The World Economic Forum (WEF) estimates that by 2025 10% of the world’s global GDP will be held on Blockchains. With the world’s current global GDP running at over $88 trillion it is reasonable to assume that 2025 GDP will exceed $100trillion. If the WEF estimate turns out to be right we will see over $10,000,000,000,000 worth of assets held on Blockchain within six years. However, to achieve this level of utilisation and then sustain the high rate of growth Blockchain Technology must supersede and replace a vast number of legacy systems.
Whilst there is a certain (perhaps usual) amount of inertia regarding the shift in technology the worlds of government, business and big data are ready for the transformation. We already understand that Blockchain systems will provide far greater levels of security and transparency (this includes future proofing against quantum technology). The Harvard Review considers Blockchain Technology has the potential to create new foundations for the world’s economic and social systems. We also understand that Blockchain will create whole new classes of assets and then facilitate their trade.
Blockchain Technology will streamline multi party transactions securely and with real time access to information. It will also allow savvy business to leverage advantages from Blockchain systems utilising artificial intelligence embedded within the Internet of Things. Business will also profit from Blockchain based supply chains which ‘self repair’ disruptions without the need for further data input or human involvement. The list is endless. Whatever the field, Blockchain Technology will enable truly global trade with those who embrace it first achieving perhaps the largest quantifiable benefits and advantages.
With all of the obvious upsides why is the shift to Blockchain slow to gather pace? The quick answer is lack of developer resources. It is estimated that the world contains somewhere in the region of 25 million software developers today. Further estimates suggest that of this figure perhaps only 1% of Developers are currently engaging in Blockchain Technology. This undersupply of Blockchain Developers is compounded by Global businesses with deep pockets as well as forward looking Governments who are investing heavily in the development of their own Blockchain systems. Their ability to attract a significant percentage of top end developers along with large numbers of those with a good level of experience is exacerbating the developer shortage experienced by SME’s. Thus, whilst the business world is populated with many entrepreneurs who can see the new opportunities that abound resource restrictions are preventing their development.
The learning curve for developers moving into Blockchain is a steep and lengthy one, and whilst financial rewards await those that successfully make the jump there is a potentially significant period of reduced income gap that needs to be bridged on the way. Any search of the Internet today will still show a general lack of tools and software available to developers to help them build and expedite their projects. It is this fundamental resource shortage that is addressed by our Blockchain-as-a-Service Platform. The Chainlify Platform will lower the entry level skill set requirements for developers to shift to Blockchain, and the Platform’s associated toolbox will help expedite successful project completions. This will aid the transition for greater numbers of developers to engage with Blockchain Technology.
Throughout time humankind has developed at various technological rates. Periods of stability have been interposed with periods of incredible innovation and technological advancement. Looking back we can only imagine what ancient peoples thought when they were presented with items such as the Antikythera Mechanism or the Baghdad battery both around 2,200 years old.
History has shown time and again that when technology is leaping ahead it is the those that step forward bravely and lead the way that create the most and prosper the best. They are also the drivers for the quantum leaps in technological ability and understanding that have delivered humankind to where we are today, not just staring up at the stars but planning our journey.