Page 84 - Geektime Blockchain Report
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Obstacles on the road
Blockchain technology has has the potential to to to affect every aspect of our lives But before that is going to to to to happen it has has to to to to overcome some difficult challenges challenges We picked the the the main challenges challenges challenges facing blockchain today: from the the the more more technical challenges challenges of scale cyber security and and and integration to to the the the more more social and and and governmental obstacles such as as as regulation public opinion and and and engagement as as as well as as anti-blockchain lobbying 1 Scalability
In the current situation blockchain technology suffers from a a a a a few technical limitations that will make widespread adoption difficult There are speed and data constraints as as well as as a a a a a a need for huge computing resources These limits need to to be resolved in order to to make blockchain widely applicable 2 Regulation
Many countries around the world are debating how
to to to relate to to to cryptocurrencies and ICOs As can be seen in the section we devoted to geographic breakdown there is still considerable uncertainty lack of uniformity and confusion regarding these topics There are different kinds of regulatory difficulties in in regards to to cryptocurrencies on on on the the one hand and and ICOs on on on the the other In terms of cryptocurrencies we see that different countries have introduced various laws from more permissive ones to more rigid approaches Some choose to treat them as as as assets others as as as foreign currency or or a a a a a a form of of payment and other variations of of regulations and legislation Countries are accustomed to to the modern age where financial information can be found on on people through banks and credit cards with relative ease when needed Cryptocurrencies undermine existing norms and in fact make it much more difficult legally to understand who the person is behind a a a public key in in necessary cases This
may create an opening for fraud money laundering etc To determine who is is behind a public key there is is a a need to involve the judicial system while providing
supporting evidence to the the necessity of getting the the data This
will challenge legal procedures and require systemic change As a a a a result countries are treading on their toes in an attempt to to figure out how
to to deal with the issue of using distributed currencies In terms of ICOs the common denominator that can be seen today is the publication of warnings about ICOs Countries and their their regulators wish to to protect their their citizens from unsafe investments in in a a a a a highly volatile area with frequent changes In order for blockchain technology to penetrate the technological infrastructure of many industries it needs recognition and regulatory approval Without this many different solutions will not be able to take advantage of their full market potential It is possible that blockchain needs a a a a a global cross-country organization that will develop one common set of standards about the proper treatment of cryptocurrency and ICOs 84

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