For many years, investors have been wondering how to take full advantage of Blockchain technology. Because this cutting-edge technology offers a significant reduction in transaction costs. As promising as the international popularity of blockchain technology may be, it is not necessarily the solution to all corporate business model woes.. Has this technology kept all its promises? Where are we today? What are the obstacles that prevent its generalization? How to deal with it to better face the challenges of tomorrow?
Blockchain as a service
The global blockchain technology market size was valued at $5.92 billion in 2021 and is projected to grow at an annual growth rate of 85.9% from 2022 to 2030. In 2022, we are seeing the large-scale development of companies and platforms offering blockchain as a service (BaaS). BaaS is a trusted solution that helps users deploy cloud services to quickly build, operate, and host their blockchain projects. It is inspired by the Software as a Service (SaaS) infrastructure and adopts a similar work strategy. Major IT players like Amazon and Microsoft are at the forefront of offering BaaS services to customers. However, the scope of their services is limited to large enterprises. With the rapid growth of medium and small businesses, the BaaS cluster is expected to soon expand to serve these entities and enable blockchain technology to diversify its use cases.
Challenges to overcome to implement blockchain at all levels
Even though most of the current solutions are free, recruiting competent software engineers who specialize in blockchain implementation will be a significant investment, it is also one of the biggest challenges of blockchain implementation.
Another major implementation challenge is scalability. While transaction networks can process hundreds of transactions per second without errors, when it comes to Bitcoin (about 3-7 transactions per second) the processing is significantly slower. This makes blockchain impractical for large-scale applications. To be widely adopted, blockchain needs to improve its speed. This is where digital infrastructure services can play a vital role by providing high bandwidth capacity.
3D technologies where multiple virtual ecosystems connect to create a larger cluster will be a combination of augmented reality, virtual reality and blockchain technology. Blockchain will contribute to the creation of a digital economy in these new virtual universes.
In general, many of the major hurdles faced by blockchain reflect the growing problems inherent in any new technology. Blockchain proponents will need to persuade their organizations to take risks to build relationships comparable to blockchain, augmented reality and virtual reality in other industries and justify the integration of this technology.
The blockchain at the service of customer relations
There is some evidence that blockchain adoption will continue to expand in 2023. Companies are gradually coming together and forming collaborative blockchain task forces to address the problems they face and provide solutions that benefit all.
Blockchain also adds, for example, an extra layer of trust between partner telecom operators and allows for payments to be accelerated. The benefits to businesses are operational improvements to their end-to-end services. Blockchain technology also makes it possible to return ownership of data to customers. It helps empower users by giving them full control over their information. They can control who has access to their data, transactions and behavioral patterns, improving customer interactions with the company through transparency, trust and security.
Blockchain is not yet widely or systematically understood. But this technology is counted among the trends to keep an eye on to always be one step ahead. Everyone is eager to learn more about this technology, because it enables significant advances and opens up new perspectives in every industry, whether it’s banking, healthcare, media, information technology, cyber security, advertising or finance. Its possibilities are endless, blockchain technology will fundamentally change the way we work and live in the future. But it is crucial to understand how it works and the obstacles that may arise before deciding to use it.