During the MIT Sloan CIO Conference that took place on Wednesday, the blockchain panel said that widespread developments will take time as stakeholders grapple with complexity and evolving standards.
Although blockchain has seemingly limitless applications, extensive blockchain adoption might remain a distant goal. Simon Peffers, an architect at Intel Corp. said during the Sloan CIO Conference, “I think there’s a need to be a little bit more toned down to where it should be applied, and where it really adds value.”
The possible reasons for slow in the blockchain development would be unproven scalability, regulatory uncertainty, lack of implementation standards and a talent shortage. Due to these drawbacks, although blockchain technology has been progressing for its ability to transform banking, supply chains, healthcare etc., it would find time to develop in a large scale.
Panelists continued discussion on how such a distributed ledger technology could work. With some legal implications still unclear, complexity is likely to grow since more institutions get involved. Mr. Peffers said that, “The other piece is that there is a lot of legacy systems. And that’s just going to take time and money and motivation.”
Learning to use the technology, many CIOs continue to explore the potential of blockchain. Once solutions appear, they prepare to adopt for it.
