Blockchain Use in Finance Still Faces Major Efforts: Chinese Chemical
That said, the blockchain expert noticed that blockchain tech has the capability to bring benefits to other industries such as manufacturing, transportation, medicine, administration, along with many others, and to transform the banking business.
On April 9, the developer of community site StackOverflow found that 80 percent from 90,000 programmers are now not utilizing blockchain technology.
Wei Kai, head of blockchain research in the China Academy of Information and Communications Technology (CAICT), described roadblocks into the tech’s further adoption in a 2019 meeting of the International Chamber of Commerce (ICC) Banking Commission.
The CAICT study center operates under the Chinese Ministry of Information and Industry Technology.
The use of blockchain technologies in the financial sector still face many challenges according to a significant Chinese writer, local news bureau Sohu reports on April 12.
Kai also noted other important problems such as coordinating regulatory procedures between different jurisdictions worldwide.
According to Wei, regardless of blockchain’s potential tech disruptors haven’t solved three big problems in regard to the sector in the present stage of blockchain adoption. The researcher contended the blockchain community has to work out problems that were such as the capacity to become integrated with business systems of blockchain, as well as information privacy, operability.
Recently, a survey showing that most finance and taxation executives do not consider utilizing blockchain technologies was published by Big Four auditing company KPMG, with 67 percent of respondents claiming that they not used the technology .