What are the challenges to adopting blockchain technology?

Blockchain technology is already having a transformative effect on industry, with sectors across the board set to benefit from adopting blockchain technology. Much of the innovation on the frontline has come from large corporations, with the likes of Bank of America notable by their flurry of IP activity around new blockchain applications and implementations.

But for organizations more broadly, there still remain some key challenges to adopting blockchain technology and reaping the benefits.

According to the World Economic Forum in a whitepaper entitled “Blockchain Beyond the Hype: A Practical Framework for Business Leaders,” adopting blockchain technology is a business, as well as a technological, decision.

“Whether to adopt blockchain is not merely a technological decision; it is also a business decision. Good use cases must solve real problems for organizations. Great use cases solve real problems at a cost that is significantly lower than the benefits the adoption brings. As the decision-makers within an organization, it is important not to be tempted by the hype but instead to think honestly about whether using blockchain is a sound business decision – even in those cases where a well-defined problem exists,” the WEF experts noted, adding:

As with any technology deployment, the business need itself is the place to start. Blockchain’s unique properties, however, mean that a new analytical framework is useful, in part because of the fact that blockchain has emerged at a unique point in society’s technological development.

Perhaps most pointedly, the key challenge businesses face in adopting blockchain technology is the development and implementation costs, not to mention the technical challenges.

Furthermore, businesses face challenges over their choice of blockchain, with some more technically suitable for enterprise use cases.

On both fronts, Bitcoin SV (BSV) is emerging as the commercial blockchain protocol of choice, allowing for rapid, low-cost transactions and quickly development and deployment of on-chain apps.

The CoinGeek Seoul conference is a chance for developers to learn more about Bitcoin SV, and how it’s enabling the world’s new money. Pitched at developers, business leaders and other stakeholders, including those new to BSV or currently working on other projects, the event is a chance to find out more about the development of BSV as it continues to scale towards global mainstream adoption and usage.

Featuring keynote presentations from esteemed speakers, including Bitcoin founder Dr. Craig Wright, the two-day event is expected to draw attendees from around the world, keen to find out more about Bitcoin and blockchain technology.

For more information and to buy tickets for the CoinGeek Seoul Conference 2019, visit the official website today.

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New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.