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T. Paul and S. Rakshit

6.3

Image Problem

There is an image problem with Blockchain. In the minds of many, Blockchain

is too related to cryptocurrencies. Crypto, in particular, has a negative reputation

surrounded by fraudsters, hackers who use technology for illegal activities. This bad

reputation represents the entire blockchain technology system and makes individuals

think seriously twice before implementing it.

Members of the public must grasp the distinction between bitcoins, other cryp-

tocurrencies, and Blockchain until general acceptance is feasible. One should realize

that cryptocurrencies, among many others, are only one application of blockchain

technology. That would help to reduce the often detrimental effects and contribute

to an increased desire to use the program.

6.4

Interoperability

The major challenge that needs to be solved is interoperability, as this is one of the

main reasons why organizations are still not implementing this technology. Some

blockchains run in silos and do not connect with other peer networks since they

cannot send or receive data from another blockchain-based framework.

6.5

Lack of Regulatory Clarity and Good Governance

Regulatory clarification about the underlying blockchain technology, which is a big

roadblock for mass adoption, is also lacking. Regulations have always failed to keep

up with technological advancements. For the Blockchain, this is also the case. One

of the challenges (which was also one of its original motivations) of the blockchain

solution is that it eliminates oversight.

As a means of exchange, many companies are producing blockchain technology.

However, there are not any clear rules on it right now. So when it comes to the

Blockchain, no one follows any particular rules, so there is still no protection.

Some areas need regulatory support, such as the smart contracts listed earlier. It

prevents adoption and investment in the blockchain industry if the regulations do not

cover smart contracts.

6.6

Lack of Standardization

There is no standardized norm yet, despite a wide range of networks that exist.

Issues such as interoperability, increased costs, and complicated processes emerge