Why Aren't More Companies Using Blockchain?

Due  |

The blockchain is supposed to be a revolutionary technology, changing the way we think about everything from financial transactions to cybersecurity. Yet only something like 3 percent of Fortune 500 companies are currently using the blockchain as a core part of their business.

We might be seeing slow and steady progress, with consumers warming up to the idea of using cryptocurrency, but there’s still something fundamentally stopping businesses from launching into more investments.

So what’s holding things up? We spoke with Rajat Mishra, Cisco VP of and pioneer of various blockchain initiatives, to find out.

These are just some of the reasons the blockchain isn’t seeing more than its current level of adoption.

Unfortunately, there are no quick fixes to any of these problems. It’s going to take time for visionaries like Rajat Mishra and developers to improve upon the blockchain’s current model (and compensate for its weaknesses), and time for companies to see the value in investing in the technology.

However, in the next several years we’ll likely see:

It may be several years before businesses are able to tap the enormous potential that the blockchain has to offer, but such is the lifecycle of such a groundbreaking new technology. Despite all the benefits that regular crypto traders are seeing, there are legitimate obstacles preventing big companies from adopting it—but thankfully, no single obstacle is unconquerable, given enough time and commitment.

Originally published here.

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