But, and it's a big but, despite its incredible growth, Blockchain still battles to gain the same respect as some of its technological predecessors. There are many who do not believe in this advancement in technology and are still trying to come to terms with its adoption in the modern world.
Blockchain by its nature is not easy to understand as a technology and it is not controlled under governing bodies.
PwC conducted a survey among executives last year and found that 84% said that their companies were using Blockchain in some way, shape or form. However, 45% of the people who responded announced that their main concern is due to the lack of trust between the users of the technology. This issue is what is preventing the widespread adoption in most countries, and many are waiting on the technology’s regulation before considering using it.
Malta has taken Blockchain under its wing and has created the first framework which can be regulated, and through this, it has been named the world’s first ‘Blockchain Island’.
Germany has taken a different route before establishing adoption. They have opted to try and understand Blockchain more by starting a process of consultation. As Blockchain regulations start to come into place, more governments will most likely begin to favour the technology more, but until then it seems that many will not be willing to commit to its use.
Incredibly, there has been a 517% increase in the demand for Blockchain developers in the past year alonew. Many people are now pushing for the education on the technology due to the significant lack of experience and knowledge, causing a huge barrier for many companies who are looking to invest their time and money into it.
Now that there are things in place such as the Cambridge Blockchain Forum, the struggle for adoption no longer only needs to be challenged on only the technological side of things. These new learning facilities should be highlighted and used by any investor, developer and executive who is looking to take on this technology.
The blockchain has the ability to change millions of lives and change the world for the better, once its potential is fully realised.
It will be adapted in a multitude of ways, but due to lack of understanding and the non-regularity nature of blockchain at present we will just have to wait.