Challenges and its Solutions with Blockchain Technology Adoption in Enterprises

Abstract

Blockchain is going to be a very critical technology for future development of the world. This technology is useful in storing immutable data ensuring that no one will alter data. Since it is decentralized and traceable, no central authority can control it, making it less corruptible. The enterprises are starting to use Blockchain to achieve operational efficiency by automating business process or digitizing records, tracking and tracing physical and digital assets and securing sharing of information. The number of threat vectors grows exponentially as blockchain networks become more complex. While it significantly reduces traditional risk it also creates new risks. This paper highlights the risks and challenges with blockchain adoption, also proposes some of the solutions. Blockchain is an inter-organizational technology, so how do this technology bring people from different organization together is the biggest challenge. There are many other issues like interoperability, latency issues, smart contract vulnerabilities, security concerns and throughput issues etc. But people are still exploring and finding new ways of implementing blockchain technology in daily life due to its versatility resulting in new and innovative applications. So blockchain technology is revolutionary with the potential to improve or develop new systems in different industries and areas.