Limitations of Using Blockchain

-

 Technology adoption is difficult. Some Blockchain pitfalls.
1. Technology startup
As Blockchain is still growing, overcoming concerns like transaction speed, data restrictions, and verification will be crucial.
2. Regulator uncertainty
Uncertain, dynamic, and regularly modified, insurance rules. Uncertainty hinders insurance companies' implementation of blockchain.
3. Protections
Many insurers are worried about cybersecurity, despite options like private Blockchain and strong encryption.
4. Integrity issues
Blockchain apps provide sophisticated solutions that may necessitate system overhauls. Companies must integrate smoothly.
5. Timing
New technology has undiscovered repercussions. High client needs, quick software change. Because software and hardware evolve at different rates, blockchain's performance may be affected.
6. Adoption
Blockchain demands fresh thinking. A move to a decentralised network needs user and operator buy-in.
7. Cost
Blockchain reduces transaction time and costs. Initial capital expenses are prohibitive.
8. Competition
As blockchain technology evolves, competition grows. Marketing rumours make clients distrustful. Adoption costs also rise.
9. Information-sharing
Software and hardware evolve with quickly evolving technologies. No fixed standardised system for exchanging information is a challenge due to fast change.
10. Norms
Blockchain requires a new rules system. All networks should agree on norms and regulations.
Every obstacle is a chance. How will you use these challenges? Benefits outweigh drawbacks. To win, learn, adapt, and create.

Comments

Post a Comment

Please do not enter any spam link in comment box.

Popular posts from this blog

Health Insurance of Pakistan/India/Kenya/Bangladesh/Morocco

-
Image
  Health Insurance of Pakistan   The health insurance industry in Pakistan has undergone significant changes over the past few decades, with a focus on increasing access to healthcare services and improving health outcomes for the population. Here are some key developments in the health insurance sector in Pakistan:   1994: The Pakistani government established the National Health Insurance Scheme (NHIS), which aimed to provide healthcare coverage to the country's poorest and most vulnerable populations. The NHIS was later renamed the Health Card Scheme and expanded to cover a wider range of beneficiaries.   2001: The government of Punjab province established the Sehat Sahulat Program, which aimed to provide free healthcare services to poor and vulnerable populations in the province. The program was later expanded to other provinces in the country.   2005: The Pakistani government passed the Insurance Ordinance, which aimed to regulate the insuran...
Read more

InsurTech Trend transform the way we buy, sell and claim on car insurance

-
💓 InsurTech is abbreviation of insurance technology which means all advance technologies in trend like Artificial Intelligence, Cloud Computing, Big Data Analytics, Data Science, Machine Learning, Deep Learning, and much more. These technologies have potential to revolute the whole insurance industry structure entirely. If we see one application of only one technology like IoT with Artificial Intelligence in car insurance product of insurance industry, it has great potential to revolute whole business structure on which base this product is offered. Lets understand the revolution process only by this one technology like IoT with merging Artificial Intelligence. IoT means internet of thing defined as any object which has capability to be connected with internet falls in this category. for example, smart watch, smart home, smart city, smart building, smart camera, smart T.V, smart manufacturing plant, smart car and so on. Telematic is a device which falls in IoT category as it can mea...
Read more

Islamic Banking VS Conventional Banking

-
Image
Islamic banking  is same like  conventional banking . This is statement of majority. However, they both have difference. it is not like " hold ear from one side or another side, both are same". Islamic banking is imperceptive by majority. This blog will remove misconceptions about Islamic finance. You may see video and subscribe my channel  " IBF Club"  where many videos relating to products of Islamic banking are described with comparison of conventional banking products. Now decision is yours either you support Islamic banking in this level or not. Islamic banking is not too old as conventional banking which have strong roots in economic system of all countries. If we really want get rid from interest based system then we have to support to Islamic banking by opening account in Islamic banking branches or spreading awareness or getting education in this field and switching jobs from conventional to Islamic banking branches. These all are efforts which require for...
Read more