Everywhere you look you can find news about Blockchain, and there is a good reason for this. It’s the technology that is behind Bitcoin and it promises to revolutionize many industries – most of them have nothing to do with digital payment systems.
A lot of ideas regarding Blockchain technology were tried out in 2016 and throughout 2017. Many of those ideas will be discarded. In 2018, we can expect to see Blockchain related technologies to get even more tentative attention from corporate developers around the world.
In February of this year, a group was developed as an early initiative launched by the Enterprise Ethereum Alliance. This alliance was built to cultivate a hybrid public and private approach to arrive at the best-of-breed solutions for corporate developers.
By mixing public and private methods, it allows the technology to become more palatable for various different corporate applications. One example of this is using an open-source code to help attract developers to improve the code and add interoperable frameworks, which allows innovation to occur.
“Too often, private blockchain solutions are quickly dismissed by proponents of public network infrastructure,” said developer R Tyler Smith. Hopefully, that time is coming to a close.
Major BaaS providers such as Microsoft Azure Marketplace and IBM BlueMix are two of the most popular choices out there for SMBs these days. Even Deloitte is offering a new BaaS service. So, it becomes clear that there is a growing market for BaaS.
The Blockchain Market Is Exploding – out of Control
The main industries that have fully adopted Blockchain into their business models are healthcare, financial services and even green energy companies – they’re all flocking like crazy to Blockchain technology.
It promises to increase efficiency in so many different processes, create countless opportunities and provide greater security for organizations. Nonetheless, there are lots of them simply following trends so they lose out, having absolutely no understanding of how and when it should be applied.
While these executives are clambering to educate themselves and their management about it, they are at the same time trying to lead their companies in what most of the experts acknowledge is the Blockchain era. There is a lot of information out there about it, yet not enough of the right information.
One place I started when I wanted to learn more about Blockchain tech was by reading “The Business Blockchain: Promise, Practice, and the Application of the Next Internet Technology,” by William Mougayar. Mougayar is a venture capitalist at Virtual Capital Ventures, as well as being an advisor to some of the most well-known organizations dealing in Blockchain in the world, such as the Ethereum Foundation mentioned above.
Mougayar wrote that Blockchain “has polymorphic capabilities,” comparing its parallels to the Internet – a technological disruption that he watched change entire societies since the very beginning.
“That’s why I got so excited about the Blockchain when I got exposed to it three years ago,” he says. “I was automatically taken by it and it gave me flashbacks to the early Internet days. I saw the potential in it and that the scope and magnitude of it were going to be similar to what the web gave us back in 1993-1994,” Mougayar wrote.
How to Capitalize Blockchain Tech
Just as with all things in life, you have to educate yourself and gain a wide understanding about Blockchain and all of its aspects. Don’t make the mistake of simply looking at it as a decentralized ledger for digital currencies or a transaction platform. Those things may be where it all started, but there is a lot more to it than that. Therefore, in order to really get your head around it, you need to study it well.
Once you are confident with your knowledge and understanding of Blockchain – not just viewing it as some disruptive process technology – then you need to think innovatively and aggressively. You are working towards becoming an “enabler” for new technologies and service models, such as BaaS.