Likely Challenges of Blockchain Adoption
Change is not always comfortable. Some periods of uncertainty and discomfort may have to be experienced during the process. The Innovation Alliance wants to reduce or eliminate such periods during the transition from traditional methods to new blockchain based modes of operations for institutions. Here are some of the challenges that businesses are likely to face during blockchain adoption:
Industry proposals usually have roadmaps drawn up with a budget component attached to what they would like to achieve and a financial safety measure in case other expenses are incurred along the way. For a large business, changing their systems may not be as financially straining due to the economies of scale and the ease of which they can regain their spent revenue on upgrading to a decentralized network considering the advantages and cost savings that would result from them. However, there could still be significant costs in research and development of unique use-cases. Small businesses are also one of the primary targets of the Innovation Alliance due to the fragility of their operations.
For a small business, it is one wrong move away from complete failure, such as having your main platform down for too long during an upgrade or building the application on the wrong platform. Your clients may easily be swayed to other businesses. Aelf, together with the Innovation Alliance, can equip small businesses or even large corporations that may suffer financially during the transition period to minimize the financial costs incurred. By providing platforms that can easily be integrated into existing systems, providing ways through which these businesses can acquire the capital they need to transition to a decentralized network, and having the expertise and resources readily available, Aelf and the Innovation Alliance will help bridge the financial gap that exists during blockchain adoption.
Before adopting blockchain technology, businesses will have to understand whether blockchain is, in fact, viable for their industry. Specific industries may still operate profitably and securely without blockchain while others are in pressing need of blockchain technology. This research requires funding, the right perimeters under which to be carried out and resources and skilled staff/developers. Most centralized companies do not have the expertise to do such research and will need an experienced team in the blockchain sphere to aid them with concrete results.
The Innovation Alliance is at a position to offer this service to these businesses. Given that they have been players in the blockchain space for quite some time, they understand the dynamics of blockchain in various industries and the need of each market blockchain participates. They are also in a better position to advise whether the business should adopt blockchain or not compared to other parties, as well identifying the specific use-case due to their combined experience in the blockchain space.
3. Appropriate Applications
While entering the blockchain scene, centralized platforms may opt to either adapt existing platforms or come in with their tailor-made blockchain application. Businesses will know what type of blockchain application they need based on the research that will be carried out. It is likely that these applications will be readily available for general use. However, it is also expected that each platform may require slight variations of the apps recommended to them. Huobi Labs, a member of the Innovation Alliance, comes in handy for such scenarios. They have blockchain incubation programs that could see businesses get their tailor-made application. Through Huobi Labs, these applications can even get funding depending on the nature of the agreement businesses are willing to make with donors. These applications can then be built on the aelf platform due to the full flexibility and customization that can occur with the aelf kernel.
Apart from funding and incubation, Huobi Labs also provides crucial industry insights that business will likely appreciate.
4. Industry Insight
Any business entering into the blockchain world will have to have some knowledge about how it operates especially those that intend to use cryptocurrency as a form of payment method. Many variables are usually at play whenever transacting with cryptocurrency that businesses will have to understand and appreciate. It would profit the entire blockchain industry if a new company were to know how blockchain works. New entrants into the blockchain space, with the insight provided by the Innovation Alliance, would navigate the blockchain space more confidently, making more informed choices thus the entire blockchain network benefits from the knowledge and understanding provided.
With the Innovation Alliance, businesses do not have to operate with any doubt. Access to information on blockchain will be given to them at their request. This promotes a holistic growth of the entire blockchain industry. Businesses will also be able to understand their position within the wider industry, knowing who the existing players are and how they can benefit from each other.
The Innovation Alliance helps businesses intending to integrate blockchain into their operations do so in a much smoother fashion. Having taken care of most of the factors that could hinder businesses from adopting and thriving in the blockchain sphere, the Innovation Alliance makes it possible for the innovators to concentrate on their innovations.
Blockchain has grown over the years, but it is yet to reach its desired target. Most platforms are still being operated by centralized systems as a result of the challenges that come with the adoption of blockchain technology. Aelf and the other members of the Innovation Alliance will contribute significantly to the growth of blockchain through their purposeful endeavor.
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