Blockchain Use in Finance Still Faces Major Challenges

[zeynabpiri]

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.

[Jet Cash]

Blockchain technology is unsuitable for most of the projects that purport to be using it. However, it is the current "must have" word in new financial projects.

[avikz]

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.

Firstly the reference link:
https://cointelegraph.com/news/blockchain-use-in-finance-still-faces-major-challenges-chinese-researcher

Blockchain is a very new technology, just 11 years old! And moving from a conventional technology to a completely new technology takes time! It's a huge change and in major areas of finance, it is a complete overhaul! Such thing takes time as it has to overcome many challenges along the way!

Sometimes, it also depends on the mindset of the leaders who are being affected by the change! Everything is possible till the time we want it to be possible! Otherwise everything looks like a challenge!

[cipherhut]

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.

Firstly the reference link:
https://cointelegraph.com/news/blockchain-use-in-finance-still-faces-major-challenges-chinese-researcher

Blockchain is a very new technology, just 11 years old! And moving from a conventional technology to a completely new technology takes time! It's a huge change and in major areas of finance, it is a complete overhaul! Such thing takes time as it has to overcome many challenges along the way!

Sometimes, it also depends on the mindset of the leaders who are being affected by the change! Everything is possible till the time we want it to be possible! Otherwise everything looks like a challenge!

Blockchain is the potential ledger technology which has applicability in multiple platforms for various enterprising services, its use in the cryptocurrency make it popular and the same time some people think that it has that much use only but on the contrary, it can be used effectively in the financial sector as well. With immutability, it can reduce fraud chances and can help to maintain data transparency. 

[chaoscoinz]

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.

[hugeblack]

There is a difference between Blockchain and cryptocurrency.
Investment mechanisms are still primitive in how to invest "buy, sell or Hodling", or exchange it into Altcoins. As for ICOs, it suffers from the absence of regulatory rules, which makes many projects tend to be a scam project as alternative to the development of real currencies.

Problems are thus mainly summarized in the absence of regulatory  and how to invest.

As for Blockchain, I still think that the research is limited, and there is a growing awareness that we may see island changes over the next 10 years.

[AngelSky]

Blockchain technology is unsuitable for most of the projects that purport to be using it. However, it is the current "must have" word in new financial projects.

Did you ever the read the newspaper which explains the companies accepting bitcoin for payment in 2015 to now. Microsoft and Dell made it if I remember it correctly. Then please read the new the tweets and press release for businesss giants.

Many has explained that blockchain technology is the best solution to secure the fund of anyone.

[Russlenat]

The transformation from a traditional platforms to blockchain tech can sometimes bring uncertainty, specially in the financial sector.
I thought they need more time to test the technology in order to lessen or eliminate any adverse effect that might happen that is not available at the moment.

[Theb]

According to Wei, despite blockchain’s potential to transform a number of industries, tech disruptors have not solved three major problems in regard to the financial sector at the current stage of blockchain adoption. The researcher argued that the blockchain community has yet to work out such problems as data privacy, operability, as well as blockchain’s ability to be integrated with enterprise systems.

Why are they even considering this as a “roadblock/problem” on their part when all the problems they are considering can be solved through the regulation their Chinese government will be handing, and since we are really kept in the dark here we don't really know the situation they are in. Another thing they can do is to based their research and development on the current blockchain related patents from foreign companies in different sector, sure they can't entirely copy it but they can based their own version for it in their country. I don't even really think that this is such a big deal really as the solution is right in front if them already.

[dothebeats]

That is because a lot of companies and organizations wanting to use blockchain for their own systems don't really need one, and if they do they don't know how to integrate it just yet. The blockchain technology per se has a lot of potential up its sleeves, but sadly that is being overlooked by a lot of people and organizations who are in it just to ride the hype and not really use it for what it's worth. For sure, banking and finance would make good use of the said tech if it's developed and understood fully, and they might even ditch the old system which are still susceptible to hacks and MITM attacks even up to this day.

[davis196]

Blockchain technology is unsuitable for most of the projects that purport to be using it. However, it is the current "must have" word in new financial projects.

What the hell does that suppose to mean?
Blockchain is not a "must have".It's just a way to improve storing of information and to optimize all the bureaucracy(that's why the bureaucrats hate it and will always try to stop blockchain implementation).

[marcbitcoins]

I think adaptation of blockchain technology is not easy as 1,2,3 as most technology or system will now need compatibilty like between Windows and MACOS then China and the US. If blockchain technology is discovered and developed by US that if this will be copied by the Chinese then they should expect difficulties as these two nations are not compatible or known rival in talking of economy and technology.