Blockchain has been one of the top buzzwords in software development for the past two years. Has anything earth-shattering coming out of it yet? No. But here you are, reading another post about Blockchain. Or perhaps you’re on the quest to hire Blockchain developers for your huge business idea using Blockchain development, or maybe you’re just looking for a company providing Blockchain development services to fulfill an application of this technology in your enterprise.
Whatever the case may be, chances are that at this moment, you might have already read a lot about Blockchain. In case you haven’t, click here to learn more about Blockchain and its advantages.
So now, what you’ll read is everything to make you believe that Blockchain is the future and why your business needs to leverage it as soon as possible.
1. The World’s Largest Companies are Already Working on Blockchain Development
While the heading might confuse or agitate some of you. I don’t mean to say that all companies are supposed to follow market leaders like sheep. That is certainly not the case, and it will never be. However, market leaders always have had their reputation to protect. So there will never be a case when companies clearly show their progress in any particular technology, especially when it’s a technology such as Blockchain.
Companies such as Apple and JP Morgan are already working on Blockchain development, yet these firms won’t reveal their insights unless their concepts are completely ready for implementation. The same is not the case with emerging blockchain startups and MSMEs, as they have a lot less to lose in terms of goodwill, and at times companies can even stand to benefit tremendously with just a simple use of the term “blockchain” in their businesses.
In addition, companies today also Hire Hyperledger Developers (an umbrella project for Blockchain development, which consists of over 100 leading companies working on developing useful applications for Blockchain across diverse industries).
2. Blockchain is the Only Respite for Global Data Privacy Concerns
Governments and regulatory agencies worldwide are limiting the authority of Internet behemoths such as Google and Facebook. In a data-run world of the Internet where user privacy is the top concern, a technology such as Blockchain seems to be the only solution to all problems. The immutable and decentralized nature of Blockchain makes it the perfect hero for the current troubles of the modern internet user.
I’m not being ignorant of the difficulties in implementing Blockchain on a global scale. But if you lived 200 years ago, you wouldn’t have believed someone saying that we will reach the moon one day.
Blockchain doesn’t necessarily help protect user data, but it allows users to see where and how it is used. That itself is a huge deal in a world where issues regarding sharing and misuse of data are becoming a norm.
3. Blockchain Follows the Same Story as the Internet
More than two decades ago, the Internet was at a similar stage where Blockchain exists. The Internet, too, had its share of detractors. Many believed that a company couldn’t market itself online. There was a time when something like eCommerce seemed as impossible as having manned spaceships go beyond our galaxy.
But most of what seemed impossible at the time is something we often take for granted. Similarly, Blockchain has many detractors claiming that such a technology isn’t feasible, and perhaps it may take human civilization a step further in its dependence on technology.
The explosion of the Internet paved the path to dependence on technology for humans. It would be naive to argue that such a dependence needs to pause at this time. Blockchain does continue the humans’ progress on this road. But as long as the capitalist world keeps up its pace, there’s no way out of this. Corporations will have to adapt to new technologies, and consumers will have to crave new products and services. The cycle won’t end.
4. Investments in Blockchain Development Have Been Increasing Year-on-Year
In the course of the next 6 years, Blockchain development is expected to reach a valuation of over $20 Billion. Capital market investments in Blockchain development have been increasing year-on-year, from $30 million in 2014 to over $300 million in 2018. Software major IBM alone has invested over $200 million in its Blockchain projects and has put over 1,000 employees into working on blockchain development. Additionally, the number of job postings for Blockchain developers has increased to 3 times on sites such as LinkedIn.
A Blockchain development company today has much more demand than development companies in other software technologies, including mobile apps and augmented reality app development. That is enough to explain how businesses are scrambling to make use of Blockchain and how valuable this technology will become in the future.
With the growth of the Internet, new fields such as social media and digital marketing have become an important part of our daily lives. With Blockchain, we might see new and emerging fields to help people make the most of this technology.
Blockchain Eliminates the “Cost of Trust”
To define in simple terms, the cost of trust in a business is the risk investors, and shareholders take before making investments in a company’s stock. The investment is not merely on the growth of firms but also on its promises. To understand how the cost of trust works, let’s take a simple example of Tesla, the ambitious company run by Elon Musk, undoubtedly one of the greatest visionaries of the modern world.
Over the past 3 months, investments in Tesla have been going up and down constantly. The reason? The lack of trust in the company’s promises partly to be blamed is the immaturity of the CEO himself. The cause was the lack of trust on the part of investors. In the corporate game, trust refers to the confidence that investments will be worth it, and at the end of the day, the company shall deliver the required profits.
But in a bid to attract investors and consumers, centralized firms misuse their power by inflating their own statistics in order to create an image that’s far from reality. But in a decentralized world of Blockchain, there is almost no way for a firm to do this. No corporate activity could be completely hidden from regulatory agencies, governments, and, most importantly, the public.
Another feature leading the way to decentralization is the use of a smart contract, largely put into use on the Ethereum platform. Smart contracts are essentially automated programs that play the role of a virtual escrow in transactions between two different parties. Similar to real-world contracts, a certain amount is placed on a smart contract program, which then keeps it secure and releases it to the deserving party once the conditions coded within the program are fulfilled.
Read Also: The Advantages of Blockchain Development Company for Business
The world is getting ready for Blockchain. What about you?
The above-mentioned 5 reasons are why everyone, including you and I, should be ready for the progress of blockchain. It won’t happen overnight; a real and widely applicable blockchain might take years to be implemented well. But when it does happen, it definitely will be as revolutionary as the Internet. The leaders who’ll thrive on the new ground in the future would likely be the ones who laid their foundations for Blockchain in the present.
So do you plan to harness Blockchain for your business idea? The right way to start would be to hire blockchain developers to shape your plans into reality.
