There is a boom in the market with the several new startups and blockchain companies in India. It has become the latest buzz of the market as it is being accepted and adopted rapidly by both government and private organizations. However, the momentum of the project work seems to have been losing its pace as compared to the enthusiasm with which the projects were announced.
Indeed the encryption-based technology has made its way to various sectors such as pharma, healthcare, automobile, infrastructure, real estate, finance and many more. But, many projects haven’t moved beyond their proof of concept (PoC) trials. In fact, some of them have just stuck at the memorandum of understanding (MoU) stage.
According to Factor Daily, it is stated that the many stillborn projects of the blockchain companies are stuck due to the conventional legacy trade and database management system. It is challenging to shift data to the integrated blockchain platform. A senior consultant of audit firm EY, Tanvi Ratna stated that most of the blockchain-based projects are not going to move beyond the PoC stage for time being as what seems from the current scenario. She further added that making a shift from legacy processes is going to be challenging and difficult than what it looks like. This is not just a module change but end-to-end traceability of the entire system.
Emerging Blockchain Technology And Companies
Despite being one of the most efficient and secure platforms, blockchain still has many protocols under development. The technology is still being researched and developed as per the domain requirements. The blockchain companies are into a developmental phase and they are making necessary updates for stabilizing the system.
The firms will have to pay a continuous attention to scalability, usability and UX as they are very nascent and require a standard for large-scale deployments. Perhaps, this is all under consideration by the developers that is why the project developments have been halted or moving at a slow pace.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]