What urgent problems need to be solved in the application of blockchain technology

Time:2021-5-29

With the spread of knowledge of blockchain technology, people are full of expectations about when blockchain technology can be adopted on a large scale. What are the urgent problems that need to be solved in the current blockchain technology adoption? Next, I will analyze it for you.

Problem 1: providing trust mechanism is the first task of blockchain technology

So far, there are still reports about fraudulent ICO companies in the blockchain industry. This situation makes people remain skeptical about blockchain related development companies. In addition, even if the establishment of blockchain technology is based on the principle of advocating freedom and autonomy, obtaining regulatory support will accelerate large-scale adoption and build trust with the masses. At present, 17 states in the United States have passed laws related to blockchain adoption. However, the existing regulations still do not cover smart contracts, so there is still uncertainty.

Problem 2: improve speed and ease of use.

Nowadays, the process of buying cryptocurrency requires people to have a wallet and complete the transaction through a series of complex steps. Even developers who create new applications based on blockchain have a high entry threshold. In addition, the current block chain transaction speed is very slow. Taking Ethereum blockchain as an example, it can only handle 15 TPS, while bitcoin blockchain can only handle 7 TPS. Therefore, it is necessary to realize an easy-to-use and plug and play user interface, and speed up the development of blockchain application program, so as to simplify the setting process.

Problem 3: the adoption of blockchain technology does not need to be understood.

The large-scale adoption of blockchain does not depend on people’s understanding of the operation of blockchain technology. After all, most people will resist change or need to learn new ideas. Therefore, the more people don’t feel how to make blockchain, the more likely it will be adopted. Just like network users don’t need to know TCP / IP protocol, blockchain users don’t need to know the function of blockchain at all, because it’s just a back-end technology.

In addition to the above three issues, there are other issues, such as interoperability, establishing collaborative standards to accelerate development, etc. These problems hope to be solved in time, and people can’t wait to reach the stage of blockchain technology adoption.