Four challenges facing Blockchain

Northwestern Polytechnic University (NPU) professor Ahmed Banafa, author of Blockchain Technology and Applications, gave his thoughts recently on the Blockchain global landscape discusses Bitcoin as a form of payment.

He believes there are four challenges facing Blockchain technology today, this include no clear regulations and laws, public perception of crypto as a shady way for investment and payments, lack of understanding the concept of digital money and volatility of cryptocurrencies.

With regards to investing in Bitcoin he states, " I am not in any position to recommend investments, but I want interested individuals to know that it's very risky and can defy logic when it comes to the ups and downs of the value of Bitcoin. We only can create 21 million Bitcoin because of the way it was invented, and we already have around 18.8 million in the market so you can see why we have this wild swing of Bitcoin price. To me, Bitcoin is "Vegas Money" – don't get mad if you lose it and if you are successful, it's extra cash."

He adds that Blockchain is best used for the following,

• Supply Chain Management
• Authentication of Documents
• Crowdsourcing
• Fighting COVID-19
• Quantum Computing
• ID Verification
• Degree Verification
• Real Estate