In order to appeal to the masses and become mass stream, blockchain must overcome four challenges, according to Kirill Bensonoff, a blockchain expert, and cited by the Global Trade.
1. Interaction with other systems: The growth of blockchain depends on its scalability, which includes being interoperable with other systems and networks.
2. Cost and usability: Many companies cite costs as the reason they don’t implement or develop blockchain networks. The introduction of cloud-based blockchain technology may help this problem.
3. Regulation: While some states and countries have passed blockchain regulation, most of the world is in a gray area when it comes to blockchain, and regulatory limbo often affects adoption.
4. Privacy: Blockchain networks are decentralized and transparent, meaning all parties on the network can see what is going on. For industries that require increased privacy, developing stealth addresses, ring-confidential transitions or state channels may be the solution.
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