A blockchain developer is always dedicated to ensure that the digital ledger platform error free and secure. They work hard tirelessly to make sure that the decentralized network does not have any loopholes making the platform vulnerable.
Every blockchain development company focuses towards giving a hassle-free service with effective and efficient operation. The innovation of blockchain is a boon to all enterprise blockchain technology by itself. This technology needs constant upgrade to avoid threats and make sure all data is protected and there is no security attack.
With changing technology blockchain is required to adapt every day and this involves the need for more time and money. This bring us to question what are the challenges in implementing blockchain given its limitations.
Following are some major challenges that every blockchain development company faces while implementing blockchain.
Unanswered technical aspects:
Blockchain is likely to have bugs and issues which constantly bring change in technology. This takes time to get looked into even after a lot of complaints and issues have been raised. This leads to concern for its privacy and security issues on transaction and transfer of funds and data.
Since the technology is new and yet to be explored in many sectors, every new exposure of the platform opens a door for new learning of blockchain. Functions as easy as creating a portfolio are even subjectable to problems and issues in terms of operation in a decentralized network.
This can be avoided by testing the platform, in detail, multiple times which increases the investment cost.
Unpredictable development price:
The cost and technical aspect of making payments in a decentralized network in blockchain has always been higher and more difficult. This makes blockchain drop down from the market in terms of usage and increase the price of using its service. Market price might fall down as a result which will cause disruption and distrust among users.
Another reason for price decline might be a result of the promises that blockchain had made but still undelivered or delayed in delivery. Blockchain is striving hard to reduce all issues regarding its development which involves cost of testing, maintenance which in turn increase the price of blockchain service.
Price of developing or using blockchain is often unpredictable due to constantly changing technology. This makes users feel reluctant that the digital ledger platforms are insecure. Developers should not focus only on the developing part but rather also consider the impact it will have on the price range of developing or upgrading too.
Smart contracts:
The rate of technology change is faster than the rate of producing compatible tools to use those technologies efficiently. The markets are unexplored and available tools are insufficient for tracking or debugging. This makes blockchain look insecure. As a result, the cost of maintenance requirement increases for blockchain, which further increases the cost and need for resources.
In smart contracts, there is something called a gas limit which indicates the amount of digital money you pay for executing your transaction. Your transaction in turn depends upon the code of lines you execute.
As the amount of gas limit is low, you can make only a limited number of transactions and transfers. This implementation issue will reduce as more knowledge is learnt and more tools are invented but for now blockchain is still in the growth stage trying to cope up with the changes.
Gossip about dark web:
One of the major implementation challenges in blockchain is due to false or fake stories spread about cryptocurrency in the dark web. There have been many complaints raised by dark web users recently stating that they face technical problems which cause them to receive or transfer funds at a delayed operation time. Cryptocurrencies accessing blockchain development platforms are widely being used in the dark web for transactions. But, most of these transactions and operations that take place in the dark web with blockchain are ethical and legal.
Yet, still the word dark web by itself gives a type of meaning and image in the minds of users which makes them feel insecure. This kind of perceived image about the crimes happening in the dark web reduces the credibility of blockchain even though it is fake. This makes the implementation even harder.
Constant requirement for updates:
Another major challenge in blockchain implementation is delay in delivering promised features at the right time. Maintenance are completed at reduced intervals and when the security updates are not frequent. This issue is not intentional but rather it is due to the lack of resources to develop the program platform and meet the constant demand.
When the network is updated at low intervals, it makes blockchain susceptible to hacks and many other vulnerabilities. Thus, it results in convincing the users more to make them feel safe with using blockchain. If this issue persists then implementing blockchain will result in disrupting the user and developer connection.
Taking on the task:
Implementation is always a challenge when a new technology is invented or a new service is introduced that uses technology to make life easier. This is due to the formation of a resistance group made up of individuals or entities. This resistance group will either be afraid of the technology or service because of future threats, or they will simply try to destroy it. Blockchain has similar issues, but it has a bright future ahead of it. Projects like Augur, Golem, and others are examples. What other challenges do you think blockchain will face in terms of implementation?
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