Blockchain: Is it hype?  89

Obviously, the barriers can be minimised through various solutions;

however, it is worth going through them.

The following are some of the barriers to blockchain adoption

industry-wide:

• Flexibility and interoperability: Retaining flexibility in terms of chang-

ing the architecture, technology, people and processes are vital in

achieving long-lasting success. There are multiple protocols, products

and standards of blockchain technology, and it makes it difficult for an

organisation to select one, due to the lack of interoperability with other

ledgers and platforms. There is also a lack of common standards.

• Cultural resistance: Resistance from society due to various social fac-

tors like employment, business losses, culture etc. can also slow down

the adoption.

• Government support: Government support is crucial for Blockchain

adoption including regulatory support. Lack of regulatory approvals

can slow down Blockchain adoption.

• Skills: Insufficient skills and knowledge for firms to develop, oper-

ate and support blockchain solutions effectively is essential for block-

chain adoption. Lack of skills and knowledge can drastically slow

down the adoption.

• Inappropriate use cases: Blockchain use cases are being wrongly

adopted and a lot of money is wasted due to businesses not under-

standing the appropriate real-life benefits and fit for use case scenarios.

This can be a potential trigger for wasteful investment. Investment is

being wasted by using blockchain for unsuitable use cases.

BLOCKCHAIN ADOPTION TO SOLVE CRITICAL

AND COMPLEX BUSINESS PROBLEMS

As discussed in the previous chapter, blockchain evolution is disrupting all

industries. Most of the traditional business use cases are trying to save cost,

gain market share, reduce fraud and ultimately improve customer services

through automation, transparency and security. As you might have guessed,

blockchain plays a vital role in reshaping businesses around the globe.

In this section, we go through a couple of real-world business problems

and then articulate how blockchain is disrupting the status quo and is creat-

ing value add for businesses and society.

Business problems

Although there are thousands of use cases that are either being used or are

going through producing MVP, the following real-world business problems

are close to my heart.