There is no doubt that Blockchain, in the past few years, has garnered ample hype. And at Silicon Harbor Labs, it is certainly one of our most treasured areas of expertise. Quite a few of our highly innovative solutions rely on the potential and promise of Blockchain.
As a result, in order to help you get a whiff of how our seasoned technologists at Silicon Harbor Labs perceive Blockchain, we’ve decided to come up with a series of blog posts that revolve around this revolutionary technology.
In this initial blog post, we’ve decided to talk about the two primary phenomena that summarize and demonstrate Blockchain’s potential in changing the marketplaces and the economies of the future.
The Formation of a Decentralized Marketplace that Encourages Trading
Blockchain has helped overcome two of the biggest obstacles that often inhibit the circulation of value – the ease of trade and the lack of trust.
You see, in order for the general public to be completely comfortable with using a certain technology, there are two key characteristics that must be respected: 1- It must be cheap enough for the average individual to want to use it and 2 – It must be secure and reliable enough so that the average person could trust the technology without having to know much about it. And Blockchain has helped resolve both these issues at once. It has decentralized the marketplace and has provided the average person with the ability to trade assets with the utmost ease and most importantly, with advanced levels of transparency and security.
As a result, an increasing number of individuals and companies have been gently nudged into developing a certain level of curiosity about Blockchain, and eventually, trusting the technology enough to regard it as a viable means for them to transfer money and other critical assets.
The Formation of Networks of Value
“…an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
This is how Don & Alex Tapscott, authors of Blockchain Revolution (2016) describe Blockchain.
When you think about it, an efficient circulation of value serves as one of the principal factors that facilitates and accelerates the growth of an economic ecosystem. And probably THE most alluring aspect of Blockchain is the gift of safe and highly-efficient peer-to-peer transactions.
The dazzling rise of cryptocurrencies is facilitating the fast, secure, and considerably cheap transfer of funds across the world. And people now have the luxury of providing a service and being compensated – almost immediately – in these digital assets for the value that they have just added.
The importance of such a system that allows “frictionless” peer-to-peer transactions cannot be understated. By radically easing the real-time movements of assets, Blockchain has played a major role in the formation of what we call ‘value networks’ – natural value ecosystems that are not only self-sustainable, but also prone to grow briskly with the minimal amount of resistance.
Our Scrum as a Service model has helped our clients harness the power of Blockchain and rapidly turn their ideas and concepts into working, demonstrable software. And we’d love to help you do the same.