in figure 7.11. The statistics depict the adoption of blockchain technology

for government use cases and provide an insight that it will rise over

time.

Figure 7 .11: Forecast on Global Blockchain Government Market by Geography during the

Period 2020–2027

Challenges

1. Technology adoption: With the plethora of blockchain platforms being

developed, a careful analysis of return on investment, governance,

security and privacy, and throughput has to be taken into consideration

while understanding the suitability of blockchain in an application

context.

2. Regulatory compliance: While advocating the usage of blockchain for

an application domain, it is important to study compliance to applicable

regulatory provisions and their implications, if any, with respect to the

chosen application domain. Based on the requirements, additional

regulatory policies may be evolved.

3 . Identification of suitable use cases: Different applications have

different levels of security, privacy, and data storage requirements

depending on the number of participating entities, and hence, the

suitability of blockchain in a particular application context needs to be

analyzed carefully.

4. Data format: The success of using blockchain capabilities depends on

how well the transaction data format has been defined in a multi-party