Cementing Blockchain’s Presence In The Future Of Enterprise Solutions
Blockchain is a relatively new technology that was introduced to the world by the person or group known as Satoshi Nakamoto. Its initial role was to solve the problem of double spending that the cryptocurrency world was experiencing at the time. Tech enthusiasts lauded the success, and this led to an in-depth analysis of the power blockchain indeed possessed.
Bitcoin was a huge success that was followed by Ethereum which ushered in a new era of blockchain by introducing smart contracts. These would allow developers control over how transactions would be carried out on their applications.
After Ethereum, there was a surge in dApp’s. Ethereum’s protocol could act as a foundation for many dApp’s. Developers chose to use Ethereum as a gateway to decentralization through its smart contract feature.
Fast forward to 2018, the third and fourth generation blockchains are in the works to try and solve some of the issues noticed during Ethereum’s reign as the go-to blockchain protocol. AERGO, a company powered by Blocko, is now coming up as the fourth generation blockchain with uniqueness, that is, it is highly specialized for enterprises.
Why Use Blockchain?
Centralized platforms have been the foundations of public life for centuries now. However, their time may have passed. The short-comings of centralized platforms have been exposed numerous times leaving some of the world’s population vulnerable to anyone who had the will and capability of breaching centralized systems.
They have also been a source of exploitation. It is easier to run a monopoly in centralized structures, as witnessed in various industries where a small number of corporations control the entire industry right from pricing to product releases.
Blockchain’s success on Bitcoin was as a result of its distributed ledger format that gave power to nodes rather than a central authority. Decentralizing power within the platform made it easier for prices control by users. This also eliminated intermediaries thus reducing frictional costs that would commonly arise as a result of these intermediaries.
Developers say that these attributes of blockchain are replicable in various industries with a significant probability of success, where the implementation is completed correctly. Decentralized applications were born as a result of this.
Blockchain offered more secure and transparent platforms as compared to centralized platforms that were being used at the time. The governance of platforms was spread out to participating nodes hence making blockchain platforms virtually run by nodes. The tests carried out by various developers on various industries were successful, only large-scale adoption remained.
So, why blockchain? Simply because of transparency, security and potential streamlining of platforms.
The Arrival of AERGO
Ethereum is an already established protocol that houses hundreds if not thousands of dApp’s. So why enter the protocol space in blockchain? There were some challenges experienced by Ethereum which hindered maximum exploitation of blockchain technology.
DApp’s based on Ethereum experienced delays as a result of the numerous transaction requests that resulted from an increase in users of the protocol. The main issue with Ethereum was scalability, which it is currently trying to address.
AERGO arrives as the next generation of blockchains that will be vigorously competing with Ethereum. The entire blockchain community is aware of the problems that were being experienced by Ethereum. AERGO also noted them as well especially on enterprises which were suffering as a result of the delays.
Large-scale adoption of blockchain was also becoming less likely due to these delays and other underlying problems that needed to be sorted out.
AERGO’s platform has dealt with most of the problems that were existent in Ethereum. From scalability to smart contracts, AERGO has set-up its platform such that it truly feels and works like an entirely different generation of blockchain. Furthermore, it has made it’s project open source and its platform as developer friendly as possible.
Contributions from the blockchain community can significantly improve a platform. Most upcoming blockchain platforms are involving the blockchain community and other developers as much as possible to get as much input before the product or service is released and after.
Developers that plan on running their dApp’s on AERGO will find creating smart contracts on the AERGO network easier than any other protocol. AERGO uses one of its features, the AERGOSQL to make it easier for developers to write smart contracts. AERGOSQL has a smart contract engine with SQL language. Therefore, developers do not have to learn solidity to write smart contracts.
In protocols such as Ethereum, developers needed to know solidity to work with even the simplest of smart contracts.
Such changes have made AERGO’s platform proposal attractive to developers and even to creators and innovators. It is easier to develop ideas into actual products and services if there are supportive tools.
On their website, AERGO expects to deliver transaction rates of more than one million TPS. To attain this, AERGO employed different technologies that would improve on their transaction rates. For example, the consensus mechanism proposed is the deterministic DPOS. The consensus is achieved faster and accurately using deterministic DPOS. Parallelism is also employed.
AERGO can process transaction request simultaneously thus more work can be done within a given period. Sidechain technology is proposed in the AERGO platform. Having different sections of an enterprise run independently with their mainnet will result in AERGO’s platform having faster speeds.
Spurring Acceptance and Growth of Blockchain Technology
AERGO’s platform will encourage massive adoption of blockchain technology in some enterprises. Currently, only 1% of enterprises have integrated blockchain into their systems, and even among these, some are just using them experimentally. About 8% are considering adoption blockchain in future.
Most CEOs are skeptical about blockchain technology. This may be due to the bad experiences and bad press that blockchain may have received. Nevertheless, blockchain continues its growth and is almost inevitable once proper protocols put in place and its success experienced in enterprises.
AERGO is arguably among the only platforms that are forward-thinking. Allowing their platform to be developer friendly will make it easier for them to customize dApp’s according to their specifications and still have these dApp’s meet the requirements for being hosted by the AERGO platform.
For enterprises to adopt AERGO, they will need a solid reason why blockchain and specifically AERGO would be the best fit for them. Security, privacy and transparency are good enough reasons, and any blockchain protocol can provide this, however, AERGO is the only platform that can deliver efficiency and uniqueness.
Specific business solutions are expensive. Centralized platforms have made it so. Even with these solutions, one would have to entrust a substantial portion of their security and privacy to a third party.
Illegal activities can easily arise from this and can be carried out without the knowledge of enterprise owners. Tailor-made solutions based on blockchain offer more satisfactory results. In comparison to their centralized counterparts. To begin with, the security of data stored is assured at all times. The chances of a massive data breach are very slim especially compared to centralized platforms.
The distributed ledger technology ensures that data is spread out across a secure network such that one successful hack yields minimal or no result at all. This will significantly discourage hackers.
Enterprises are likely to adopt blockchain through AERGO once they realize that nearly all their technical and operational problems solved through decentralized applications supported by AERGO.
Solutions in Various Enterprises
Businesses have reward programs showing their commitment to serving their customers, and they also act as an incentive for their clients to continue using their products or services.
Airlines and grocery stores are among the top examples offering reward programs which commonly based on the number of services bought. Some knowledgeable people have discovered ways to hack this system in such a way that they can continue using reward services without ever paying for a single cent or paying significantly lower charges.
There are even tutorials on how to start hacking flights to get more than what you originally paid. Airlines risk losing a lot of revenue and clients risk losing the reward system altogether if such hacks continue.
- With AERGO, airlines can request for a private blockchain which they can use to run reward programs and even their daily operations. Transparency offered by blockchain makes it easier to single out those who are exploiting the system. It also makes airlines aware of the loopholes that exist within their system.
- Since reward systems require official data, there is a possibility that hackers may target airline databases. AERGO can secure these databases through blockchain’s necessary distributed ledger technology reinforced by AERGO file system.
This could help prevent cases of compromised data as a result of hacking as was recently seen in the case of British Airways.
Another area where AERGO applies very well is in the supply chain. Even airlines can adopt AERGO specifically for supply chain solutions. Supply chain management is getting more streamlined but it is yet to hit peak efficiency. There are still factors such as real-time product updates that are yet to be provided by current service providers.
- This is due to limited technology in use by these service providers. With the internet of things growing, supply chain management is likely to become even more streamlined. Control of these devices will require decentralized applications as centralized applications may expose the entire system to hackers.
- IoT devices can easily be hacked. The use of blockchain will make IoT networks more resistant to improper conduct.
- The result of AERGO’s influence in supply chain management is transparency and efficiency. Records will be clear thus bearing the potential of removing contrabands and illegal trade of goods.
- Every shipment is recorded, and contents confirmed autonomously as designed by innovators once they arrive at the port of entry. Smuggling rings are disrupted due to such clear records kept through blockchain. Any inaccuracies can readily raise flags which would make it easier for port officials to identify contrabands before they enter their target countries.
- The quality of goods can also be confirmed. Import and export scandals can be cleared up through transparency and clear records kept through the use of blockchain technology. Port officials will only have to verify via data submitted by the various devices participating in the supply chain network.
Airline enterprises and supply chain management are just two examples of the changes that AERGO can create when integrated into an enterprise. Financial enterprises can be more productive and efficient through AERGO. It can handle high traffic which is experienced daily in commercial enterprises as money changes hands from one client to the next.
The stock market can also draw advantages from the use of AERGO. Deals can be done directly without the need of stockbrokers. Institutions such as schools and even governments can use AERGO to improve their services by removing unnecessary steps in service delivery.
Processes such as voting and user identification are likely to become more efficient, secure and accurate through dApp’s based on AERGO.
Blockchain has yet to materialize as a disruptive force in the technological world. The restrictions that were there preventing blockchain from performing at its peak are now overcome through platforms such as AERGO.
AERGO has what it takes to take blockchain from a community-based technology to a fully-fledged revolutionary technology that will influence operations in various enterprises.
There is a lot to be gained from using blockchain technology and even more through AERGO. With speeds of over 1 million TPS, services are going to be as streamlined. The fact that AERGO is tailored for enterprises makes it even more suited for business both small and large. AERGO is genuinely the blockchain fuel for autonomous enterprises of the future.
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