Blockchain’s Huge Worth
There are countless positives with Blockchain technology which countries and companies the world over are finally beginning to realise. More and more people are being allocated roles at work that are dedicated to Blockchain which highlights the importance that some are now placing on the technology. Statistics are also emphasising the switch too. Last year, the Blockchain market throughout the world was estimated to be worth $340 million. This is an incredible figure considering how young the technology still is. However, what is even more impressive is the fact that by 2021, this figure is expected to leap to $2.3 billion. Although the jump in amount does seem astronomical, experience shows that nothing should be a surprise with either Cryptocurrencies or Blockchain. Always expect the unexpected. There is absolutely no other industry like it or has there ever been.
A Tiny Snag
It looks as if 2018 is becoming a big year for Blockchain too as more and more is expected of the technology. Blockchain and its scalability will certainly be tested this year for sure. On the other hand however, it will also be a challenging year because there are still not enough experienced Blockchain developers around at the moment. This is due to the simple fact that the technology is still very young as highlighted above. There are also financial roadblocks for companies in that it is extremely costly to initiate Blockchain technology. Budgets soon become high when you need to develop a new software system, as well as hire staff and produce all of the necessary strategies etc to ensure you roll out the best system you can.
It’s All Good
However, it is not at all doom or gloom for Blockchain in fact far from it. There is a lot of work being done to make things as easy as possible to implement the technology. Concepts include: Blockchain-as-a-Service (BaaS). This is where users can hire the services of a provider to do all of the hard work for them. Microsoft, Amazon and Oracle have already chosen this option; A second alternative is Modular Software Architecture. This is a straightforward way of getting over the costly entry issue with Blockchain. A Chinese company is already well on the way to developing new software which will take away the stress of having to produce Blockchain systems. The solution – named Chain Factory – will be on the market by the end of this year.
Only the necessary time needed for developers to gain experience and educational centres to churn out the new generation of Blockchain experts will solve many of the problems above. The production of alternative methods to assist companies with setting up Blockchain will also help greatly. Things are definitely moving in the right direction and it will not be long before the use of Blockchain explodes beyond recognition, when workarounds and cheap options to implement it become readily available. All things considered, the $2.3 billion suggested above may well be an underestimation!