What are the challenges?
As with any new and emerging technology there is an immediate need to weigh up the issues, challenges and opportunities. Blockchain creates new business and delivery models which may require changes to policy and regulations.
But this is only part of the solution. Blockchain needs international standards that are compatible with regulations and controls in ﬁnancial
systems to ensure market conﬁdence and consistency in the use of this technology. There needs to be a better way of building and using blockchain applications.
Clear guidelines for building blockchain applications, as well as relevant privacy and security measures will ensure the spread and beneﬁts realisation of this technology. Interoperability between different blockchains will facilitate competition and support innovation, particularly for SMEs.