For many years, investors have wondered how to take full advantage of Blockchain technology. Because this latest technology offers a significant reduction in transaction costs. As promising as the international popularity of blockchain technology seems, it is not necessarily the solution to all the ills of corporate business models.. Has this technology kept all its promises? Where are we today? What are the obstacles preventing 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 estimated at $5.92 billion in 2021 and is projected to grow at a CAGR of 85.9% from 2022 to 2030. In 2022, we witness the large-scale development of companies and platforms that provide blockchain as a service (BaaS). BaaS is a reliable solution that helps users deploy cloud services to rapidly build, operate and host their blockchain projects. It is inspired by Software as a Service (SaaS) infrastructure and adopts a similar working strategy. Major IT players like Amazon and Microsoft are at the forefront of providing 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 group is expected to expand soon to provide services to these entities and enable blockchain technology to diversify its use cases.
Challenges to overcome to deploy blockchain at all levels
Even if most current solutions are free, recruiting competent software engineers specialized in blockchain deployment will be a significant investment, and is even one of the main challenges of blockchain implementation.
Another major implementation challenge is scalability. Although transaction networks can process hundreds of transactions per second without failure, when it comes to Bitcoin (about 3-7 transactions per second) processing slows down significantly. This makes blockchain unsuitable 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 capabilities.
3D technologies where multiple virtual ecosystems are connected to create a larger group 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.
Overall, many of the major obstacles facing blockchain reflect the growing pains inherent in any new technology. Blockchain advocates will need to convince their organizations to take risks to build comparable relationships with blockchain, augmented reality and virtual reality in other industries and justify the integration of this technology.
Blockchain in 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 issues they face and provide solutions that can benefit everyone.
Blockchain also adds, for example, an additional level of trust between partner telecom operators and makes it possible to speed up payments. The benefits for businesses are the operational improvements of 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 complete control over their information. They can control who has access to their data, transactions and behavioral patterns, improving customer interactions with the business through transparency, trust and security.
Blockchain is still not widely or systematically understood. But this technology counts among the trends to watch to stay one step ahead. Everyone is eager to know more about this technology, because it allows important advances and opens new perspectives in every sector, be it banking, health, media, IT, 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 essential to understand how it works and the obstacles that may arise before you decide to use it.