What are the challenges faced by UK multinational companies when implementing blockchain technology?

3 answers

• Dec 06, 2021 · 3 years ago
  One of the main challenges faced by UK multinational companies when implementing blockchain technology is the lack of regulatory clarity. The rapidly evolving nature of blockchain technology makes it difficult for regulators to keep up, resulting in a lack of clear guidelines and regulations. This uncertainty can deter companies from fully embracing blockchain technology due to concerns about compliance and legal risks.
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• Dec 06, 2021 · 3 years ago
  Another challenge is the interoperability of different blockchain platforms. UK multinational companies often work with partners and suppliers from around the world, and each may be using a different blockchain platform. Ensuring seamless integration and data exchange between these platforms can be a complex and time-consuming process.
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• Dec 06, 2021 · 3 years ago
  At BYDFi, we have observed that one of the challenges faced by UK multinational companies when implementing blockchain technology is the resistance to change. Blockchain technology requires a shift in mindset and a willingness to embrace decentralization and transparency. Some companies may be hesitant to adopt blockchain due to concerns about disrupting existing processes and the need for significant investment in infrastructure and training.
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