According to the latest blockchain research published by our Washington-based review and rating company, GoodFirms, blockchain technology will be on the radar of two industries, specifically, this year: 1) CONTRACT DEVELOPMENT 2) INTERNET OF THINGS. The company surveyed 50+ blockchain companies and found that Smart Contract technology will most likely be embraced by a whopping 90% of the businesses. So, if your blockchain startup is focussing on Smart Contract Development, be assured, you are going to gain some serious traction in terms of clients this year.
Currently, contracts and agreements are created by lawyers, and more or less, its lawyers who, precisely, know what those contract papers contain. Enter Smart Contracts. Smart Contracts, build on blockchain, follow a decentralized system wherein a single change made in the system gets communicated to all the parties that are part of the contract. So, in that sense, no transaction is hidden. The process ensures that all the parties are on the same page when it comes to contract development. So, it comes as no surprise, third party vendors are not involved in the authentication process of Smart Contracts.
Even the Internet of Things is being considered as one of the biggest pluses of blockchain with 51.5% businesses voting for the same. Meaning, billions of IoT devices will be able to coordinate in a robust fashion and, in turn, take advantage of blockchain’s three biggest benefits – scalability, privacy, and reliability. And, just as in the case of Smart Contract, blockchain’s decentralized feature will help eliminate single points of failure in IoT devices, in addition to ensuring data privacy, thanks to cryptographic algorithms. This, in turn, will create an upbeat ecosystem for running IoT devices.
The top four benefits discovered by our in-house research team while surveying companies are illustrated in the chart below:
Almost 62% of the surveyed companies considered blockchain’s TRANSPARENCY feature as its biggest plus, while 59% gave thumbs-up to its IMMUTABILITY feature. Putting it another way, blockchain being a peer-to-peer technology, every transaction that’s made part of the blockchain network gets commonly shared. Each and every person gets a complete record of the transactions that has taken place on the blockchain ledger. This makes transparency an unparalleled feature of blockchain technology. A change in a single transaction record would mean change in the entire network. So, thanks to both these blockchain features, the data remain absolutely accurate and consistent on the blockchain network.
RELIABILITY is yet another most praised feature of this Gen Z technology. And, nearly 41% of the survey respondents concurred reliability as one of the most crucial attributes of blockchain technology. These multiple features have been drawing the attention of the mobile application industry, in particular, and other industries at large. From Chronicle, financial to stockpiling business, blockchain has been widely accepted by industries, by and large. In fact, any application that needs to store large data stands to benefit from Blockchain technology.
The fourth most important benefit of the blockchain, DECENTRALIZATION, was considered useful by almost 38% of the blockchain developers. What that means is that the data can be shared by all the parties involved, which makes it a game-changer technology of the future. But then, there’s no question of your data getting shared or sold to third parties, without your consent, which in turn prevents single points of failure. And, in worse comes to worst cases, if a single node goes down, it won’t disrupt the entire system at large. So, in that sense, your application happily remains up and running, irrespective of the number of users on the network.
Additional features such as cost reduction, zero intermediaries, security, and automation are the other biggest advantages of this technology that blockchain companies plan to milk this year.
The top industries most likely to be disrupted by blockchain include the following:
As per our research, Finance, Supply Chain Management, and Government industries are three major industries that are most likely to get disrupted by the Blockchain technology.
So, if you fall into any of these industries and plan to engineer a blockchain application, you can consult some of the leading blockchain developers or you can even consult our in-depth research report on blockchain to gain an overview of the market.
Just to give you a fair idea of how the pricing part works in the case of blockchain applications, there’s infrastructure expense, application data structure expense, business process expense, legal framework expense, marketing expense and more to be accounted for while creating an application. Generally speaking, the standard cost of developing a blockchain application with standard features comes to nearly $105000.
So, if you are part of the above-mentioned businesses, without much ado, make plans to adopt this technology.
Author Bio: This is Jennifer Warren, a Content Crafter for GoodFirms – a review and research platform for mobile app development, web development companies and more. The company publishes research reports on a time to time basis, the latest one is on PPC Management Research.