Most of the business nowadays are struggling to understand how integrating blockchain technology into their current business practices could increase their efficiency and benefit them. Many businesses fear that the cost of blockchain implementation is extremely high and it may exceed management difficulty if they will decide to integrate a blockchain solution into their existing infrastructure. Understanding their concern thoroughly, blockchain implementation for businesses of all sizes, nevertheless, doesn’t have to be either expensive or traumatic.
Blockchain technology will revolutionize the business transactions undoubtedly like never before. According to an article published in Bitcoin Magazine, IDC has estimated that global spending on blockchain solutions will reach a total of $9.2 billion by 2021 and should it happen it will compound annual growth rate of 81.2%. With such widely predicted growth estimates, there is no wonder as to why there is such a phenomenal buzz surrounding blockchain solutions today.
How to Implement Blockchain Technology
The most famous use of blockchain technology is a cryptocurrency that decentralizes the network and allows its maintenance by multiple nodes that are not even located in the same geographical area. It could be integrated into existing business processes for:
1. Integrating Cryptocurrency Transactions – Any online platform selling products, charges membership or subscription fees, accepts donations, or any other kind of payment can be benefited enormously by integrating a cryptocurrency payment gateway.
2. Establish Smart Contracts – Smart contracts allow the companies to draw legally agreements between two or more separate parties.
3. Integrating Smart Devices with IoT – IoT allows blockchain networks of smart devices to be interconnected to benefit all the users.
Put Together The Right Development Team
The most essential key to implement a blockchain technology successfully into your project is having the development task assigned to the correct team under the guidance of a single dedicated manager considering the consequences of working under multiple mangers. Blockchain is a relatively new technology demanding a unique skillset to implement cryptography, to make the decentralized peer-to-peer networks operate accurately. So, it is very important to incorporate experienced blockchain developers who have the skills and passion to undertake blockchain development.
Any development team working with smart contracts should be familiar with blockchain API’s, and the current platforms offered by blockchain companies to help aid development to solidify the codes. A good blockchain developer will be aware of platforms that aim to solve blockchain’s scalability problems and Hyperledger.
Another interesting area is the cloud-based blockchain development. Companies such as IBM, Amazon, and Microsoft are now offering development spaces on their cloud platforms known as Blockchain as a Service (BaaS). This service is an excellent initiative to bring together all the companies and developers to create efficient and viable blockchain solutions suitable for business needs.
Hence, it is strongly recommended to employ a development team expert in blockchain deployment. With a little cost, a good development team saves time and money by reducing the problematic risks to a great extent.