Why is the uptake of Blockchain based solutions so slow to gain traction. Current Blockchain solutions can already provide streamlined business processes utilizing Smart Contracts, achieving free verification, high transaction security, low latency, and with no scalability downside. So, what’s causing the inertia?
As Blockchain development continues apace the veil of mystery that has surrounded it is evaporating. What Blockchain Technology will and, just as importantly, will not be able to do is becoming more apparent. The hyperbole that surrounded its early days is also subsiding and those trying to dine out on undeliverable get rich quick schemes and ideas are being found out.
Blockchain Technology is today evolving into the serious and secure business tool it was designed to be. However, notwithstanding all of the advantages this new tech has to offer, its widescale adoption seems bogged down by a lack of clarity around what it is we are really trying to achieve.
Proponent arguments around the desirability of permissionless decentralized blockchain ledgers and their associated democratization may be ideologically laudable. However, what they seek is, for now at least, commercially undeliverable and in any case not what the vast majority of businesses desire or will even be comfortable with. And let’s be clear, it is Business along with National Governments, and International Organizations (eg. The UN) which will form the customer base for blockchain developers. Therefore, it seems logical that we should, at least in the near future, be shaping Blockchain to deliver projects into this market.
Businesses and organizations with legacy IT systems will embrace blockchain and the advantages it will provide but only after guarantees relating to security and smooth transition are achieved. These guarantees however are already available today and achieved by utilizing permissioned centralized blockchains.
These will provide any business/organization with the comfort of control over content, with the centralized nature of the blockchain providing various simple routes to scalability enabled by near instantaneous “in-house” secure verification. Further comfort will be provided by the application of incremental transition from the legacy system to the blockchain based system. This will allow for transitioned segments to be tested in parallel with the existing system fully before deployment.
Blockchain based commerce will be further streamlined by the use of self-executing smart contracts. Much has been discussed about smart contracts in particular the difficulties and complexities surrounding their construction and implementation. However, obscured by this noise is the observation that contracts relating to simple transfers of goods/services will be much simpler than a contract relating to an international trade agreement. In short, a smart contract does not need to be unnecessarily complicated but needs only to cover the requirements of the contracted transaction. Another fear related to smart contracts is the worry that an unintentional loophole or poor wording may obligate the issuer in a way that is not intended. This matter is easily dealt with utilizing any one of a number of recently developed software solutions, or simply by provisions made in over-riding terms and conditions issued by the business as a precursor to online trade.
When the Wright brothers achieved powered flight in 1903 they did so with a rudimentary aircraft. They did not wait until they had managed to evolve the technology and create the jumbo jet. Car manufacturers throughout the decades have issued MKI’s before issuing improved MKII’s … Developers and users of Blockchain Technology need to adopt this same approach. The technology is now sufficiently developed to allow expedient and financially viable commercial projects to be undertaken and completed with confidence. As more and more blockchain projects are successfully deployed the veil of mystery will continue to dissipate and uptake of the technology will grow exponentially.
Chainlify’s free to use Blockchain Platform is the transitional portal which will enable the large-scale migration of developers to engage with blockchain based projects. Our platform facilitates low cost, straightforward and guided blockchain project development. Our platform will provide developers new to blockchain with the guidance and the tools they need to expedite projects to deployment. Additionally, advanced tools and marketplace resources will also make life easier for the more experienced.
The blockchain wave is continuing to grow and those that catch it early will travel the furthest.