It has been a good year for the multiple Sectors that have taken in Blockchain Technology as the base of their operations. But how many of them hope to survive the year 2018?
There seems to be a serious need for companies to look into themselves and self analysis their need of disruption. It saddens us to predict, that many of the companies who have boasted of jumping onto the Blockchain tech bandwagon, shall become defunct in the coming months. The reason to do so is simply their ignorance.
Any new technology that is steadily becoming the buzzword in the market needs not to be for one’s own setup.
With corruption on every corner and red tape binding our hands, it becomes necessary to accept that disruption is still not on the cards.
We are neither pessimist or optimist who believe that the change that is expected shall make its mark known everywhere. We are cautious in believing that there are a few steps that need to be undertaken before its arrival.
There are few who have the potential to change this trend and make it a norm. For that to happen a few factors need to be taken into consideration. They are:
- Pure R&D
- Applications that provide immediate business benefit
- Projects with long-term transformational potential.
Let’s have a detailed look at the above mentioned.
- Pure R & D (Research and Development)
As we rush into implement this new tech, we tend to forget to research the market. It’s implementation may seem good on paper but, there is always the practicality aspect that needs to be further developed. A company that deals in any platform of the Media, say, Music, will have an entire different approach of doing business. They need to focus on the end task. The end task for them is keeping piracy at the minimum while boosting sales of their artists. Hence, they need to make sure that the music that they have stored in Blocks is accessible to all but not downloadable for mass usage. This is a tricky balance that needs to be dealt with before they lose out on their hard earned money.
- Applications that provide immediate business benefit:
There are many applications that are created with the sole focus of riding the buzz of an existing trend. Their life span is restricted until their 15 minutes of fame are over and the next big thing enters the users mind.
Before you create such an app, always remember, that once it has lost its novelty, there is bound to be losses of epic proportions. For example, if someone happens to deal in online gaming. They need to keep their app updated to the current fan favorite games and hence adapt constantly. This rapid creation will also need to be updates on the the blockchain. This process shall need to be validated before it allows the different transactions to take place. That takes time as it is a distributed network. All the best trying to keep up in the market.
- Projects with long-term transformational potential
We are going to start this one straight with the example. E-Governance! They have a long-time that is used to actually bring into fruition their projects. As many of the governments are still working on updating their records, the path to convert their city, state, country into a smart version of itself shall obviously be in the long haul. For such times, the usage of blockchain needs to be through and practical. The transparency of the details shall need to be validated and then posted on to the Blockchain ledger as it is irreversible. Think twice, then it’s alright!
Be prepared for a serious pruning of Blockchain projects in 2018. The companies and projects that shall fail to translate the headlines into reality will be written off of their investments. But there is always a silver lining. The ones that survive the purge shall move forward and change the industrial sectors as we know it. Keep your eyes open and your ears pressed to the ground. Inconvenience is regretted as a change is on the horizon!
Next Read: Smart Contracts: Blockchain’s Secret Ace!