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Challenges in Blockchain Development

Mar 4, 2020 3:15:53 PM / by Photis Kostamis

(The UAE experience)
 
An interesting white paper was recently published (Jan 2020) by the World Economic Forum
(http://www3.weforum.org/docs/WEF_Inclusive_Deployment_of_Blockchain_Case_Studies_
and_Learnings_from_the_United_Emirates.pdf).
 
Since 2016, the UAE government has launched a series of blockchain strategies to spur
exploration and adoption of the technology in the public and private sectors. As a result, a
number of blockchain projects have emerged nationwide. The white paper attempted to
document some of the lessons learned and to outline challenges and success factors that
UAE decision makers may face during blockchain implementation. Although the findings are
for UAE, one can almost safely assume that the main challenges remain the same for other
countries too.
 
Over than 100 stakeholders from more than 60 various governmental and non-governmental
entities across the UAE actively exploring or implementing blockchain were surveyed. The
primary purpose of the survey was to understand the maturity of the ecosystem and discover
relevant challenges faced during implementation. A summary of the key findings of the
challenges are presented below.
 
CHALLENGES - KEY FINDINGS
  • Survey participants were unified on the opinion that the core challenges in blockchain implementation remain in the operational and regulatory sphere rather than on the technical side.
  • Bringing stakeholders to the table, alignment of interests, and communication between parties were ranked as top challenges for blockchain projects.
  • The public sector saw education and alignment with stakeholders as the most pressing challenge, whereas the private sector’s key concern resonated around regulatory uncertainty.
 
Although, challenges faced by organizations are primarily related to the strategic, operational
and regulatory aspects of implementation, technical aspects are not be ignored, as shown in
the figure below. For example, the authentication significance (green arrow).
 
Capture_DUBAI_3
 
Talking of authentication significance, I could not help but mention our team’s development
efforts in the blockchain field, namely for the development of a mobile application for age
identification. In particular, our latest R&D activities at Upcom are focused on integrating the
blockchain technology in our age verification product (AGEify), in order to make the solution
more open and transparent, and to facilitate law enforcing authorities in auditing the age
verification transactions.
 
For further details about the application and / or our services, you can contact us by filling
 
 
Photis Kostamis

Written by Photis Kostamis

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