The Capital
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The Capital

Matter of Time — A Silent Revolution is Taking Place in Blockchain

By Moey Arman on The Capital

Blockchain technology means different things to different people depending on their perspective. However, at its core, blockchain exists to improve transparency, efficiency, and reliability to existing systems that are responsible for the daily operations of various enterprises and industries.

Hype and Post-Hype Blockchain

Its core function was overtaken by the euphoria that engulfed the decentralized industry from around 2015. Many confuse the two terms using them interchangeably causing misinformation in various quarters. Various articles sought to repair the damage that had been caused by explaining the exclusiveness of these terms.

Some blockchain companies chose to use the hype to build proper platforms that were aimed at improving different aspects of enterprise operations. After the hype, companies that were founded on blockchain’s core principles continued their operations while those riding on the cryptocurrency wave found it hard to appeal to the market.

The blockchain (actually the cryptocurrency) hype has died down. Nevertheless, the technology still soldiers on, making a meaningful impact wherever applied. Whatever progress is taking place in the ecosystem is purely out of merit.

Blockchain Importance Exponentially Increasing

Blockchain in the global economy is daily covering more ground. Periodically, the technology makes a notable advancement before the barely noticeable ones pass by. These small changes culminate in platforms that are functional, efficient, and effective over time.

Those who are not keenly following the development of decentralized technology might be shocked at the progress the ecosystem has made in the last few months.

For those following the technology, the changes are expected and come as a result of recommendations from experts and users of the platform.

One of the greatest disadvantages of blockchain technology was its inability to scale to meet processing demands. The issue has been addressed by various platforms, which has greatly improved the performance of the technology.

Protocols such as Aelf address the issue of scalability through their unique adaptation and implementation of the decentralized technology. The outcome of their approach is the renewed interest in blockchain technology by enterprises and even governments.

By providing a holistic and complete approach to the requirements of modern enterprise businesses, ælf will make it very difficult for businesses to not notice the positive business application ælf and blockchain will be able to offer.

Best Examples from The Biggest Names

If there was any proof needed that blockchain will become a staple in modern technological architecture, look no further than the list of major multinational companies already testing and/or implementing blockchain technology. Some of the best examples include:

Google: The world’s biggest search engine has been trialling blockchain technology over the past couple of years. Specifically, Google views its Cloud Services as being the natural home for distributed-ledger technology. Google has been investing in and acquiring startups with digital ledger experience as well collaborating with New York-based startup Digital Asset, which makes tools to build blockchain-based apps.

Microsoft: The Redmond based giant is arguably one of the biggest supporters of blockchain technology. So much so that it has introduced the capability for customers to build their own blockchain via Microsoft Azure.

Samsung: Samsung created much fanfare last year following the news that its flagship S10 Mobile Phones would include a blockchain wallet that would have support for various cryptocurrencies including Ethereum (ETH) and Binance (BNB). As well as this Samsung has allowed for the continued creation and development of blockchain d’App platforms via their Samsung Blockchain Platform SDK.

IBM: Easily one of the most ardent proponents of blockchain technology has been IBM. The American company has been fully developing blockchain products since 2017, and to this day has various industries in which they are implementing the use of blockchain technology. It was recently announced that banking giant Standard Chartered had joined IBM’s and Maersk’s blockchain shipping platform.

There’s No Doubt — Blockchain Adoption is Gaining Momentum

It may not be advertised or televised, but the adoption of blockchain technology is ongoing globally.

In 2019, the MXC platform came up with a smart city initiative that would make nearly all aspects of a city connected to its decentralized network. Connections within their network will be made possible by IoT devices. The initiative was adopted in some parts of China. More cities are likely going to adopt this or a similar version of MXC’s smart cities initiative.

Dubai, one of the world’s leading cities, is also planning for blockchain adoption. Their adoption plan is dubbed “Smart Dubai” and will see the city aim to become the first city fully powered by blockchain technology. Dubai even set a target for its blockchain adoption strategy. They hope to be fully powered by blockchain this year.

These are just two examples of the adoption of technology happening globally. Such progress can go unnoticed, especially when a greater part of the blockchain ecosystem judges its success by the price or volume of cryptocurrencies in decentralized exchanges.

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Moey Arman

Moey Arman

☸Knowledge is realizing that the street is one-way, wisdom is looking both directions anyway☸