The emerging features of Blockchain technology are making many IT firms to accept it as new data structures and the cryptocurrency has shown much potential to rise more. It is stated that there is a huge growth of Blockchain technology on the commerce platform, relating to the exchange of goods and services on a large scale.
Jeremy Drane, the Chief Commercial Officer for Libra, said that some IT farms may adopt Blockchain and cryptocurrency to their existing IT Infrastructure. But the systems of those farms are unable to cope up with the ledger technology as it has very different data. Customers have been educated about the minute differences between data structures which make systems unable to work. Therefore, implementing a new data structure is far better than restructuring the old one.
While adapting the blockchain technology, arising issues are likely to face by the startup ventures as well as large corporates. To drive success stories, the technology should be seamless, secure and speedy while accessing data. In order to pave the way for developing the blockchain technology, companies need to develop their digital infrastructures for the crypto as well as cloud services which must belong to the next generation.
For prospecting the Blockchain technology, companies need to adopt new business strategies and they will have an impact on the traditional IT infrastructures while supporting the ‘new order’, The Scotsman reported.
It is stated that this software is not fully developed, therefore, to make a company or product attractive to customers is not proper owing to the involvement of the different technologies in each cryptocurrency solution.
Apolline Blandin, the Research Assistant on Cryptoasset and Blockchain Technology, addressed the need for implementing and developing the cryptocurrency in the industry. Whereas Deloitte’s Risk Advisory Leader for Fintech and RegTech Kent McKenzie addressed the regulatory challenges which are faced by the blockchain technology across worldwide, The Scotsman reported.
Blockchain Is Becoming More Popular Than Cryptocurrency
Most people are showing more interest in the blockchain technology rather than cryptocurrency. The google trends show that search queries for the blockchain technology are more as compared to cryptocurrency and the search queries are likely to increase as time goes due to its increasing demand. Many experts predicted that the growing adaption of Blockchain would give a tough competition to cryptocurrency, Smartereum reported.[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. ]