockchain solutions are expensive, and the process takes a very long time to execute. The technology is highly sophisticated and comes at a high cost. The salaries of blockchain developers are around $175,000, which is difficult to afford by many organizations.
2. Slow Speed of Transactions: Many organizations are facing difficulties at an architectural level. Blockchain does not offer scalability, which is an initial concern in banking sectors because there are many transactions in a single day that needs to be processed. But, Bitcoin can manage seven transactions per second, whereas Ethereum makes 15 transactions per second. On the other hand, Visa can handle 24,000 transactions per second.
3. Understanding and Trust the Technology: Many people are unaware of the working of blockchain. It is a fact that you cannot trust the thing you do not understand. There is a considerable risk of investing money in blockchain because it is challenging to learn about its complex algorithms. It is essential to know how blockchain and distributed ledger technology work by increasing awareness and provide knowledge to the people.
4. Regulations: Decentralized technology can take consumers away from the centralized control system. Cryptocurrency is the technology that makes people independent of the banks. Many people are afraid of regulations to check whether their money and data are safe or not. People do not want to face any fraud, which is a critical problem for ICO (Initial Coin Offerings). The blockchain must provide reliable services.

There are many challenges and obstacles to the adoption of blockchain. But, with the steady growth in various companies and organizations, the technology will rule the ecosystem. Blockchain has already contributed a lot in the tech industry. There are chances of mass adoption of blockchain in the future.