The Future of Blockchain Technology is not in web3, it's connecting with web2

The Future of Blockchain Technology is not in web3, it's connecting with web2

The Future of Blockchain Technology is not in web3, it's connecting with web2

The future of blockchain is not to build a new internet, but rather to embed blockchain functionality to current technology and applications.

One of the pioneers in blockchain development is IBM. They have developed blockchain.js which already handles around 200,000, transactions per second. It is only natural that more functions will need this technology. Such is the future potential of this exciting technology, says Markus van der Mije, founder and CEO of IOTA, a distributed ledger technology (DLT) that has already gathered over 600,000 registered users.

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More than a thousand blockchain applications are being developed, with some claiming the ability to process up to 200 million transactions a second, at the current time, based on their blockchain-based technology. What is more, these companies are already starting to work with clients and companies of all sizes on how to use blockchain technology in their own products or services.

A survey conducted in September 2020 by IBM and T-Mobile, a major US mobile phone carrier showed that almost half of medium sized companies are looking to launch a blockchain based initiative by 2023. They are now working with a number of different entities and different parts of their business.

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For example , Blockchain as a Service is being rolled out by different companies:

PayStand incorporates blockchain into payment and documenting processes to ensure immutability and auditability. The company’s BaaS installs networks that notarize certificates (like diplomas, deeds and receipts). Starting as a company within Disney, another interesting startup is Dragonchain’s BaaS platform which focuses on the protection of vital business assets and data. The company uses serverless cloud architecture to improve interoperability, and privacy, between blockchains that share a businesses’ most important information, like finances. Bloq offers a suite of BaaS tools that focus on key issues in business reconciliation, authentication and security. The software platform helps businesses build and personalize the BaaS technology that suits their current needs.

Factom has two tools dedicated to BaaS for managing and securing important documents. “Factom Harmony” is a ledger tool that converts documents to a singular digitized platform to reduce audit times and costs. Factom’s “dLoc” uses encryption to authenticate and verify personal documents like land titles and birth certificates. VironIT offers a multitude of BaaS services, including consulting and blockchain-based mobile app development. Specific examples of the company’s BaaS include everything from smart contract development and auditing to development of cryptocurrencies and digital wallets. Konfront offers building blockchain functionalities and connecting these to traditional applications. Their novel use of JSON API's allows any company to exploit the benefits of blockchain without having to migrate their full technology stack. This company also offers companies their Product as a Service solution, through which they help companies launch and scale digital products through a subscription based business model.

Using blockchain in has unparalleled benefits for companies, including the security of sensitive data, transfering funds and ensuring ownership of assets. One of the previously mentioned companies,  Konfront claims that their KNFT solution has been used as a tool for enterprise access management  to expand information security for industries that require high levels of data security.  

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IBM has been working on blockchain for more years than any other company. Its smart contract platform, Ethereum, has become the platform of choice for the majority of innovative blockchain projects. If you are a developer, Blockchain is something you should definitely learn, as you will find yourself in an interesting position. While many developers are trying to write their first blockchain-based applications, some of those developers will have to rewrite existing applications in order to get the blockchain to work.

Companies and developers who manage to run both existing applications and next-generation blockchain applications whilst integrating the benefits of both will achieve unparalleled competitive advantages.