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Is Blockchain a Failure

Blockchain is an amazing ledger technology that helps organizations to process business transact in a business network. It features data decentralization, immutability and helps to establish peer-to-peer communication. Blockchain is a way to remove insufficiencies within the business network and include a secure financial system i.e. time chain.

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Is Blockchain a Failure

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  1. Is Blockchain a Failure? Blockchain is an amazing ledger technology that helps organizations to process business transact in a business network. It features data decentralization, immutability and helps to establish peer-to-peer communication. Blockchain is a way to remove insufficiencies within the business network and include a secure financial system i.e. time chain. Then the question is, why not are all organizations making it to production? Is it a failure? Well, the answer is yes, you can call it was a failure but not completely. In reality, many of the blockchain projects didn’t make it beyond proof of concept. There were some mistakes in the implementation which is why the blockchain system failed. Here are a few of the mistakes- Applying blockchain to everything: • • One of the common mistakes that people make is that they think blockchain can be the solution to every problem. Before implementing a blockchain-powered Time Chain right away to any business, one should first figure out if your business needs it or not. There are 2 ways to know that- Check whether the solution is secure, effective, or affordable or not. Check if the data is from a trusted source or not. Lack of Incentives: • • Most business persons make mistakes by prioritizing technical design instead of economic design. They put less priority on products value and customer incentives. Most businessmen misunderstand the blockchain system's economy and put their efforts into creating long-term monetization. Lack of Governance: • • The blockchain governance structure is very important when you get into a blockchain network. Lack of governance structure among various consortia led them to their collapse. System challenges: • • Blockchain applications can never work single-handedly. There are many things needed to be considered because a blockchain requires complex exercises that are different for distributed and traditional systems. Moreover, the integration should be seamless, if not it will cause a lot of issues such as cost overhead, bad user experience, data inconsistency, and poor overall performance. Lack of Expertise in the Blockchain: • • Blockchain requires governance, incentive mechanism, smart contracts, cryptography, and tokenmics. To fulfill these requirements you need some unique skills that are different from traditional applications. If a blockchain is designed poorly, then the expected result will also be poor. Overall, this post has identified some of the mistakes in the implementation of the technology that is why the blockchain system failed. So, when you are planning to go through the blockchain-powered time chain, try to avoid doing these mistakes and get great success for your business.

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