A Closer Look At The Primary Concerns That Blockchain Technology Presents
Blockchain technology and blockchain development are both being touted as a way for the world to come together and as with any movement of this magnitude, there will always be those who push back against. While some of these skeptics are speaking from a place of misinformation, there are legitimate concerns that need to be addressed.
None of these problems are enough to torpedo blockchain technology or blockchain development by themselves. However, these are concerns that mobile developers will want to pay closer attention to when they are working with these technologies. They are going to have a major effect on the process going forward.
These issues may seem catastrophic now but further examination is needed before assumptions are made. In order to fully address the issues with blockchain technology and blockchain development, it all starts by taking a closer look at the most important problem that needs to be discussed:
Blockchain Technology Is Not Environmentally Friendly
This is a concern that has been discussed ever since Bitcoin began to rise in popularity and for mobile app developers that are looking to get a piece of the pie, it is a crucial one. The environmental concerns that are associated with blockchain technology and blockchain development cannot be ignored but that does not mean that they are insurmountable.
The amount of computing power that is needed to run blockchain is definitely considerable but it is important to remember that blockchain technology is in its infancy, relatively speaking. The amount of computing power that is used today is not likely to remain the same in the future.
Mobile app developers who are looking to take advantage of blockchain’s ubiquity can take solace in the fact that smaller blockchains use a much smaller amount of computing power. Since smaller blockchains are going to be used more and more in the years to come, this comes as good news to many.
Now that governing bodies are getting involved with cryptocurrency legislation, this is another concern that will likely fall by the wayside eventually. At the current moment, life can be challenging for mobile app developers who are looking to cater to blockchain users. The rules and regulations seem to change by the day (or the location).
Investors still find themselves nervous about the perceived lack of regulations but the world of blockchain is not exactly the Wild, Wild West. Legislators are doing their best to keep pace with the current environment and a number of states have already taken legal action against those who are believed to have defrauded customers.
This allows mobile app developers to breathe a major sigh of relief. After all, no self respecting developers want to waste their time with a form of technology that is being used to conduct illicit transactions. Regulatory oversight is headed in the right direction by all accounts and should only continue to improve.
Blockchain Is Too Difficult For The Average User To Understand
This is where mobile app developers are actually able to become a part of the solution to a perceived problem. For many, the sheer concept of blockchain development is a difficult one to comprehend. Some may even confuse blockchain technology with Bitcoin or another form of cryptocurrency.
On the other hand, the applications that could be developed as a means of making blockchain more accessible to the average user could become revolutionary. This puts the onus on developers to create applications that allow users to benefit from the technology, no matter what their level of expertise may be.
Facilitating these types of connections becomes especially important as more and more financial institutions make the change from traditional methods to blockchain based methods. Developers who create apps that allow all users to benefit from these shifts are the developers who are going to be laughing all the way to the bank.
This Technology Cannot Provide The Appropriate Speed
Somewhere along the way, the idea that blockchain is slow and unable to handle certain processing speeds ingrained itself in the public consciousness. It is true that blockchain based transactions can take a longer time to process but this will not have a negative effect on blockchain development. These transactions are only lengthy when compared to traditional forms of payment.
One day, the technology that is used to conduct blockchain transactions will catch up to the speed of traditional transactions. Experts believe that society is headed towards a world with no wallets. Once the future has arrived, mobile app developers must be ready for it. That means taking the time to create apps that address this brave new world.
Vendors have yet to adopt blockchain as a viable form of payment because of the inherent risk involved. As these risks are reduced, blockchain will become a bigger part of the payment process. Processing and engineering speeds are only going to continue to improve and mobile app developers must get in on the ground floor as soon as possible.
Governing Bodies Are Not On Board With Blockchain
There are certain members of the blockchain community that have convinced themselves that blockchain development will always be stymied by “The Man”. They believe that blockchain technology possesses too much disruptive power and governing bodies are going to do everything in their power to put a stop to its growth.
Mobile app developers may even find themselves believing these types of stories as well. It is easy to say that the sudden wave of interest from banks and governing bodies is cynical in nature. This is an understandable point of view.
On the other hand, it is important to note that the tide is turning. The financial services industry is already looking into the technology to find out how they can benefit. As governing bodies and financial institutions learn more about how they can harness the technology for themselves, the idea that regulators are not on board will become an even bigger myth.