As the crypto ecosystem experiences its first prolonged downturn since it exploded into the public consciousness in 2017, its underlying technology, the blockchain, is becoming more expansive than ever. By practically every measurement – R&D, implementation, and interest – blockchain technology is not only the infrastructure of tomorrow; it’s the technology of today.
As a result, many companies are looking to adopt blockchain technology at some part of their business model.
According to PwC’s 2018 Global Blockchain Survey, which polled 600 executives from 15 territories, 84% of respondents indicated some involvement in blockchain implementation.
As PwC notes, “It’s easy to see why. As a distributed, tamperproof ledger, a well-designed blockchain doesn’t just cut out intermediaries, reduce costs, and increase speed and reach. It also offers greater transparency and traceability for many business processes.”
While large corporations often have the resources to undertake a fundamental change in computational networking, other companies may struggle to bear the cost burden of adoption. With significant programming and developmental costs associated with implementation and upkeep, the expense of blockchain integration can be a barrier, but it doesn’t have to be.
Whether a company is looking to fully integrate blockchain technology or they are looking to decentralize certain components of their business process, it’s possible to keep costs low so that anyone can benefit from the blockchain.
Here are three steps companies can take to reduce the expense of blockchain integration.
1. Control Maintenance Costs
Integrating and maintaining blockchain technology can be costly if your company goes it alone. However, the blockchain has an expansive ecosystem of enthusiasts and developers who are routinely building components that can create a cohesive blockchain infrastructure. For example, Modules, components of applications that serve a variety of purposes, can be bought, reused, and repurposed so that a company’s developers don’t have to build everything from the ground up.
In other words, it’s possible to cut costs by relying on products that others have already built.
For example, the MESG marketplace offers pre-built modules that allow quick and cost-effective implementation of blockchain technology. By utilizing a marketplace approach to blockchain development, companies save time and money. Qualified and talented professionals are already building incredible blockchain products, and by embracing a veritable plug-and-play approach to the decentralized economy, organizations can apply and expand their use of blockchain technology without also taking on the developmental costs associated with the project.
2. Monetize the Process
Of course, companies that are on the cutting edge of blockchain integration can control their costs by monetizing their developmental work. For years, developers have posted their work to open-source platforms like GitHub, a practice that neither earns them money nor quantifies their work.
To be sure, platforms like GitHub are critical to the developmental process, and they play a role in the technological ecosystem, but for companies looking to offset the cost of blockchain integration, a marketplace approach provides a potentially lucrative distribution model.
When developers posting their code to a platform like MESG, they license their work, and they earn a commission each time it is utilized. In this way, organizations can share their work with other companies – something that makes the technology more useful and prolific – while also recouping a portion of their up-front investment in the blockchain.
3. Collaborate Effectively
The blockchain’s decentralized ethos extends beyond its technological underpinnings.
To put it simply, blockchain technology is the product of the collaborative efforts of thousands of individuals and teams. For organizations looking to adopt blockchain technology without breaking the bank, this community can be a critical asset.
For starters, there are numerous incubators – teams of investors and business experts who foster innovative projects – and these resources can contribute to a company’s successful implementation of blockchain technology.
In the blockchain space, Yellow Ventures is a team of entrepreneurs and investors who provide seed-stage support for companies pursuing cutting-edge technological solutions, including blockchain technology.
At the same time, strategic partnerships – collaborations between companies – can enhance a company’s implementation process without contributing additional expenses.
It’s evident that decentralized computing will continue to be a dominant expression of the digital age. Most companies are exploring the blockchain to some degree, and though it can be expensive to get off the ground, cost doesn’t have to be a prohibiting factor.
By utilizing pre-built resources, monetizing and distributing a developed product, and collaborating with strategic partners, any company can control costs, making it possible to pursue blockchain implementation without breaking the bank.