Blockchain: A Practical Guide to Developing Business, Law, and Technology Solutions

9   Challenges

As blockchain evolves and new applications emerge, we the developers—and perhaps governance regulators and attorneys—will face a complex set of issues, as well as new dependencies. A key challenge associated with blockchain is a lack of awareness and technical skills needed to implement the technology, especially in sectors other than banking. A blockchain represents a large shift away from the traditional ways of developing digital technologies. It places trust and authority in a decentralized network rather than in a classic central institution. This loss of control makes business leaders hesitant. Blockchain is perhaps 80 percent business process change and 20 percent technology implementation. The speed and effectiveness with ...