Terminologies like Bitcoin and Cryptocurrency are no new to people anymore these days, everyone probably have heard of them as of late the term “Blockchain” is tending these days in the tech community. ‘Blockchain’ is the technology that supports digital currencies and ensures that all transactions are properly conducted and recorded. Blockchain development services provide the permanent record storage for every cryptocurrency transaction taken place. Blockchain based cryptocurrencies work because only verified transactions are possible to be made and recorded in the blockchains. Though to make this system work users are asked to put trust in a central authority that the pecuniary supple and payment transfer will not be tampered with. With rising Internet startup companies, Entrepreneurs, investors, global organizations and goverments have all identified blockchain as a revolutinary technology.
Despite of the fact that these applications are still underdeveloped. The future potential of the blockchain applications can not be neglected by any mean. The next couples of years will be all aboutexperimenting and applying to all aspects of society.
Regardless of the fact that how things and mindset of society take turns in future one thing is sure that Blockchain is here to stay and is transforming how our society functions.
But before its widespread adoption there are some challenges that associate with its implementation and are needed to addressed.
- Embryonic technology
Sincethe plan is still in its embryonic stages settling down the challenges like fast and secure transaction, the verification process, and data limits will be crucial in making blockchain widely pertinent.
- Unsettled regulatory status
Making strong ubiquitous influence of blockchain and Bitcoin become bit difficult because of already existing financial institutions.
- Large Utilization of power resources.
The Bitcoin blockchain network’s miners are attempting 450 thousand trillion solutions per second in efforts to validate transactions, using substantial amounts of computer power.
- Research Challenges and Opportunities in Security and Privacy of Blockchain Technologies
While solutions existOne key research challenge is how to balance security and privacy of an individual with accountability. For example, how can we allow the tracing of illegal activities or users (e.g. money laundering and cybercrime) without breaking the decentralization property of the system.
- Cultural Hurdles
cultural hurdles stand in bitcoin’s path to mainstream adoption,termed as digital gold, this currency and subsequently blockchain is yet to be adopted by ordinary people and since blockchain represents a complete shift to a decentralized network which requires the buy-in of its users and operators its getting difficulties in widespread adoption.
- Inordinate Cost
Blockchain provides vast savings in transaction costs and time but the high initial capital costs could cause a huge discouragement among its users.