Home / Coin Payment / What is the use of blockchain?

What is the use of blockchain?

"Blockchain technology" continues to be one of the most important order in technological space in recent years. Since the rapid rise – and subsequent fall – of bitcoins and other cryptocurrencies, companies in a wide range of industries have been looking for ways to implement the new disruptive technology.

Whether it is to implement blockchain with supply chain management and logistics or to use it to organize and store large amounts of data, there are many potential uses for this.

Discover iFX EXPO, your gateway to the Asian markets!

However, even if companies explore their options with new technology, there has been a lot of chatter and buzz about it without almost using it. So, what is holding back the adoption of the blockchain? A word: connectivity.

The barrier to entry

Including the blockchain in your product or the way you do business is all right and on paper, but what does it actually do? Unfortunately, there are a lot of discussions about the blockchain, but many companies are finding it both difficult and expensive to find the talent needed for their plans. Of course, this is good news for blockchain developers.

According to data provided to CNBC by Hired, blockchain engineers have obtained average salaries between $ 150,000 and $ 175,000 in 2018; compensation not bad for a nascent industry.

In addition, the LinkedIn Emerging Jobs Report in 2018 has seen a 33-fold increase in blockchain developer jobs over the past year, exceeding more than double the jobs of an IT engineer.

All this translates into strong demand and high salaries for companies seeking to attract qualified talent.

Moreover, blockchain will not necessarily be the solution for every company and every problem. Although many may wish to include "blockchain" in their business for its buzz-worthiness, it is not a miraculous technology that is automatically the best option for every company and industry.

Still, blockchain technology remains heavily underutilized in most sectors. In the current state of the sector, there is much talk of technology, sometimes even of hyperbolic measures, but the barrier to entry is still so expensive for companies that adoption is still in its infancy. Connectivity can solve it.

Presentation of connectivity to the equation

Two things are needed to help reduce the high cost of blockchain implementation. Firstly, the technological space needs more talent. Like other emerging technologies such as machine learning and artificial intelligence, the relationship between skilled labor and demand is significantly uneven.

But with such high average salaries, it is only a matter of time before more experienced blockchain developers and engineers enter the world of work because the strong demand creates an incentive for developers to gather the required skills.

The second key to driving widespread adoption is connectivity. There are so many potential use cases for blockchain technology, but companies need to see clear ways to implement the technology with their current systems.

Nobody wants to be caged with the new technology. Instead, there must be more ways for companies to test the new technology, see what it has to offer and see how it can improve on their current systems.

Alternatively, not all companies will benefit from a complete switch to blockchain technology but may instead find that only some aspects of their operations would improve with the transition. Making the blockchain flexible and easy to integrate is the fundamental aspect that holds it back from large-scale adoption, but is changing.

Lead the adoption

Fortunately, there are players in the technical space who recognize the need for ease of use and integration with blockchain. Amazon's cloud computing arm has announced a partnership with the Kaleido start-up in 2018 that is striving for this: making the blockchain reachable for companies.

Amazon Web Services (AWS) and Kaleido see the partnership as a way to offer customers an "easy button" to start exploiting the same underlying technology of bitcoins and other cryptocurrencies. According to a statement by AWS:

"The introduction of Kaleido to AWS customers will help customers move faster and will not worry about managing the same blockchain."

And technology giants are not the only ones to deal with this. Many smaller start-ups are creating new ways for existing technologies to connect and interact with blockchain technology.

For example, Polkadot is creating ways to exchange information between them. At a time when so many companies want to use their own blockchain, having a way to mutually interact with different blockchains is crucial.

However, connecting several blockchains is only the beginning. The adoption is based on the expansion of the uses of blockchain technology as a whole and on the search for ways to connect the blockchain to the external world off-chain.

Pushing over chain-to-chain connections, there are other start-ups like MESG, which focuses on connectivity and interoperability between blockchains and other technologies we use every day.

Instead of focusing only on chain-to-chain communications, MESG allows developers to link blockchain and non-blockchain technologies to communicate efficiently and securely.

Creating new ways that companies interact and test blockchain technology with their systems is vital to drive adoption, as it reduces that barrier to entry.

As an added benefit, developers can also use the MESG marketplace to monetize their open source code, which means they have a greater incentive to participate in the MESG ecosystem and expand the integrations it supports.

With more accessible and user-friendly connectivity between both on-off and chain technologies, the barrier to entry will continue to shrink as things become more accessible and easier than ever.

The bottom line

As with any new technology introduced for the first time, developers, engineers and blockchain companies must focus on helping companies integrate things with their current models.

Rather than requiring a complete transition to a blockchain-based solution, companies want the chance to test the technology and see how they will benefit directly from it. Now that more ways are introduced for companies to do just that, there's a much higher chance of exploring what Blockchain has to offer.

At the end of the day, adoption will be guided by connectivity and ease of use, so we make things more accessible to break down those barriers to entry.

Disclaimer: This is an article provided and should not be taken as an investment advice

Source link