Blockchain technology is commonly associated with Bitcoin and other cryptocurrencies, but that is not all it does. Some think blockchain has the potential to transform a variety of industries. As blockchain evolves and moves closer to the mainstream, the obstacles to that development are increasingly clear. This interesting information came to us from CMS Wire in their article, “What’s Holding Blockchain Back?”
Those who embrace blockchain do so cautiously as they continue to receive pushback and encounter barriers to adoption. Regulatory issues have been identified as the greatest barrier to blockchain adoption, raising questions of future rules that may hinder the growth of broader uses of blockchain.
Although blockchain technology has only been effectively employed in the past decade, its roots can be traced back far further. A 1976 paper, “New Directions in Cryptography,” discussed the idea of a mutual distributed ledger, which is what the blockchain effectively acts as. It would take another few decades and the combination of powerful modern computers and the clever implementation of a cryptocurrency, to make these ideas viable.
Melody K. Smith
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