The latest report suggests that the blockchain developer companies are having a tough time implementing technology for its clients. According to a poll in which 57 percent of executives participated in the implemented DLT at the enterprise level seems to be much harder than was previously expected. The report was released recently by Greenwich Associates, a consulting firm.
The distributed ledger technology database is managed by multiple participants and not by a central entity for settling transactions and storing information. Blockchain technology is one of the types of DLT. The study in which more than 200 executives participated includes executives who are working at banks on blockchain projects, dedicated blockchain companies, technology vendors, consultancy firms, and exchanges.
The data reveals multiple common technical challenges of DLT solutions adoption. It includes a hardware security question, scalability issues, transaction confidentiality need, and handling the payment part of the transaction. According to the data, around 42 percent of firms identified scalability. It indicates the ability of a network to process transactions of high volume at high speed as a serious issue.
However, scalability was a major problem on for 7 percent dedicated blockchain developer companies. According to Greenwich Associates’ Market Structure and Technology Group vice president, Richard Johnson, “Perhaps its optimism on behalf of the blockchain companies and their technology or perhaps it represents the fact that a lot of the testing they have done has been in more of a demo environment. When you start connecting with the real world that introduces latency and slows things down.”
According to Forbes, most of the firms who participated in the survey were yet to implement the DLT transaction solution in their working. And importantly most of them are still dealing with a very slow speed of transaction. The source says that 2 percent of the companies have been able to meet the 15,000 transactions per second speed which certainly is a very high speed.
Johnson said that though only small blockchain developer companies have been able to reach the speed, it is a good sign for future adoption, reported News BTC.
The post Blockchain Developer Companies Having Tough Time Implementing Technology, Says Latest Report appeared first on OWLT Market.
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