Blockchain Use in Finance Still Faces Major Challenges: Chinese Researcher
The use of blockchain technology in the financial sector still face many challenges according to a major Chinese researcher, local news agency Sohu reports on April 12.Wei Kai, head of blockchain research at the China Academy of Information and Communications Technology (CAICT), described roadblocks to the technology’s further adoption at a 2019 meeting of the International Chamber of Commerce (ICC) Banking Commission.
I think the problem lies within Blockchains being decentralized and public. It doesn't quite fit the current model of the system, though I am certain that parliament does realize its useful potential, but immediate adoption is questionable. For most Government like situations, it would require great changes to be made, and government is slow and steady when it comes to changes, so the need for adoption is necessary but will be exceedingly difficult, due to the rigidness of how governments work. I think slowly overtime, governments around the world will adapt and incorporate the tech into their everyday systems, as the Blockchain technology improves.