Challenges for Blockchain businesses in 2022

Are you considering implementing blockchain technology in 2022? If so, you might be weighing up the challenges and benefits that lie ahead. Using blockchain technology brings a whole range of exciting opportunities, competitiveness, cost-saving, and efficiency. But there are some challenges as well. For those thinking of starting a blockchain company, here are some of our tips.

Lack of adoption

Blockchain is yet to be widely adopted, and this does cause some issues. Blockchain can only begin to realise its full potential once it is being used widely, in the case of public blockchains at least. But we have to start somewhere, and there is still hope while blockchain waits for its breakthrough. The use of private blockchains within entities is still promising. Furthermore, blockchain is gaining traction every day, with more and more signing up to use it. Blockchain solutions are set to grow by 72% over the next year, and 75% of companies say they are ready to start using them. Overall, the sector is expected to be worth $11.7 billion next year with a CAGR of over 7%. This means that while mainstream and widespread adoption are not here yet, it is definitely on the horizon.

Consumer confidence

There has long been scepticism over blockchain technology, and this stems from, in part, the chequered past of cryptocurrency. While cryptocurrency has been accepted widely nowadays, some of the stigmas remain. The truth is that blockchain technology has suffered a bit with consumer distrust. They wrongly assume that it could be linked to some of the darker sides of cryptocurrency, such as money laundering. But blockchain is a stand-alone entity and does not need crypto to function. Thankfully, it has started to become recognised as a safe, secure, and efficient system over the last few years.

As blockchain is being adopted by governments, well-known banks and payment companies, and prominent eCommerce brands, this should also provide some comfort to potentially wary users.

Skills gap

Due to the fast maturing of the blockchain sector, a skills gap has emerged. This means that many companies are struggling to find staff with blockchain experience to fill roles. Experts in blockchain, such as developers, programmers, and high-level managers, are in high demand.

This means many companies are competing with each other to get the best people in for the job. As a result, more educational institutes are offering blockchain certifications and degrees, thus increasing the pool of talent. This is a situation that will not disappear overnight, but it will get better. In the meantime, companies must continue to compete for new staff and work hard to retain the ones they have.

Cost

Those looking at adopting blockchain technology might have concerns about specific cost implications. The implementation of new technology comes with a price tag, and in the early days of blockchain, this price was relatively high. But things have changed. As blockchain technology has become more popular, it has also become more accessible. Of course, you can splash out on a custom-built solution or ecosystem, but there are plenty of off-the-shelf or open-source options as well.

In 2022, even those with a modest budget can use blockchain technology and implement it into operations. Obvious choices include blockchain payment systems, compliance tools, and of course, record-keeping database systems. Remember, blockchain technology can also save you money as it is designed to simplify and automate some of your processes. Therefore, investments can be recouped through savings you will make over time.

Fast Offshore

We cannot build a cost-effective blockchain solution for you, but we can take care of all your corporate needs. For over 24 years, we have worked with businesses at the fore of multiple digital sectors. From crypto and iGaming, to, of course, blockchain, we have plenty of experience working with people like you. From incorporation and structuring to licensing, payments, and compliance, we offer a complete service tailored to your needs. Get in touch with Fast Offshore today