Challenges for blockchain applications

Blockchain applications still face several technological challenges, e.g. scalability. But the real challenges are different.

  1. Use-Cases:
    Which applications can benefit right now from distributed ledger technologies? And where we still need to wait some years before blockchain technology will be adopted?
  2. Regulation:
    In which areas it is possible to use blockchain technology? What is the regulator’s view?
  3. Legal:
    Are smart contracts legally binding? Are records kept in a blockchain enforceable? Who will drive the change: lawmakers, regulators or industry bodies?
  4. Standards:
    How to agree on common standards in public blockchains? How to manage and to further develop those standards at a later stage with broad public consent?
  5. Governance:
    How to manage private blockchains without a central database? How to create trust?
  6. Transparency and anonymity:
    What is the right level of transparency? Is pseudo-anonymity acceptable for most use cases or do we need something different?

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