And here's why companies
are choosing blockchain technology and its various applications.
After the long "blockchain winter", 2019 finally saw the rise of companies interested in
adopting blockchain. According to recruitment portal Hired, global demand for
blockchain engineers grew 517% in 2019, four times more than for any other
types of engineers.
Another interesting fact is that 83% of large companies
see strong cases for blockchain, as reported on Deloitte's 2019 Global Blockchain Survey.
The same study shows that these companies plan to invest
US$5 million or more in blockchain initiatives in the next 12 months. This is a
clear sign that blockchain adoption in corporate companies is becoming
mainstream.
These investments are spread across various types of
industries. Technology, media and telecom are the top industries, followed by
Energy & Resources and Manufacturing.
This is definitely the first and most important step for
blockchain mass adoption. But why has blockchain become an almost unanimous
choice across various industries and different sectors?
There has been a shift in tech belief: many industry
leaders, even those wary of technological innovations have now a shared belief
that blockchain is a straightforward and secure solution -and that it can serve
as a pragmatic solution to business problems and use cases across different
industry sectors.
In reality, blockchain is not a "one-size fits all"
solution. Industries differ in any number of ways, the difference for a
successful transition to blockchain, is how the technology can advance
companies' respective strategic priorities.
Blockchain can work beyond its original purpose - most of
us first heard about it through cryptocurrencies - and now, we are discovering
more and more different applications of the technology.
Other well known blockchain applications are data
validation, ID protection, payments, supply chain management, land registry and
much more.
A Blockchain use case in
action
One of the most important of blockchain applications, and
yet often overlooked, is user onboarding and validation. While there are
several blockchain solutions for this, many like IBM and Hyperledger are geared
for enterprise and multinationals, thereby making it cost prohibitive to
startups. Others are coming up too, like Aikon's flagship product ORE ID, which
promotes a simple and efficient user onboarding and blockchain identity
management service. ORE ID handles account creation, multisig accounts, password
resets, signing transactions and resource management - and it's offered through
a REST API and Javascript libraries that make it easy enough for any developer
to use.
The number of partners onboarding like Algorand and the
WAX (Worldwide Asset eXchange) blockchain suggests that seamless onboarding
that allows a truly friction-free experience that the user may not even need to
know or understand that they are on the blockchain -- is the way to go.
DApps and enterprise adoption of blockchain solutions will
find such user-friendly solutions attractive because not everyone is going to
be able to, nor even want to, manage their RAM, gas or respective account
resources that are necessary to interact with the blockchain.
This is a win-win solution for companies and developers.
Companies like Aikon will do all the heavy lifting on businesses that don't
want to create a special role just to manage the backend chain infrastructure
for their business just to use the blockchain.
And users won't even know they're on the blockchain. Early
adopters? That ship's sailed.
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This article originally appeared on
aikon.com.