Blockchain companies are continuing to make waves in 2019 as entrepreneurs, engineers and analysts join forces to create a new system of banking.
This disruptive means of financial transactions is forging ahead with a great deal of momentum as incubators and startups are developing their own models for investors to cash in on.
Like any invention that finds its way into the market, there are key challenges and distinct opportunities that make themselves evident, both from the inside and outside of the organisation.
Bitcoin might have paved the way for more to come, but there will be hurdles that have to be overcome for these models to be truly relevant and mainstream across the spectrum.
Here we will outline what some of the those outstanding challenges and opportunities are for the cryptocurrency professionals.
Breaking the Old Mold
Despite the howls from naysayers who shoot down blockchain companies, many of these same experts cannot ignore that peer-to-peer networks are gaining success and traction by breaking the old banking mold. What we have seen this decade is a ways and means of eliminating so many of the barriers that has made this process arduous, stagnant and outdated to many of the current consumers who need a higher degree of efficiency. The single greatest opportunity that these new organisations have is the ability to bring this new wave of thinking to the market as investors and consumers have come around to the idea that P2P networking can succeed.
Void of Regulation
A stick that has been used to beat blockchain companies with has been the lack of regulation placed on these organisations, opening up the possibility of black market operatives, communist regimes and criminal enterprises taking advantage of the P2P approach. Regulation is starting to occur, but until it is universal, there will always be questions asked about who exactly is utilizing these systems to keep certain transactions away from prying eyes.
Not Limited By Financial Sector
The penny dropped quite literally for blockchain companies when global conglomerate Deloitte invested in their own cryptocurrency modeling this decade. That would be a moment that signaled to the rest of the world that this technology could venture beyond the realm of simply financial transactions as it helps to ensure internal records are protected and documentation can be fast tracked. This opens up a world of possibilities because there is no business out there across any niche that could not utilised an internal system that fast tracks transactions and the processing of documentation.
Lack of Security Protections
There is a major security concern for certain blockchain companies who are at the early stages of their development. Case studies have been examined numerous times this decade where access to sensitive information has been compromised and with an influx of engineers and innovators coming and going from organisations, certain networks do not have the protections necessary for a system like this to function correctly.
New Environment for Innovation, Employment and Investment
In essence the free market is a double-edged sword. For the wealthy and privileged there is great scope to earn great income and make a success of any venture. For those that are not so fortunate, there are significant barriers to earning a healthy living wage in an environment that is dictated by CEO salaries and market fluctuations. Blockchain companies are operating at the ground floor in 2019 with tremendous scope for investors to back fresh employment opportunities and support the innovation that is taking place.
Blockchain companies are venturing into unchartered territory here and predicting outcomes and scale of growth is close to impossible. What was thought of as a flash in the pan has since spawned into an exciting endeavour, but these challenges will not disappear overnight. The prospect of these opportunities fulfilling their potential could be a game changer for the entire marketplace.