Blockchain Top 10 Challenges
Blockchain technology is revolutionizing financial transactions but companies will have to overcome several challenges in order to experience any benefits.
Blockchain was developed alongside the digital currency's bitcoin. It works like a huge, decentralized ledger which records every transaction and stores this information on a global network to prevent tampering. Bitcoin, itself, is a virtual currency that allows users to exchange on line credits for goods and services.
Survey of IT Project Managers
Janco Associates conduct a survey of IT Blockchain Project Managers in large and mid-sized corporations. 178 PMs participated in the study. All of the managers had been operating in that role for over one year and several had been project managers for well over five years. They all had at least 5 project team members and the largest project had over 60 IT professionals on it.
Project management of Blockchain development presents many challenges. In a recent survey Janco found these top 10 challenges.
Top 10 challenges were:
- Coordination Internal/External requirement, specifications and activities - 63%
- Over worked with Manny work weeks that were well over 60 hours - 53%
- Under staffed with scores of open requisitions that remained unfilled for months at a time - 51%
- Changes in specifications both on the data and requirements that were moving targets - 47%
- Changes coming too fast as more was done the rate of change increased at an ever increasing rate - 42%
- Technology New & Rapidly Changing as tools and available resources/tools keep evolving - 42%
- Scalability of applications designed into the infrastructure architecture - 41%
- Deadlines not agreed on and set arbitrarily by individuals not involved with the day-to-day development - 39%
- Staff turnover as key members of the team are burned out and or hired away -34%
- Staff skills gaps as many team members did not have all of the skills and experience necessary to complete tasks in a timely manner - 34%
Several organizations have looked into alternative solutions for blockchain, away from the digital currency. For instance, NASDAQ is trialling a system to allow investors to securely vote in shareholders meetings, while Bank of America has filed several blockchain related patents.