Deloitte Survey reports more enterprises are entering blockchain at record pace
A recent study by Deloitte found that 41% of companies across the globe have blockchain in production. It has long been known that the mindset and sentiment of the business world toward blockchain technology was shifting. This new report concretes that not only has it shifted, but it has resulted in action around the world.
The study saw almost 1,500 senior executives from 14 countries discuss their company’s stance toward the technology. The number that have incorporated blockchain into their production has increased by over double compared with last year’s reports. In fact, almost 90% of respondents “said they believe digital assets will be very or somewhat important to their industries in the next three years”.
Essentially blockchain is here to stay and is permeating almost every industry. For this reason, aelf’s platform is even more critical, that is, an enterprise-ready solution that can be customized for application requirements. This solution also provides interoperability and the feature to transfer assets between blockchains.
So what is needed for enterprises to truly integrate blockchain solutions into their current systems?
There are a couple of specific components which need to be further developed as well as other basic requirements that need to be in place in order for these solutions to be seen as viable on a broad scale.
As important as it is for many blockchain applications to have immutable data through public blockchains and multitudes of nodes, this simply isn’t viable in many enterprise applications, resulting in confusion and in some cases, apprehension to investigating blockchain solutions. In a nutshell, many companies have data that is sensitive and public blockchains do not provide enough privacy, or that is the perception.
So many will simply suggest a private blockchain hidden from public view, but this isn’t really that different from a centralized server. In fact, just like centralized servers, private blockchains are, in essence, isolated data silos. The extra security provided by public chains is almost non-existent in these cases and performance could even suffer as a result.
So in order for a blockchain solution to improve existing infrastructure it must not be an isolated silo of data but must not release sensitive data publicly. IBM have done this with their FoodTrust application by creating a closed ecosystem that is private from anyone who does not need the information, but connects all relevant parties to the data they require.
Aelf’s solution is similar in that side chains can be public or private or a hybrid, and they can also parent other chains with similar or different characteristics! This will in essence allow users to recreate the type of ecosystem used by IBM.
I feel like I’ve used this word to death, but that is because it is so critical. Imagine a world where all enterprises are not connected to the internet, it might be ok for a local store like your milk bar, but any large enterprise would not survive. This is the same for a blockchain solution that does not have interoperability — it is drastically limited in its functionality.
Aelf has developed a Cross Chain Transfer Protocol (CCTP) allowing cross chain communication and asset transfer. This protocol can be used with aelf’s side chains as well as external chains, both public and private.
Aelf has also teamed up with Chainlink, a secure data provider, in order to create secure and verifiable data collection from external sources that are not recorded on blockchain. This is necessary because a blockchain is only as true as the data on it. For many applications, this data will be sourced from external locations such as 3rd party centralized servers — which are open to manipulation.
When dealing with software solutions, enterprises struggle with the cost and complications of choosing customized or unique packages developed specifically for their needs. Sometimes this isn’t a realistic approach and the company will opt for an off the shelf product with basic variations that meet their minimum requirements. This problem occurs in almost every industry that requires data management and costs enterprises millions of dollars on inefficiencies and adjustments.
This problem has been foreseen by many executives when they consider blockchain solutions since the biggest blockchain that supports smart contracts, ethereum, is a one size fits all solution. Aelf’s custom side chains and one application per chain approach allows each enterprise to create their unique blockchain solution without any consideration for other corporations using the network or what has already been developed.
The aelf kernel is designed modularly to ensure minimal coding experience is required to adjust each component of the application. Even more unique is the ability to adjust blockchain framework over time to meet adjusting needs. Simply put, a blockchain created today is able to adjust and change to meet future requirements as they arise.
A final consideration that hinders adoption for many enterprises is the lack of industry and technical experience that is required when dealing with blockchain solutions. In reality, this industry is still very new and there are a limited number of individuals who understand blockchain technology who are not already heavily involved in the industry. In order to find the appropriate solution, the team developing it must hold knowledge in both industries, that of the enterprise and of blockchain.
Aelf has a team of developers ready to work with enterprises from a variety of industries to provide the experience and knowledge needed to identify the best solution for them.
Once all these hurdles have been overcome, as is the case with aelf’s Enterprise Blockchain Solution, the entry requirements become minimal with the rewards far outweighing the risks. Indeed, Huwaei were one of the first companies to recognise this by partnering with aelf in 2019.
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