While the crypto ecosystem experiences its first prolonged crisis since it exploded into public consciousness in 2017, its core technology, blockchain, is becoming more expansive than ever. Virtually every measure – research and development, implementation and interest – blockchain technology is not just tomorrow's infrastructure; it's today's technology.
As a result, many companies are trying to adopt blockchain technology in a part of their business model.
According to the PwC Global Blockchain Survey 2018, which interviewed 600 executives from 15 territories, 84% of respondents indicated a certain involvement in the blockchain implementation.
As PwC points out, "It's easy to see why." As a distributed, tamper-resistant ledger, a well-designed blockchain not only eliminates brokers, reduces costs, increases speed and reach, and offers greater transparency and traceability for many business processes. "
While large corporations often have the resources to undertake fundamental change in computational networking, other companies may struggle to support the cost of adoption. With significant programming and development costs associated with implementation and maintenance, the expense for integrating blockchain can be a barrier, but it should not be.
If a company is trying to completely integrate blockchain technology or is trying to decentralize certain components of its business process, it is possible to keep costs low so that everyone can benefit from the blockchain.
Here are three steps that companies can take to reduce blockchain integration costs.
1. Check maintenance costs
Integrating and maintaining blockchain technology can be expensive if your company does it alone. However, the blockchain has a vast ecosystem of enthusiasts and developers who are routinely building components that create a cohesive blockchain infrastructure. For example, modules, components of applications that serve a variety of purposes, can be purchased, reused and reused so that developers of a company do not have to build everything from scratch.
In other words, you can reduce costs by relying on products that others have already achieved.
For example, the MESG marketplace offers pre-built modules that enable the rapid and inexpensive implementation of blockchain technology. Using a marketplace approach to blockchain development, companies save time and money. Qualified and talented professionals are already creating incredible blockchain products and, by adopting a true plug-and-play approach to decentralized economics, organizations can apply and expand their use of blockchain technology without taking the associated development costs to the project.
2. Monetize the process
Naturally, companies at the forefront of blockchain integration can control their costs by monetizing their development work. For years, developers have published their work on open source platforms like GitHub, a practice that neither earns money nor quantifies its work.
Of course, platforms such as GitHub are critical to the development process and play a role in the technology ecosystem, but for companies seeking to offset the cost of integrating the blockchain, a market approach provides a distribution model. potentially profitable.
When developers publish their code on a platform like MESG, they license their work and earn a commission every time it is used. In this way, organizations can share their work with other companies, which makes technology more useful and prolific, while recovering part of their initial investment in the blockchain.
3. Collaborate effectively
The decentralized ethos of the blockchain goes beyond its technological foundations.
To put it simply, blockchain technology is the product of the collaborative efforts of thousands of individuals and teams. For organizations that want to adopt blockchain technology without breaking the bank, this community can be a key resource.
To begin with, there are numerous incubators – investor groups and business experts who promote innovative projects – and these resources can contribute to the successful implementation of blockchain technology by a company.
In the blockchain space, Yellow Ventures is a team of entrepreneurs and investors that provide initial support to companies that pursue cutting-edge technology solutions, including blockchain technology.
At the same time, strategic partnerships – collaborations between companies – can improve the company implementation process without contributing to additional expenses.
It is evident that decentralized computing will continue to be a dominant expression of the digital age. Most companies are exploring the blockchain to a certain extent, and although it can be expensive to start from scratch, the cost does not have to be a prohibitive factor.
By using prefabricated resources, monetizing and distributing a developed product and collaborating with strategic partners, any company can control costs, making it possible to pursue blockchain implementation without breaking the bank.