Blockchain execs find difficulties in implementing the technology
More than half of corporate executives who had previously said they were looking to adopt blockchain, told a new survey that implementation of the technology had been more difficult than expected.
The survey, published on Thursday by Greenwich Associates, further developed themes explored in an earlier survey that found distributed ledger technology solutions were steadily moving along the adoption curve.
Indeed, 14% of companies surveyed at this time said they had already moved into production of such solutions.
The latest survey, however, found that 57% of blockchain executives had found implementation of the technology much more difficult than they had previously expected.
Based upon the responses from more than 200 executives working on blockchain initiatives at a wide range of companies, 42% said scalability was one of the main issues – many finding that processing high volumes came at a cost to transaction speed.
This was most likely due, the report author Richard Johnson said, to discrepancies between the testing environment and implementing the technology in the real world.
“A lot of the testing they have done has been in more of a demo environment. When you start connecting with the real world, that introduces latency and slows things down,” Johnson said.
Many simply found that internal resistance proved difficult to overcome, as IT managers were frequently sceptical of the benefits of blockchain over their existing IT systems.
“Implementing enterprise technology designed to replace decades of legacy market infrastructure is no simple task,” the report said.