A recent poll of executives shows that blockchain adoption within enterprises has been more challenging than initially thought.
Over 200 executives shared their views in the survey, each involved personally in blockchain initiatives of some form. Their background varied from banking, exchange companies, consultancy firms, and dedicated blockchain companies to name a few.
Of the participating executives in the consulting firm Greenwich Associates’ survey, 57% voted that instituting blockchain had been ”harder than expected.” The report points to hardware security and the autonomy of transactions as contributing causes for this significant percentage.
Another area deemed problematic was scalability; 42% said it was a ”major issue.” Unsurprisingly, only 7% of those from blockchain technology companies felt this way, with 33% of them saying it was ”not an issue.” Still, that leaves close to half of non-blockchain dedicated firms struggling to process high volumes of transactions on the blockchain network quickly.
Vice president in Greenwich Associates’ Market Structure and Technology group and the author of the report, Richard Johnson, believes that the disparity between the two groups could simply be put down to ”optimism” from blockchain companies over the technology. More so, they could be making the determination based on controlled tests and would face latency issues when the real-world application begins.
Most firms in the survey were yet to execute any distributed ledger technology (DLT) projects successfully, with slow transactions speeds presenting a major issue. Just 2% managed to reach over 15,000 transactions per second, although Johnson is optimistic about this small number, saying:
“We’re beginning to see firms figure out how to get the blockchain to run fast and do a lot of transactions per second, and I think that’s really encouraging.”
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