Development ‘On the Chain’ to Promote Off-Chain Blockchain Adoption?
Alexandra Tinsman's original article for cointelegraph.com reduced by 70%
In the last decade, blockchain and distributed ledger technology has had an immense impact on a multitude of industries, with 84% of organizations experimenting with the technology, with more than half of blockchain projects in the research and development phase, according to the PwC Global Blockchain Survey. Ultimately, any business that is looking to simplify the processing method of large volumes of transactions while ensuring the verifiability of these transactions - stands to benefit from the use of blockchain technology. When Facebook says "Jump!" users ask "How high?" However, it is not enough for companies to hop onto the blockchain bandwagon without further investigation into the viability of blockchain and whether it is the right solution for a business.
The applicability of blockchain very much depends on whether a business fulfills a number of criteria, including whether multiple parties share and update data; if the business has a customer database, whereby there is a verification requirement; third-party intermediaries adding complexity that blockchain could potentially remove; whether interactions are time-sensitive; and if transactions interact. Blockchain stands to see far greater adoption when organizations' and institutions' approaches and application methods of decentralized ledger technology become more targeted, as opposed to adopting a one-size-fits-all framework. As blockchain technology transitions from being reserved for the high-tech elite to a technology that can be applied to the masses, we will undoubtedly witness a shift in perception on a global scale.
Alexandra Tinsman is president of the NEM.io Foundation, which aims to introduce, educate and promote the use of the NEM blockchain technology platform on an international scale to all industries and institutions.
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