Topic: What inhibits the development of Blockchain in the mass market (Read 209 times)

Everything new will always be first to alert people. Over time, they begin to realize that Blockchain is a new technology. Then they begin to study it more deeply. My next question is how many more years should I study this technology so that it will work as fully as possible. And to tell in the news how Blockchain changed the world, how he helped many countries. Although at the moment, only criticism is towards Blockchain and this is alarming for the majority of people

Blockchain technology is something new so people are having a hard time directly accepting it especially when they knew ahead of time that it is use in illegal activities because it is what the mass media wants the public to insinuate. A regulation is needed for them to just accept it knowing that people most likely believe a thing when it is licensed or accepted by the government.


Due to the fact that it is something that the people didn't heard of before and it seems complicated just by hearing it, some would just stay away from it afraid that they would just lose their hard-earned money when they can't understand its process. I was afraid of it before too but due to curiosity, i was able to learn the basics of it since I am not so keen when it comes to its technical processes.

Scalability is the most critical point for adoption by corporations because they have to think about tomorrow. A lot of people who are just private investors in bitcoin are calling for massive adoption by the whole world and yet they don't consider the issue of scalability. Sure, you can use it to send your uncle money for the fuel he just put in your car, but can corporations adopt a blockchain ledger or code an algorithm to make it work for a long enough time frame to make it profitable for their needs?

Maybe not at the moment, but they'll figure out ways to do it soon.

None of those are the main reasons why blockchain is not on the mass market. The main reason is definitely time, you can't expect blockchain to be everyone in a second, comparatively speaking on technology, blockchain is still in its infancy and with each new coin that "solves a problem" in blockchain we can see there is still a lot to fix.

All these new blockchain tech that puts something new into their tech improves it and the real huge companies of the world will follow one day but it will be a slow one, it is harder to go from 1 company using to 2 company using it its easier when its 1 million company using it to 2 million using, just wait and let blockchain develop first and slowly it will get bigger and bigger.

development is hampered by the reluctance of people to learn this technology and its foundations on which it works

Well, blockchain technology does have a massive flaw, one that even plagues Bitcoin and other cryptocurrencies -- it currently can't scale:

https://hackernoon.com/blockchains-dont-scale-not-today-at-least-but-there-s-hope-2cb43946551a

The mass market is still very interested in using it, however, and there are plenty of big corporations filing patents for scalability solutions. Some examples include:

https://www.ccn.com/accenture-hardware-patent-seeks-to-enhance-blockchain-security-and-scalability/
https://blocktribune.com/blockchain-scalability-solution-patent-filed-bank-china/
http://fortune.com/2018/06/20/bank-of-america-blockchain-patent-why/

While we're on the subject, blockchain technology is very much still in its infancy, rarely seeing use outside of cryptocurrencies. It's bound to mature with time as people find more and more applications for its potential.

I am sure that standard of blockchain is upto the market and it can always be recognised form he important fact that blockchain is running itself with complex algorithm, over the public ledger and there not had been any breach within the data of blockchain itself. What stays in Blockchain, stays in blockchain!

Howvever this is what bothers a lot and really not helping blockchain to come out of the crowd and start surging through the big stuff !

It could happen that legislation may kill it one day or out of some miracle and with imposed legislation it may get hiked in its use and application suddenly with blink of an eye.

bandwidht and processing power will inhibit the scaling so i think the block chains will see steady growth over the next 5 years at an ever increasing exponential rate. The slow start is only natural since we recently started to develop both hard and software to cope with block chain algorithms. I am sure both bandwidth, cup & gpu power will move along as will the software used by block chains and perhaps, the block chain might serve as motivation to find new hardware.

Regulations & politics is not very important since there is no working products besides value storage in BTC & LTC which is a hard thing to stop. When we have technology has evlolved and BTC can be used as a mean of payment or another coin for that matter, it will go big time and change the economy. If the economy does not collapse first that is haha and forces an early adoption of crypto upon humanity.

Peace

IMO everything is progressing as it should be. Take a look at computers or the Internet. The development took decades. I've seen a chart that compared cryptocurrencies and the INternet and we are now where the Internet was 30 years ago. Do you remember yourself 30 years back? Did you have access to the Internet? Think about the progress that it made within a single year or 2. It was so small that it went almost completely unnoticed. What people started to notice were decades. In the 80s almost nobody had a modem. In the 90s it was at least 10% of households and growing rapidly, but almost nobody had a solid connection. 10 years later nobody used phone modems. This is how new technologies progress. The main factor in play is time.

I do not see any obstacles on the part of states and their governments for the introduction and development of blockchein technology. Almost all states highly appreciate the opportunities and prospects for the development of blockchein technology, even those countries that are suspicious of or in general prohibit the introduction of crypto currency. In this regard, the position of the Chinese government is indicative. They issue the largest number of patents for the implementation of blockchein technology, although they have developed a two-year program to completely ban decentralized crypto currency. Therefore, with the technology blockchein I do not see any problems.

The question is a matter of time until you find a lot of applications entering the market but may give you some reasons:

 - Bad reputation: Governments have succeeded in tying Blockchain "linked it to cryptos" to money laundering and dark activities.
 - Lack of projects by large companies: Unfortunately, the confidence of people in international companies more than open sources. For example, in my country, most computers run Windows OS, although Linux can be run at lower costs.
 - High Transparency: Many corruption regimes blockchain projects because of transparency.

I guess the main restriction could involve the lack of open source software. The majority of products are proprietary enterprise software whose customer base are essentially large corporations and big business. Linux and open source operating systems did much to fuel the advancement of both apple and windows software throughout the industry. The first desktop OS to be equipped with a firewall out-of-the-box was a linux distro. Package and update systems for OS applications were also pioneered by linux/BSD.

Unfortunately, there are no open source alternatives to blockchain software that people can download and utilize. This could also keep blockchain out of the hands of modders or developers who could modify or improve on the software.

However seeing as how many blockchain applications involve accounting or shipping practices perhaps its normal for its market application not to appeal to the open source community.

He is smart, but it is about his inhibition in the market. Do you think that because of its wisdom the market inhibits it?

Maybe because the blockboy is much wiser to use and no one has come up with such a technology before.

There are a lot of directions that prevent growth. But as for me, I have created a given topic to get them here even more. But the main problem for me is people. Since you said and I support it, this is the basic honesty in people.

The discussion is pretty or it's written quite detailed information. Things that prevent growth as I think may be in many other directions. Most bad people are unwilling to be other than them. And maybe the user has cheated on the investment, not honesty. And it is very difficult to succeed and to lead the whole community is also difficult to develop.

  The introduction of technology is hampered by many factors. The main thing is the inertia of market players, the lack of a legislative framework and the need to reach consensus among many participants. The lack of a legislative framework leads to uncertainty in many issues. In order for the technology to become credible, it must meet the standards (state, for example). No standards - no match.

  In addition, the situation is complicated by the fact that existing prototypes of decisions on blockade are still difficult for the understanding of the mass business-consumer. Therefore, the only successful Blockchain -service remains cryptocurrency.

  The success of Cryptocurrency excite people's minds, forcing them to believe in a similar effect from the introduction of technology and in real business. In practice, it also has to solve a lot of additional tasks that were relevant for the anonymous market Cryptocurrency - assessment and risk insurance, legally secured rules of the system, security guarantees, user identification, reporting to the regulator, etc.

  Today, a business interested in the practical application of technology is asked about the investment and what exactly may be needed when implementing the Blockchain project in the corporate sector. In this case, there is no unambiguous answer. The order of numbers depends to a great extent on the scope; complexity of business logic that you need to create for a specific project; number of integration with third-party services; used storage infrastructure; the number of roles and users in the system, etc. Also, the company will need a staff security officer who will lead the project, even if the entire system construction will be assumed by a specialized blockhead developer. The average cost of building an accounting system for an enterprise can be estimated at tens and hundreds of thousands of dollars. However, such figures are relevant to the development of traditional systems.