This year, corporate technology has decided to dip its toes in the blockchain space and experiment with distributed ledger technologies.
Everyone has one distributed ledger project going on.
From Microsoft to Google, IBM and just about everyone else, everyone is coming up with one solution or the other that will change the way the cryptospace has worked for a decade.
Big tech firms usually have virtually unlimited budgets when it comes to the implementation of Distributed Ledger Technologies (DLT).
This, of course, has led to many projects which have gone sideways because they lacked a core focus in the first place with unlimited budgets.
This has also led to a few innovations which are changing the blockchain space forever.
One such innovation is the Ethereum Enterprise Alliance (EEA) which is a framework that creates a set of common standards for the development of cryptocurrency tokens which can be deployed off the Ethereum blockchain.
The alliance includes most of the technology industry heavyweights which all have several DLT projects also decided to put hands together to create an enabling environment for the implementation of tokens of the Ethereum Blockchain for all kinds of purposes.
This, of course, has created a different paradigm where the blockchain space is buzzing with new ideas and the right environment now exists for such developments.
As a type of DLT, Blockchain technology has done well as the fore-runner of other types of technology.
However, certain things must take place in leaps and bounds for DLT to spread like wildfire.
This all starts with how specifically the big technology companies use DLT to bring new products and services to people.
The factors that drive this are described below.
The Inclusion of Relevant Hardware that Connects Directly with DLTs
While it is known that hardware can’t move without software, apart from DLT wallets and miners there haven’t been any significant consumer hardware that can be used by the consumer until recently.
HTC recently released a Binance enabled phone which is the first such device of its kind that connects to a DLT.
These kinds of devices are needed so that the adoption rates of DLT can spread faster than is currently happening.
Of course, there may be others in the lab or which may have been released but this particular use-case shows how integration with the Binance ledger can prove to be important for the user of the phone.
As such, other pieces of hardware that connect directly to DLTs need to be developed so that Broad use of DLTs can take place at any time and place.
The Creation of Cross-Partnerships which can Change the Way DLTs are Developed
While the mantra of the corporate World is Dog-eat-Dog for profit and by any means necessary for effective use of DLTs in the corporate space, cross-partnerships in different startups and projects relevant by different competitors in this nascent technology should occur for the eventual takeoff of the DLT space.
One perfect example of this is the investmentby both Visa and Mastercard in tech startup Plaid.
This sort of partnership will enable both competitors to see different opportunities in the DLT space which each can exploit for profit and mutualism at the same time.
This works for nascent technologies and also advanced technologies as well when the common interest is to see that the technology grows and advances.
The Introduction of New DLTs besides Blockchain
While Blockchain technology is one of the best things to have happened to technology, the truth is that the DLT space needs to move on and grow beyond just the emergence of blockchain technology.
One such example is the emergence of the Ripple Protocol Consensus Algorithm ! which has been doing quite well as per remittances in the crypto space.
The other one which holds a lot of promise though it’s still new is the Hedera Hashgraphwhich also runs on its type of DLT.
This also creates the kind of creativity that will spur the development of the next generation of DLTs that will rule the world in every sense.
In all, the DLT space is still nascent and the technology corporate sector must join hands to bring this technology to heights previously unknown.