The internet changed the world of communication and the digital software code. Blockchain provides the commercial e-mail for money transactions. The P2P process transaction to direct blockchain recording eliminates the lengthy detail by an intermediary brings opportunity and significant financial savings to the communities of commerce, banking, insurance, government, academia, and healthcare.
Despite tech giants such as Google, Amazon, IBM, and NASDAQ who have committed to the development and integration of blockchain, it is far from globally accepted. Blockchain could become used worldwide for transactions and recording, but many CIO’s are in early implementation stages or have not begun to engage it into their protocol. Connecticut-based research leader Gartner concluded in their 2018 survey that only one percent of the 3,138 CIO’s surveyed invests in its development and usage. The active participants count eight percent, medium to long-term planning comprise fourteen percent, and forty-three percent have no plan while thirty-four percent are without interest. That is a dismal outlook.
Why the pullback? Gartner lists that blockchain skills are hard to find, and a significant change in the mindset of the IT culture is necessary. MIT offers an online training program in blockchain as well as Oxford which touts a ninety-five percent completion rate. The IBM platform provides developer and educational resources, industry experts, sample code, courses, community support, and events.
Big companies such as IBM, Oracle, Amazon, and SAP possess the budget capability whereas smaller companies fear the cost of budget changes for a new system. Amazon and its partner Kaleido make it easy for its customer to place their services on blockchain since Amazon Web Service manages the blockchain.
Here are four exciting areas of opportunity which will provide solutions to enlist the engagement of blockchain users:
Solution One: Smart contracts validated with blockchain
The SciDex protocol offers an intelligent approach for smart contracts to be compliant and independent by enlisting Smart Contracts on the Ethereum platform. It provides a translation of the encrypted legal agreements and gives trusted oracles the ability to secure more complex transactions.
The Adaptive part of RASC (Ricardian Adaptive Smart Contract) powers the protocol. SciDex provides the exchange of scientific data among scientists, engineers, and entrepreneurs in the first decentralized, consumer centric MarketSpace allowing growth of blockchain and acceleration of science. Currently, it lists an ICO in progress for token sale at .1USD.
Software Company Nanome, Inc. enables scientists and engineers to collaborate on designs with nanoscale precision. The 3D virtual reality company seeks to democratize science so innovation flourishes. It uses the Matryx platform which features blockchain technology to achieve collaboration through monetary incentive.
Matryx operates through three steps: A user posts a bounty on a Matryx platform for a particular program such as a drone craft. Next, other users can submit their best models to compete for the contract. The user who posted the offer likes one particular design and requests a round of revision from the community. A winner is chosen from users who have entered a remix of the design plan, and a smart contract pays blockchain validated MTX tokens.
Solution Two: Putting blockchain in every household
The next area to entice and grow the acceptance of blockchain is, IOTW, which offers efficient, free software that can be downloaded by any smart and connected device and provide minimal hardware and electricity costs. You can mine in the IOTW ecosystem and spend the coins on the online outlet mall. The algorithm called “Proof of Assignment” is fair since mining allows each device an equal chance. The more electronic devices you have, the more rewards can be garnered. IOTW blockchain software is genuine blockchain technology and available to the mass market IoT which is projected to reach 7.1 trillion by the year 2020.
Solution Three: Cloud storage to the next level
Cloud storage is a popular internet solution for data keeping, but it keeps documentation in a central location. Sia network breaks up the files and distributes them across different servers worldwide through its cryptology which is only accessible by the renter. Transactions are managed by the blockchain to provide contract fulfillment and process payments between renters and hosts. To protect you information record, Sia utilizes a redundancy algorithm to ensure that multiple copies are available in the event a host logs off. In addition to protecting your access to files when a node is offline, storage fees are at a lower rate than traditional cloud storage platforms.
Solution Four: The payment tool of the masses
Crowdfunding found in Lighthouse, the Bitcoin-powered crowdfunding application from developer Mike Hearn describes that the app is designed to be a tool used for a smart contract to record pledges to particular projects. The supporter of a campaign can download the file and upload their Lighthouse wallet. Accessibility to the project page provides amount raised, past pledges and support messages. You can explore fundraisers listed on the Lighthouse website and select to support a venture or post your project. This new approach to crowdfunding with blockchain trusted technology and bitcoin provide cost-efficient enterprises adaptable to mass applications.
Increased entrepreneurial engagement, creative product and service developments and billions of dollars in error cost savings lead to a bright future for blockchain and its followers in the twenty-first century.