Hello everyone,
I'm currently taking an online course about blockchain technology as part of my research endeavors. Given that blockchain is decentralized and supports smart contract functionality along with many transactional advantages, I find it puzzling that it hasn't been widely adopted yet. I would appreciate insights into why blockchain is not fully implemented and if there are significant drawbacks that might be hindering its mainstream integration. Thanks in advance for your explanations!
Blockchain’s adoption is limited in part due to inherent technical challenges that make integration with existing systems difficult. For instance, determining the balance between decentralization and efficiency remains a hurdle. My experience indicates that establishing a globally accepted regulatory framework is complex, and the significant energy consumption involved in many blockchain processes often deters wider deployment. Additionally, industry adoption leans towards solutions that provide immediate performance benefits, whereas blockchain technology is still proving itself as a reliable solution for large-scale applications.