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Myths of Blockchain

Whenever a new technology emerges in the market, mixed opinions arise from the techies. Few flags that as a disaster while few claim that as a lifesaver. Blockchain is not an exception to it. There come Solution Providers who utilize the opportunity by busting a few unresolved queries; declare themselves as the best in the industry and play the money-making game. While the rest of unaddressed queries remains as MYTHS. Myths remain as myths because of 2 major reasons. Either we don’t have time to analyze and just ride the wave or we are afraid of losing something as a cost of doing so. Let’s break a few blockchain myths today! Myth 1: Blockchain is costly  Partially True

Blockchain - Not Costly all the time Blockchain implementation depends on lots of factors like  The complexity of the problemThe number of stakeholders involved in the networkNeed for integration with existing systems/productsMigration of an existing system to the blockchain platform  Need for 3rd party service providers (AWS, Twilio, etc.)Maintenance, etc. Based on the requirements, the cost may vary.

Blockchain in other Industries Myth 2: Blockchain is only for Financial Services Not At All This myth remained unbroken for a very long time. Now it has crossed its horizon and stepped into every possible field of service. Healthcare service providers are keen in using blockchain especially in telemedicine services. Recently Supreme Court of India curbed its restrictions on cryptocurrency trade-in India. Tamilnadu Govt. joined the initiative and is aiming to develop a state-wide blockchain to enable all the Govt. entities to avail the transparency and security. Extending its use to other departments may soon be legal based on its implementation success. Myth 3: Blockchain is nothing but a cloud-based database False Blockchain is a set of nodes(internet-enabled computers) which registers the timestamps of transactions. It is a tamper-proof digital ledger. The stakeholders are updated on the new transactions with Proof of Existence but not the actual documents like the cloud-based database. Myth 4: Private Blockchains are secure than Public Blockchain False

Private Blockchain is not so secure Public blockchains are decentralized, meaning any participant who is willing to participate can participate using the protocol when all the stakeholders approve it. All the stakeholders are owners of the entire network. More number of participants makes the information available at multiple nodes. The more the number of participants more is security. Whereas the private blockchains, on the other hand, are invitation-only networks where the ownership rests with one. This makes the network centralized. Private blockchains are faster as the authentication takes lesser time. But it is less secure as the number of nodes is less. Best Part of Blockchain is Yet to Come

Future of Blockchain - Gartner As per Gartner’s prediction, Investments on Blockchain will be more from 2022 and large scale economic value will be seen from 2027 across the globe. To the surprise, the number of live blockchain cases is more in the APAC region than any other country in the world and by 2023, blockchain will support $2 trillion goods and services management & tracking per annum. Let’s see more interesting facts and myths about blockchain in future articles. Stay tuned with KriyaTec Blogs. Would you like to know how KriyaTec made a Blockchain-enabled Intelligent Insurance Claiming System? contact us now Check out Our Blockchain case Studies Read the full article

[sindhu-kriyatec-blog]

Myths of Blockchain

Whenever a new technology emerges in the market, mixed opinions arise from the techies. Few flags that as a disaster while few claim that as a lifesaver. Blockchain is not an exception to it. There come Solution Providers who utilize the opportunity by busting a few unresolved queries; declare themselves as the best in the industry and play the money-making game. While the rest of unaddressed queries remains as MYTHS. Myths remain as myths because of 2 major reasons. Either we don’t have time to analyze and just ride the wave or we are afraid of losing something as a cost of doing so. Let’s break a few blockchain myths today! Myth 1: Blockchain is costly  Partially True

Blockchain - Not Costly all the time Blockchain implementation depends on lots of factors like  The complexity of the problemThe number of stakeholders involved in the networkNeed for integration with existing systems/productsMigration of an existing system to the blockchain platform  Need for 3rd party service providers (AWS, Twilio, etc.)Maintenance, etc. Based on the requirements, the cost may vary.

Blockchain in other Industries Myth 2: Blockchain is only for Financial Services Not At All This myth remained unbroken for a very long time. Now it has crossed its horizon and stepped into every possible field of service. Healthcare service providers are keen in using blockchain especially in telemedicine services. Recently Supreme Court of India curbed its restrictions on cryptocurrency trade-in India. Tamilnadu Govt. joined the initiative and is aiming to develop a state-wide blockchain to enable all the Govt. entities to avail the transparency and security. Extending its use to other departments may soon be legal based on its implementation success. Myth 3: Blockchain is nothing but a cloud-based database False Blockchain is a set of nodes(internet-enabled computers) which registers the timestamps of transactions. It is a tamper-proof digital ledger. The stakeholders are updated on the new transactions with Proof of Existence but not the actual documents like the cloud-based database. Myth 4: Private Blockchains are secure than Public Blockchain False

Private Blockchain is not so secure Public blockchains are decentralized, meaning any participant who is willing to participate can participate using the protocol when all the stakeholders approve it. All the stakeholders are owners of the entire network. More number of participants makes the information available at multiple nodes. The more the number of participants more is security. Whereas the private blockchains, on the other hand, are invitation-only networks where the ownership rests with one. This makes the network centralized. Private blockchains are faster as the authentication takes lesser time. But it is less secure as the number of nodes is less. Best Part of Blockchain is Yet to Come

Future of Blockchain - Gartner As per Gartner’s prediction, Investments on Blockchain will be more from 2022 and large scale economic value will be seen from 2027 across the globe. To the surprise, the number of live blockchain cases is more in the APAC region than any other country in the world and by 2023, blockchain will support $2 trillion goods and services management & tracking per annum. Let’s see more interesting facts and myths about blockchain in future articles. Stay tuned with KriyaTec Blogs. Would you like to know how KriyaTec made a Blockchain-enabled Intelligent Insurance Claiming System? contact us now Check out Our Blockchain case Studies Read the full article

[sindhu-kriyatec-blog]

Myths of Blockchain

Whenever a new technology emerges in the market, mixed opinions arise from the techies. Few flags that as a disaster while few claim that as a lifesaver. Blockchain is not an exception to it. There come Solution Providers who utilize the opportunity by busting a few unresolved queries; declare themselves as the best in the industry and play the money-making game. While the rest of unaddressed queries remains as MYTHS. Myths remain as myths because of 2 major reasons. Either we don’t have time to analyze and just ride the wave or we are afraid of losing something as a cost of doing so. Let’s break a few blockchain myths today! Myth 1: Blockchain is costly  Partially True

Blockchain - Not Costly all the time Blockchain implementation depends on lots of factors like  -The complexity of the problem -The number of stakeholders involved in the network -Need for integration with existing systems/products -Migration of an existing system to the blockchain platform   -Need for 3rd party service providers (AWS, Twilio, etc.)Maintenance, etc. Based on the requirements, the cost may vary.

Blockchain in other Industries Myth 2: Blockchain is only for Financial Services Not At All This myth remained unbroken for a very long time. Now it has crossed its horizon and stepped into every possible field of service. Healthcare service providers are keen on using blockchain, especially in telemedicine services. Recently Supreme Court of India curbed its restrictions on cryptocurrency trade-in India. Tamilnadu Govt. joined the initiative and is aiming to develop a state-wide blockchain to enable all the Govt. entities to avail the transparency and security. Extending its use to other departments may soon be legal based on its implementation success. Myth 3: Blockchain is nothing but a cloud-based database False Blockchain is a set of nodes(internet-enabled computers) which registers the timestamps of transactions. It is a tamper-proof digital ledger. The stakeholders are updated on the new transactions with Proof of Existence but not the actual documents like the cloud-based database. Myth 4: Private Blockchains are secure than Public Blockchain False

Private Blockchain is not so secure Public blockchains are decentralized, meaning any participant who is willing to participate can participate using the protocol when all the stakeholders approve it. All the stakeholders are owners of the entire network. More number of participants makes the information available at multiple nodes. The more the number of participants more is security. Whereas the private blockchains, on the other hand, are invitation-only networks where the ownership rests with one. This makes the network centralized. Private blockchains are faster as the authentication takes lesser time. But it is less secure as the number of nodes is less. Best Part of Blockchain is Yet to Come

Future of Blockchain - Gartner As per Gartner’s prediction, Investments on Blockchain will be more from 2022 and large scale economic value will be seen from 2027 across the globe. To the surprise, the number of live blockchain cases is more in the APAC region than any other country in the world and by 2023, blockchain will support $2 trillion goods and services management & tracking per annum. Let’s see more interesting facts and myths about blockchain in future articles. Stay tuned with KriyaTec Blogs. Would you like to know how KriyaTec made a Blockchain-enabled Intelligent Insurance Claiming System? contact us now Check out Our Blockchain case Studies Read the full article

[sindhu-kriyatec-blog]

Pros

Cost Effective

Small enterprises crave for new opportunities. At once they get a project its not just a business but its a chance for them to prove the world that they are capable. They are ready to provide the application development service with minimal margin.

Reduced Delivery Time

As they perceive the opportunity as their lifetime chance, they put their heart and soul into it and try to complete the process well before the given time.

Support Readiness

They are available whenever we need them. All they care is their ability to showcase the world their strength in all perspectives. By telephonic or in person they are at our doors when we are struggling with our compatibility.

Flexible

They don't have a list of prerequisites to iterate our problems.So we don't have to wait for a long time to approach them.They take really less time to give us a PoC. Apart from that they provide reliable software testing services by themselves. We don’t have to look for another company for those services.

Cons

Lack of Standard Procedures

This lack of defined set of prerequisites may also lead to problems.Problem may rise from the client side being illegal who takes the advantage of small enterprises who are looking for opportunities. It may also happen at the other side where the enterprise waste the Client’s time in exploring.

Lack of Experience

It is not safe all the time for the Clients to make a try with the first timers. It may turn out to be a total waste of money and valuable time if they couldn’t justify their talent. They should be able to deliver what they have committed.

Complete Delivery

Few entrepreneurs fail to provide the complete delivery of the intended service. They may be excellent in developing and testing but their support and maintenance may not be up to the Client’s expectations. This again make the Client to look for another service provider which is again waste of time. Now they even couldn’t go with the established enterprises for these partly services.

Reputation Loss

These small issues may lead the Clients loose their reputation with their consumers. This breaks the client building chain which in turn affects the pipeline.

Suggestions

All these are high level opinions.Either it is a small enterprise or a large established Service Provider, its not about the words they promise but about their commitment to give the total solution.

How to measure that?

Every client is unique and every single client look for a new solution. Only when they have new ideas, service providers can get business. If a solution is already available in the market ,whats the need for new entrepreneurs?

Ideas born everyday,service providers have to be ready with end to end solution which could enable them provide a complete solution to their clients. 

Clients should be careful in analyzing 

their profile, 

the expertise available with them,

years of existence, 

projects done so far,

case study documents,

demo of the service done already

 are the few metrics for the Clients to get a clear picture of the service providers.

They may not have a ready made solution in hand but should have a closely matched case study. 

All the best to both Service providers and the Clients.

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