Thursday, August 13

Business Problems and the Rise of the Blockchain Technology

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Business Blockchain
Business Blockchain

The rise of the blockchain

The Internet opened a new frontier and presented amazing benefits to businesses and the global economy as it was embraced. However its’ uniqueness, there were limitations. Making trade across politically geographic spaces required high cost; it was slow, less secure and ultimately required the use of inter-mediating agents which tends to increase factors hindering swift economic events. The late 2000s saw the creation of the Blockchain Technology through the Bitcoin cryptocurrency. This currency was digital and outperformed its physical counterpart by allowing for a low-cost cross-border payment at an unmatched speed. Years later it building upon the limitations of the Bitcoin Blockchain, the Ethereum Network came live redefining the capabilities of the technology through self-executing and enforcing agreement programmed into computer codes called Smart Contract. This smart contract allows different and non-knowing parties to enter into agreements without needing a middleman to come in to instill trust. It created a trustless environment imperative for increased efficiency in business, low cost, revenue maximization. Blockchain technology created new economies through its pervasive use cases spawning various industries.

Problems associated with implementing the blockchain technology.

In spite of the amazing features of the pervasive blockchain technology, it is yet to achieve mass adoption. Blockchain technology has not been able to achieve mass adoption because of several factors such as:

  1. Regulatory climate: The Application of blockchain has a far-reaching effect but the legal implication also curtails its growth. The unclear legislative environment had deterred players coming onboard however, this has been greatly overcome but still requires quite a lot of hurdles yet to be scaled.
  2. Privacy: The blockchain allows pseudonymous identity, however, this identity can be tracked and names can be assigned to entities utilizing the identity. And since the major current functional blockchain platforms are public in nature, it begs the question as to why enterprises will want to have their financial and non-financial records embedded or recorded on the blockchain forever for anyone to see what they are doing. This has dire implications where an Enterprise is developing cutting-edge technology or product. A competitor can easily piece together the data from their blockchain records to find out what the firm is up to. No firm will ever want this to happen unless such is an organization that requires public trust like an NGO.
  3. Scalability: Scaling has always been a hot topic in the blockchain world. There is a race to be the fastest blockchain platform with various implementations of consensus protocols (network agreement reaching rules). With Bitcoin and Ethereum the largest blockchain platform running behind a combined transaction per second (tps) of 50tps, it begs the need for a more better enterprise suited blockchain network which can improve speed and not compromise security.

The rising popularity of Enterprise Blockchains Networks.

The rise of Enterprise Blockchain Platforms such as Microsoft’s Azure, Mainframe, IBM’s Hyperledger etc with advanced computing power and speed has shown a tremendous improvement in Enterprise offerings targeted at specific use cases or more for general use. This validates the importance of blockchain technology even more at enterprise level thereby cementing the ground for full-fledged flight towards mass adoption. Staging a shakedown on the Blockchain Enterprise Industry, Akachain seeks to give enterprises the resources to exploit the blockchain technology to utmost good thereby increasing productivity, enhancing efficiency, increasing speed, reducing cost and maximizing ROI.

Conclusion

Global businesses have evolved over time and several factors determine the extent to which any business operating in any particular industry remains competitive. Amongst the notable influential factors to business growth is a new wave of approach to doing things such as the blockchain is observed to have taken root and impacts heavily on the continued operations and survival of major business establishments. While most organizations have become aware of this disruptive technology like the blockchain, there still remains the difficulty in implementing this technology to address major business concerns outlined earlier. These difficulties most times do not only stem from the complicated nature of the blockchain but the enterprise appeal when measured against certain core business metrics such as privacy, the speed of transactions and ease of integration into business operations. This is where a major shakedown is expeditiously needed to address these concerns. And what better alternative other than a permissioned enterprise blockchain such as Akachain would fit in nicely?

Akachain, an end to end, permissioned, multi-chain network based on the HyperLedger Fabric having both a main chain and subordinate private chains which are linked together by the Privacy Preserved Bridge Protocol which stores private data cryptographically to ensure transparency and security with a focus on empowering business innovations and creating a fair and objective network environment.

Akachain creates the enabling environment for enterprise adoption of the blockchain to allow businesses to increase efficiency, reduce cost, enhance data security, maximize revenue, gain an advantageous competitive edge over competitions. These it has done by eliminating the hindrances behind mass adoption.

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