A new report from the World Economic Forum and Accenture, the professional service provider, has revealed the five biggest obstacles blockchain-based enterprises have to face today.
Having quizzed 550 individuals from 13 industries utilizing blockchain technology, the researchers found that hype remained one of the biggest challenges for the people leveraging the digital ledger technology.
The problem, they said, is that people are expecting too much. For instance, the people polled on average expected a 24 per cent return on investment on their early blockchain projects. However, at the end only realized a 10 per cent return. Moreover, 42 per cent thought their brand value would increase tremendously by telling people they were going to launch a blockchain project and that this figure would rise to 87 per cent once the concept was delivered.
Many of the blockchain adopters also struggled with going from having an idea to actually putting the concept into production. The issue for many was that they couldn’t get stakeholders to buy into the concept.
Other common hurdles included team work issues and dealing with sluggish legacy systems. Roughly 87 per cent of the people polled said it was particularly difficult to implement blockchain in a pre-existing system.
The final of the five major challenges facing blockchain innovators was dealing with uncertainty. Indeed, 59 per cent confessed that they actually had zero confidence in their own project’s ability to deliver a positive return. Interestingly, 62 per cent also noted that they hadn’t created a business case prior to investing in blockchain.
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