By now, most of you who are reading this have already read about the supposed, recent SEC crackdown on ICOs and a Crypto Exchange named EtherDelta. In connection with this recent bout of seemingly quite negative news for the space, businesses have been balking at least in part, related to whether their adoption of the Blockchain will also take a hit.
According to Coindesk, in a piece published today, this reticence is actually showing up in a narrower fashion. As it turns out, businesses which are adopting the Blockchain to streamline their non-digital processes, are the ones voicing the most concerns.
In connection with this, given that these findings were discovered by Deloitte Consulting’s blockchain group, they may actually be taken more seriously than the typical media proclamations on the subject. To fully understand whether these conclusions are significant, however, connects with first delineating what some of the companies’ specific concerns are.
Judging by a quote from the leader of Deloitte’s blockchain group, what this all amounts to is a strong feeling of unease, related to whether or not a new regulatory framework for the Blockchain industry is on the near horizon. Because of the current state of the industry, if this anxiety is not soon answered in a reasonable way, then the space may be about to experience more problems than it can afford to experience. In other words, if these companies are not better educated on the facts surrounding Blockchain regulation soon, then we may begin to see mass exits.
In this case, by mass exits, we mean companies abandoning their existing support of Blockchain technology because they perceive it to be too risky in a legal sense.
Related to these perceived risks, regulatory concerns are not the only ones specified. Coindesk’s article goes much further into the issues that Deloitte has found with the industry as well, in order to illuminate all areas that might need to be addressed before widespread adoption can occur. In the end, all of us who are involved in the rise of the Blockchain in any capacity, would do well to recognize, analyze and act on what they are bringing to light.
By: BGN Editorial Staff