Industries That Blockchain Will Radically Transform Blockchain-as-a-Service
The term “cryptocurrency” is a misnomer.
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Software is the backbone of every computing device, from the smartphone to the personal computer. The modular nature of it has helped many a developer create even more software.
Stratis offers end-to-end solutions for software development, making testing and deployment on the blockchain simpler. The project also features an academy where one can learn about development. Essentially, it is a Software-as-a-Service platform that provides blockchain utility to its users. The applications used on the Stratis platforms are coded in C#. The team chose this language as it is popular in business applications and it is easy to maintain. Stratis’ salience lies in its ability to give organizations an accelerated and reliable way of creating a blockchain. This avoids the high cost that would occur if organizations had to develop a blockchain from scratch.
Ardor is another big player in this space. It utilizes the technology of the NXT platform to offer child chains. The project’s parent-child chain architecture will allow businesses to create products on customized blockchains that are secure and lightweight. Transactions can be removed from the child chain once over, to keep the chain free from bloat. The child chains can run either on Ardor’s own tokens or one of the chain owner’s choice. This child chain supports a variety of features and makes the use of blockchain for a company simple, as opposed to building a blockchain from scratch. For a detailed look at Ardor, read our in-depth article here.
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