--- title: Benefits and Challenges of Blockchain description: We first heard of blockchain as the technology behind bitcoin. It offers automated recording, analysing, transacting processes and many more. Data is digitally coded and stored in transparent, shared databases making it impossible to tamper as well as protecting it from any disaster or deletion. image: https://blog.trginternational.com/hubfs/bitcoin-blockchain-business.jpg --- [![trg logo](https://d1cavipgdpnjin.cloudfront.net/wp-content/uploads/2022/05/cropped-icon-1.png)](https://www.trginternational.com/) Helping you and your business shine  [![English flag](https://blog.trginternational.com/hubfs/images/en-flag.jpg "en-flag") English   ](https://blog.trginternational.com/) [![Vietnamese flag](https://blog.trginternational.com/hubfs/images/vi1.jpg "vi1") Vietnamese ](https://blog.trginternational.com/vi) - [Home](https://blog.trginternational.com/) - [Solutions](https://www.trginternational.com/solutions/) - [Industries](https://www.trginternational.com/industries/) - [Resources](https://www.trginternational.com/resources/) - [Events](https://www.trginternational.com/events/list/) - [About us](https://www.trginternational.com/about-us/overview/) - [Careers](https://careers.trginternational.com/) - [![English Flag](https://blog.trginternational.com/hubfs/images/en-flag.jpg "en-flag")](https://blog.trginternational.com/) - [![Vietnamese Flag](https://blog.trginternational.com/hubfs/images/vi1.jpg "vi1")](https://blog.trginternational.com/vi) [☰](https://blog.trginternational.com/benefits-and-challenges-of-blockchain#) [Get SunSystems Help →](https://www.trginternational.com/it/what-we-do/infor-sunsystems/get-sunsystems-help/) # [Benefits and Challenges of Blockchain](https://blog.trginternational.com/benefits-and-challenges-of-blockchain) Posted by [Ho Nguyen](https://blog.trginternational.com/author/ho-nguyen) Find me on: [LinkedIn](https://www.linkedin.com/pub/ho-nguyen/2b/28b/246?trk=pulse-det-athr_prof-art_hdr) on Fri, Apr 27, 2018 - [Tweet](https://twitter.com/share) [**Blockchain technology**](https://blog.trginternational.com/infographic-blockchain-explained-in-3-minutes) has become one of the buzzwords recently, it even made headlines in Vietnam. There was an entire event last March dedicated to educating fintech personnel and the general curious public about blockchain and its impact. We first heard of blockchain as the technology behind bitcoin. It offers automated recording, analysing, transacting processes and many more. Data is digitally coded and stored in transparent, shared databases making it impossible to tamper as well as protecting it from any disaster or deletion. **Infographic:** [Blockchain explained in 3 minutes](https://blog.trginternational.com/infographic-blockchain-explained-in-3-minutes) ![Benefits and Challenges of Blockchain](https://blog.trginternational.com/hs-fs/hubfs/bitcoin-blockchain-business.jpg?width=800&height=600&name=bitcoin-blockchain-business.jpg) **Manually** keeping records of various paperwork has gone out of control; it has become difficult to manage them efficiently. The rapid rate of [digital transformation](https://blog.trginternational.com/why-most-digital-transformation-projects-fail) does not help. That’s where blockchain comes in with a promise to solve the problem. **Read more:** [Why most Digital Transformation projects fail](https://blog.trginternational.com/why-most-digital-transformation-projects-fail) We are talking about a possible future without any legal third parties, such as lawyers, brokers, or bankers. Individuals and organisations are given **maximum freedom** to transact and interact with little to no friction. These benefits may seem impressive and blockchain has the potential to further develop, it also comes with many drawbacks. # The benefits of adopting blockchain Though we have heard blockchain being applied to the Financial Services Industry, the reality is, it has applications across several fields, internet identity, voting, [ridesharing](https://blog.trginternational.com/how-grab-uses-data-analytics-to-refine-new-products), and education to name a few. ### Lower costs Just like other technologies, blockchain can help businesses to lower costs but contain higher computing, bandwidth, and data storage capabilities. As a result, blockchain enables a **seamless connection** between nodes within the blockchain network. ### Increase trust Maintaining trust in today’s globalised and digitalised world is not only expensive, it is also time-consuming. Therefore, banks and other legal third-parties are required to ensure everyone is complying with the set standards and rules. With blockchain, these third parties are **eliminated**, leaving payer and payee to directly connect with each other. The end result is faster and cheaper transactions with significantly less, even impossible, fraud or infringement. This is due to the fact that any alteration to the recorded data needs to go through series of validation process. **Read more:** [The people aspect of Digital Transformation](https://blog.trginternational.com/the-people-aspect-of-digital-transformation) ### Blockchain community There have been multiple conferences held worldwide with thousands of participants discussing blockchain and its potential. Blockchain community is gradually increasing in size, putting it in the same category as other emerging technologies as artificial intelligence, data lake, machine learning, and the internet of things. **Read more:** [How Grab uses data analytics to refine new products](https://blog.trginternational.com/how-grab-uses-data-analytics-to-refine-new-products) # The challenges of blockchain Despite all the hypes and positive offerings, there are certainly challenges that come along with this new trend. According to Deloitte’s 2016 Executive Survey, **39 per cent** of senior executives in the US has little to no knowledge of blockchain. In addition to the lack of knowledge, there is also **lack of standards** and blockchain **best practices**. Businesses need to collaborate for better understanding and to build uniform standards and protocols to promote wider adoption. Another concern about the adoption rate of blockchain is **regulatory and legal uncertainty**. The introduction of smart contract by Ethereum blockchain may help businesses to lower costs but its validity is still not recognised in many countries. According to Harvard Business Review, blockchain “is not a [disruptive technology](https://blog.trginternational.com/disruptive-technologies-definition-impact-and-applications), but rather a foundational technology - it has the potential to create new foundations for our economic and social systems.” It could still be too early to discuss the “thrive or die” situation of blockchain but one thing for sure, its adoption is steadily increasing, and a bit knowledge about this subject might come beneficial in the future. [![Subscribe Monthly Newsletters](https://no-cache.hubspot.com/cta/default/125873/38d91ec1-88a5-46f2-9b24-d47d7192ed45.png)](https://cta-redirect.hubspot.com/cta/redirect/125873/38d91ec1-88a5-46f2-9b24-d47d7192ed45) Topics: [Technology trends](https://blog.trginternational.com/topic/technology-trends), [Analytics](https://blog.trginternational.com/topic/analytics) **TRG Blog: Related posts** - [Financial vs. Treasury Management: Unpacking Key Differences](https://blog.trginternational.com/financial-vs.-treasury-management-explained) - [Cloud Security Best Practices: A Guide for Effective Cloud Protection](https://blog.trginternational.com/cloud-security-best-practices) - [Tech Tidbits: What Is Hotel Management Software?](https://blog.trginternational.com/what-is-hotel-management-software-explained) - [The Future of Invoice Processing: Smarter Data Extraction with OCR](https://blog.trginternational.com/smart-invoice-processing-data-extraction-ocr) - [Hospitality Trends: A Year in Review](https://blog.trginternational.com/hospitality-year-in-review) - [12 Decarbonisation Strategies Every Hotel Business Should Consider](https://blog.trginternational.com/decarbonisation-strategies-hospitality) ### Subscribe to TRG Blog Search this blog Search ### Posts by Topic - [Analytics (69)](https://blog.trginternational.com/topic/analytics) - [Business Intelligence (75)](https://blog.trginternational.com/topic/business-intelligence) - [Careers (1)](https://blog.trginternational.com/topic/careers) - [CFOs (80)](https://blog.trginternational.com/topic/cfos) - [Cloud Computing (112)](https://blog.trginternational.com/topic/cloud-computing) - [CSR activities (1)](https://blog.trginternational.com/topic/csr-activities) - [cybersecurity (8)](https://blog.trginternational.com/topic/cybersecurity) - [Digital Transformation (80)](https://blog.trginternational.com/topic/digital-transformation) - [digital workplace (2)](https://blog.trginternational.com/topic/digital-workplace) - [Enterprise Performance Management (EPM) (115)](https://blog.trginternational.com/topic/enterprise-performance-management-epm) - [Enterprise Resource Planning ERP (147)](https://blog.trginternational.com/topic/enterprise-resource-planning-erp) - [ERP (1)](https://blog.trginternational.com/topic/erp) - [Financial Accounting Management Software (319)](https://blog.trginternational.com/topic/financial-accounting-management-software) - [Financial consolidation, planning and reporting (143)](https://blog.trginternational.com/topic/financial-consolidation-planning-and-reporting) - [Hospitality solutions (128)](https://blog.trginternational.com/topic/hospitality-solutions) - [IFRS (23)](https://blog.trginternational.com/topic/ifrs) - [Inbound marketing (4)](https://blog.trginternational.com/topic/inbound-marketing) - [Infor SunSystems (97)](https://blog.trginternational.com/topic/infor-sunsystems) - [News (9)](https://blog.trginternational.com/topic/news) - [Planning and Budgeting (69)](https://blog.trginternational.com/topic/planning-and-budgeting) - [project management (1)](https://blog.trginternational.com/topic/project-management) - [Retail Management System (130)](https://blog.trginternational.com/topic/retail-management-system) - [Rick Yvanovich (1)](https://blog.trginternational.com/topic/rick-yvanovich) - [Talent Management (355)](https://blog.trginternational.com/topic/talent-management) - [Technology trends (136)](https://blog.trginternational.com/topic/technology-trends) - [TRG (8)](https://blog.trginternational.com/topic/trg) [see all](https://blog.trginternational.com/benefits-and-challenges-of-blockchain#) Upcoming TRG Events ### Latest Posts ### Most Viewed Posts ### Our Editorial Mission ![rick yvanovich resized 174](https://blog.trginternational.com/hs-fs/images/rick-yvanovich-resized-174.jpg?width=87&height=87&name=rick-yvanovich-resized-174.jpg)*** ***** Rick Yvanovich** * /Founder & CEO/* With TRG International Blogs, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day. ### Subscribe to TRG Blog ### Follow Us TRG International Blog (footer) ![TRG Logo](https://d1cavipgdpnjin.cloudfront.net/wp-content/uploads/2022/05/cropped-icon-1.png) International IT, Talent and F&B - we think it's a great combination. We've thrived since 1994 resulting in lots of experience to share, we are beyond a companion, to more than 1,000 clients in 80+ countries. ## Follow us on Social Media [**](https://www.facebook.com/TRGInternational/) [**](https://twitter.com/TRG_INTL) [**](https://www.linkedin.com/company/53525/) [**](https://www.youtube.com/channel/UCqfX8dPtUjSa9s5rYUa--qw) [**](https://blog.trginternational.com/) ## Enterprise Solutions - [Financial Management](https://www.trginternational.com/solutions/infor-sunsystems/) - [Hospitality](https://www.trginternational.com/solutions/hospitality-solutions/) - [Resource Planning (ERP)](https://www.trginternational.com/solutions/erp/) - [BI & Analytics](https://www.trginternational.com/solutions/bi-and-analytics/) - [ Retail Management](https://www.trginternational.com/solutions/retail-management-solutions/) - [ Performance Management](https://www.trginternational.com/solutions/enterprise-performance-management) ## Talent Solutions - [Recruitment](https://www.trginternational.com/talent/solutions/recruitment-solutions/) - [Leadership](https://www.trginternational.com/talent/solutions/leadership-development-solution/) - [Training & Development](https://www.trginternational.com/talent/solutions/employee-development/) - [Sales & Customer Services](https://www.trginternational.com/talent/solutions/sales-customer-services/) - [ Retention & Engagement](https://www.trginternational.com/talent/solutions/solutions-for-employee-retention-engagement/) - [ Customised Solution](https://www.trginternational.com/talent/talent-management-solutions/gr8-customized/) ## Careers - [Join our team](https://careers.trginternational.com/) - [Urgent Vacancies](https://careers.trginternational.com/jobs) - [Internships](https://careers.trginternational.com/departments/interns) - [Career Days](https://careers.trginternational.com/pages/internships-in-vietnam-2021) - [Be our partner](https://careers.trginternational.com/pages/internship-partners/) - [Contact](https://www.trginternational.com/contacts-and-locations/contact-hr-department/) ** Contact Us Call our phone or submit a contact form. ** Support Portal Raise support tickets and track their status. ![Partner logo](https://d1cavipgdpnjin.cloudfront.net/wp-content/uploads/2018/11/partners-1.png?x13585) © 2023 TRG International. [Privacy Policy](https://www.trginternational.com/privacy-policy/)   /   [Тerms & Conditions](https://www.trginternational.com/terms-conditions/)   /   [Site map](https://www.trginternational.com/#)   /   [Contact Us](https://www.trginternational.com/contacts-and-locations/) TRG encourages websites and blogs to link to its web pages. Articles may be republished without alteration with the attribution statement "This article was first published by TRG International (www.trginternational.com)" and a clickable link back to the website. We are changing support for TLS 1.0 and older browsers. Please check our list of supported browsers. ![Google Analytics](https://googleads.g.doubleclick.net/pagead/viewthroughconversion/1060004103/?guid=ON&script=0) ![](https://www.facebook.com/tr?id=1957929774486472&ev=PageView&noscript=1) ![LinkedIn](https://dc.ads.linkedin.com/collect/?pid=231595&fmt=gif) ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Ho Nguyen" }, "dateModified" : "March 21, 2019, 11:36:27", "datePublished" : "2018-04-27 03:45:00", "description" : "We first heard of blockchain as the technology behind bitcoin. It offers automated recording, analysing, transacting processes and many more. Data is digitally coded and stored in transparent, shared databases making it impossible to tamper as well as protecting it from any disaster or deletion.", "headline" : "Benefits and Challenges of Blockchain", "image" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/125873/bitcoin-blockchain-business.jpg" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/125873/DVFX_Images/trg-logo.png" }, "name" : "TRG International" } } ```