Blockchain innovation has allowed businesses to taste several new possibilities through its impressive applications in versatile industries, enhancing the security and transparency levels among the stakeholders. The potential that the blockchain technology possesses to bring effective transformation in business processes has been recognized by all kinds of industries in the market. The start-ups and enterprises have already started adopting the blockchain tech, but the large organizations are still researching about the absolute repercussions in both positive and negative ways and moving on cautiously.
Like every technology, the blockchain development has its own pros & cons. Though the consensus mechanism in the blockchain applications has gained businesses extreme control over data, the limited storage per block has therefore slowed down the number of transactions per second. Nevertheless, the research for the required solutions to boost the speed of transactions has already taken a full-fledged progress ride towards the exploration of the blockchain technology applications.
The team of GoodFirms has carved out in-depth research based on a constructive survey of the blockchain development companies/experts. The research reveals the nitty-gritty of the blockchain technology after-effects on businesses. Read the summary of the complete research below:
OVERVIEW OF THE SURVEY
- The top two trends in the blockchain industry are increased use of Smart Contracts with 90.9% support and IoT Connectivity with 51.5% support.
- The two major limitations of blockchain technology happen to be Unsustainable Consensus Mechanisms and Limited Scalability with 50% and 43.7% respectively.
- Transparency, Immutability, and Reliability were favored as the three crucial benefits of leveraging blockchain technology scoring 61.5%, 58.5% and 40.8% of the survey contributors’ votes respectively.
- 92.3% of the survey takers said that the top industry to get disrupted from blockchain innovation is Finance, whereas 89.3% of them leaned towards Supply Chain Management and 69.2% of them chose Government.
- The average time taken to develop a basic blockchain application is 3.2 months or 14 weeks or 96 days.
- The average cost of developing a basic blockchain application is 105k USD.
- Supply Chain Blockchain with 84.6%, Smart Contracts Development with 76.9%, Exchange and Wallet with 53.8% and 46.2% affirmation from the survey participants concluded to be the types of blockchain projects that are in high demand.
- Hyperledger with 97.6% and Ethereum with 92.3% claimed the winning positions as the preferred tools and technologies used for blockchain development. The experts also approved of EOS with 61.5% and Parity with 45.2% to be the trending tools for the same.
- The significant platforms preferred for blockchain development unveiled to be Amazon Web Services with 96.3%, IBM Blockchain Platform with 76.9% and Google Cloud Platform with 54.3% validation received in this assessment.
CONCLUSION
The above highlights can be your perfect extract of the obtained statistics in this blockchain survey. Being acknowledged of the average cost and timeframe investment for a basic blockchain application, you are now capable of finding your business a reliable blockchain development partner confidently. It is also important to cross-check that your developers are abreast of the latest updates of the current tools and platforms available in the market. To make your search process easy, just check out GoodFirms’ listing of top blockchain development companies and select a development firm that fits you best.
