Blockchain framework  139

Barriers

Description

Regulatory rules uncertainty

Concerns surrounding Blockchain regulatory laws as they are still maturing

Audit/Compliance concerns

Audit and compliance concerns to comply with local and global jurisdiction for blockchain projects

Data Protection regulations concerns

Concerns on data protection laws compliance for Blockchain projects

Difficulty to establish Blockchain eco-system

Difficulty in getting buy-in from multiple parties to join the common Blockchain eco-system

Trust issues

Trust issues amongst multiple business parties and also end users to adopt Blockchain

Difficulty in establishing consortium

Businesses find it difficult to establish a consortium to create a successful Blockchain eco-system

Intellectual Property concerns

IP ownership is one of the key issues hindering Blockchain adoption

Scalability

Blockchain scalability concerns are acting as one of the Blockchain adoption barrier

Performance

Blockchain performance issues are also one of the concern for Blockchain adoption

Blockchain interoperability

Interoperability amongst different Blockchain is a key issue for Blockchain adoption on mainstream production use

Governance

Lack of governance surrounding Blockchain adoption is slowing Blockchain adoption

Skills gap

Blockchain skills shortage are a concern for Businesses to adoption and support Blockchain

C-Suite buy in

Blockchain adoption is slow due to difficulty in getting senior management buy-in to adopt Blockchain technology

Figure 5.2  Business concerns on blockchain adoption.