Blockchain Beyond Cryptocurrencies

Written by Abubakar Mikail 

Applications and Challenges of Distributed Ledger Technology

Distributed Ledger Technology allow users to store, share, and synchronize data and transactions across a distributed network of many participants using distributed ledger technology. It can also be viewed as a collection of technologies with similar structures that operate according to different sets of rules.

 In this research, we provide a broad overview of the state of DLT and blockchain advancements and look in-depth at the key factors influencing their progress. We outline several areas for the DLT/Blockchain community to think about further concerning the potential function of standardization. The study aims to stimulate additional conversation regarding the potential role of standards in assisting the development and acceptance of the technology, rather than provide a comprehensive list of subjects. A mixed methods approach was employed to conduct the research, including an in-depth literature assessment, interviews with experts from both public and private organizations, and an internal workshop.

Key Findings

Challenges facing DLT and blockchain 

The terminology is unclear, and the technology is thought to be still in its infancy

Early adoption concerns and potential disruption to current industrial processes.

Inadequate data on business gains and broader economic effects.

lack of clarity around the governance of the technology.

Regulations are uncertain.

fragmentation as a result of numerous non-interoperable implementations.

maintaining the data's privacy and security.

ensuring data integrity and powerful encryption.

Technology's energy-intensive nature.

Lack of understanding of smart contracts and how to use DLT/Blockchain to build them.

Opportunities for DLT and blockchain 

Giving enterprises and end consumers efficiency improvements (including cost reductions).

Enabling new business and economic paradigms.

Enhancing the security and durability of transactional systems.

Enhancing end-user empowerment and transactional trust.

Providing advantages for data recording and reporting through immutability capabilities.

Utilizing public key cryptography to make it possible to manage digital identities.

Also read: Quantum Computing: The Next Frontier in Computing Technology

Prospective role of standards about DLT/Blockchain 

Although it is too soon to think of standards in terms of technical features, they may be helpful in the following situations:

Achieving agreement on uniform terminology.

Ensuring compatibility among various implementations 

Addressing issues with data governance, security, and privacy.

Promoting trust and controlling end-user identification.

Assisting with provenance tracking installation.

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