Learn about the current limitations of the blockchain and other adoption challenges ahead.
- There is no doubt that the future of Blockchain…contains many uncertainties and challenges.…While it's here to stay, how it eventually matures,…how it is widely used and under what circumstances…it gets adopted are all questions…to be answered in the future.…For this video, we'll discuss several near-term obstacles…to broad Blockchain adoption.…These challenges are not in any particular order.…The first challenge is simply that most people have no idea…what the Blockchain is and have never been exposed to it.…
Building on that, even those that have heard about it…struggle to understand it.…In a 2016 survey of business executives by Deloitte,…a Big Four consulting firm,…40% had little or no knowledge of it.…Of those that had some understanding,…many didn't understand its potential.…When a new technology emerges,…the first obstacle is knowledge and understanding.…With the Blockchain, a much more complex concept than many,…it's going to be a while before…a critical mass of appreciation is reached.…
We'll need to get there before we see…
Jonathan begins by describing some of the current challenges with the Internet, including existing risks and security problems such as identity management. Next, he describes how traditional online databases function, so that you have a basis for how the blockchain redesigns this function. He then describes how the blockchain becomes a potential solution for many of the existing limitations of online databases. Since the blockchain has its genesis in Bitcoin—the digital currency—he provides some background on that too. He also discusses how blockchain technology actually offers new capabilities beyond simply solving old problems. To wrap up the course, Jonathan shares steps you can take in your organization to understand the implications of the blockchain.
- Explain what Captcha does.
- List the core benefits of a traditional database.
- Assess whether Bitcoin requires any intermediaries in a transaction or not.
- Explain why blockchain technology is useful beyond cryptocurrency.
- Identify some ways to reduce the risk of blockchain innovation.