Blockchain was 2017’s technology buzzword of the year, inspired by developments in cryptocurrencies and a desire for more secure transactions. Blockchain technology has the potential to transform enterprise business models through cost reduction and increased operational efficiency.
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Yet, there are challenges to adopting Blockchain, as it is a nascent technology. Some of these challenges include:
- Integration with Legacy Systems: In order to make the move to a blockchain-based system, an organization must either completely overhaul their previous system or find a way to integrate their existing system with the blockchain solution.
- Public Buy-In: The majority of the public is still oblivious to the existence and potential uses of this technology. In order for blockchain technology to make the move to the mainstream, there must first be a public buy-in to its benefits. Many still associate blockchain with bitcoin, despite their obvious differences, and organizations must work to communicate the differences.
- Customization Costs: Though the adoption of blockchain technology promises long-term benefits with regard to productivity, the software required to run blockchain technology in organizations is developed for the specific firm and is therefore expensive to purchase or develop in-house. Additionally, qualified personnel are required to work with the technology.
These challenges are daunting, but not impossible to overcome. If your organization experiencing Blockchain adoption challenges, join us for a webinar where we will discuss the solutions to these challenges on April 3 and reach out to one of our specialists at www.perficient.com.