Despite recognizing and acknowledging the innovation that blockchain has brought up to the world still there is a slow down in its acceptance.
The CoinAdvice recent research team is analyzing the facts and trying to educate the audience and the industry at large on some facts and the assimilation of blockchain capabilities which can affect regulatory compliance with improved operational efficiency while providing data integrity with complete transparency.
This useful and important distributed ledger technology can be useful to various aspects of life, but there are certain hurdles to overcome before this can become a reality.
Although most of the futuristic and advanced organizations recognized its importance of implementation but lacking the in-depth knowledge to make it a best practice to follow for coming generation.
Paul Brody, EY Global Innovation Leader, Blockchain Technology, explained, “As blockchain platforms become more mainstream, putting a robust governance model in place will be key and establishing best practices for reviewing the integrity of blockchain applications can help “build trust in the company’s underlying assets”.
Marcel Cassar, chairperson, Malta Bankers Association stated that “blockchain is a wonderful innovation– it can be a total game-changer technology but it’ll take some time to extensively impact the global community immediately. He says “But going by our experience of technological innovation, a blockchain revolution of business and government could still be years away because many barriers would need to fall in the meantime. It has established its founding stone for our economic and social infrastructure.”
An excerpt from CoinAdvice study shows that “A considerable number of aspects of the law will also need to be reinterpreted or changed through primary legislation. These issues include the legal definition of the finality of settlement which presupposes existing market processes and central data sources held at the CSD. The existing geographic territorial requirements concerning where data is physically maintained as a golden source, a concept that does not fit with copies of the ledger being distributed to nodes on a global basis.”
> There is no denying the fact that a broad range of innovators and investors have gained the confidence but governments and banking systems are still trying to mulling over its usage in the mainstream which will sooner or later follow the trend and its enactment to make it a better ecosystem for everybody.
Another excerpt from EY which is worthwhile to see- Four transitions in years ahead for its adaptation:
• The networks will move from private to public, creating an open system for all users.
• Data will be tokenized instead of synchronized. This means that data will be transferred as a token, instead of updates from a private network synced to a public network. Tokenization improves accuracy and reduces risks such as forks in the distributed ledger.
• Instead of independent cryptocurrencies, financial companies could tokenize existing, or approved currencies. This will allow users to transfer value on a public network.
• There won’t be separate networks that run parallel to each other. Instead, there will be an integrated network that complies with laws and regulation from central banks and governments.
CoinAdvice through its endeavor is trying to unveil the shadow of doubt over the blockchain technology and inculcating some important facts for the adoption of blockchain technology to make it a better world.