Not too late to jump on Blockchains
It’s not too late to jump on to the Blockchains trend.
We often hear from customers whether it is too late to get behind blockchain. The number of startups in this space is growing rapidly and the number of large ISVs and SIs providing blockchain capability and expertise is also increasing. However, the market and the technology space for blockchains is far from saturated, settled or stable.
Here are three reasons why now is a good time to get into blockchains
Early Mover Advantage
Blockchains are bound to disrupt fundamentally how business is done. By enabling trust in an otherwise trust-deficient environment, blockchains enable transactions between two or more enterprises who otherwise might not know about each other. Blockchains offer solutions to several common problems faced by the enterprise such as Digital Identity, Secure Data Storage, Secure Data Sharing, Distributed Ledger, Distributed Databases etc. Blockchains are based on strong cryptographic standards based in mathematics, cryptography, and encryption. Building blockchains as a core competency requires a deep understanding of the mathematics behind it and an internal process for deploying, managing and developing on top of the blockchain. Early mover advantage can be generated by taking small steps in this area and targeting simpler scenarios initially.
It is going to take another few iterations of the blockchain technology before it can truly be enterprise-ready. There is a lot of ongoing work to make blockchains more secure, scalable and performant. Innovations are constantly being made and added to the core blockchain technology that is constantly increasing the type and complexity of applications that it can support. As the technology matures, enterprises can be well suited and ready to leverage the advancements by building a core competency in not only the blockchain technology but by becoming a member of the blockchain community, standards and keeping up to date with the various efforts and advancements.
The New Enterprise Database Standard?
Blockchains have the potential to replace the current database technology. Because of their inherent safety that provides a high level of security through encryption at rest, digital identity and management and smartcontract driven authorization models, blockchains can offer a much higher of level of security out of the box than traditional databases. In addition, in areas where database replication is required or access needs to be federated across enterprises, the blockchain solution outshines the current state of the art.
It is not too late to start with blockchains. In fact, starting right away is almost necessary for enterprises that require trust-less transactions or secure data storage and sharing. An in-house blockchain competency offers a first mover advantage while setting up the enterprise to leverage the technology as it matures thereby cementing their market leader status and bringing new applications to the market.
The AI Company offers blockchain-as-a-service products that further reduce the cost and risk associated with starting out and familiarizing the enterprise with blockchains. Contact us to see how we can help.