Last year, almost everyone with a stake in the blockchain discussed cryptocurrencies’ stratospheric rise. When NFTs hit the world by storm and Bitcoin topped $69,000, market watchers, anticipating that something momentous was afoot, all wanted in. However, the swiftness with which cryptocurrencies lost over 60% of their value in just a few months wasn’t surprising to many blockchain developers. Wise business leaders, perhaps borrowing from the 2018 “crypto winter” experience and knowing too well that a deep decline could have been in the offing, know that now is the ideal time for blockchain development.
That’s because they realize that the true potential of blockchain technology lies not in short-term gains but in real-world applications that can deliver yet-to-be-realized customer use cases. With venture capitalists pouring millions of dollars into accelerator programs for blockchain startups, it’s the most unambiguous indication yet that it’s time to conceive practical ideas with applicable real-world use cases that can secure strong customer traction. If you’re deliberating whether to get a skilled investor or developer on board, this guide will explain why it’s the best time to take advantage of the emerging trend and invest in or start a blockchain project.
As some debate whether it’s just a fad, many companies are fantasizing about blockchain technology and its potential, even as tech leaders create more blockchain and Web3-friendly business models. Businesses are taking advantage of blockchain’s decentralization and critical features, including privacy, transparency, low fees, cost reduction, excellent security, and better data quality. Wired.com founding Editor Kevin Kelly once said, “Now is the best time to start anything.” He wrote in 2014 about how Wired.com writers registered the domain names mcdonalds.com and abc.com in 1994, but clueless company officials wouldn’t touch them with a ten-foot pole. That’s all because the internet was still happening. Blockchain developers who are intent on avoiding similar mistakes could consider the following reasons that make us believe now, as the blockchain matures, is the ideal time for blockchain entrepreneurs and investors to dive into the deep end of the pool and create a long-term impact on the technology.
While developers can choose from the different existing blockchain ecosystems, the ability of such ecosystems to interact freely and meaningfully that didn’t exist for a long time is now a possibility. By enabling the seamless connection of different online ledgers and centralized and traditional ledgers, entrepreneurs can now easily avail a wide array of blockchain-enabled products and services to users. With development of inter-blockchain communication protocols has opened a way for developers to create new Web3 apps and platforms with the potential to venture into the field of interoperable smart contracts that could supercharge healthcare, real estate, or law industries or multi-token transactions and wallet systems that could significantly streamline users experience.
Smart contracts executed on the Ethereum blockchain burn a certain amount of gas units, depending on the computing power required to carry out the functions. Since the Ethereum network subscribes to a free-market policy that allows transaction issuers to decide the fees for executing transactions, the final fees correspond to the gas price multiplied by the gas usage. Blockchain-powered app developers have long struggled with this flexible and inherently complex gas system since they are obliged to translate all requests they receive in the front end of their apps into their smart contract transactions. The gas system’s flexibility and inherent complexity challenge developing blockchain-powered applications.
Developers of blockchain-powered applications need to translate requests received in the front end of their application into one or more smart contract transactions. Knowing that transaction prioritization is mainly based on the gas price of transactions, potential and existing blockchain developers should now leverage the prevailing low gas prices to make informed decisions to introduce apps to the market and talk of “making hay while the sun shines.”
Unlike a few years back, when most people knew nothing or very little about blockchain technology, today, blockchain is a buzzword as individuals and businesses realize what the technology and its applications can do for them. Enterprises have already taken a front-row seat and not only accepted the positive aspects of blockchain, but many are already implementing them. Transparency seems to be among the main attractions of the technology, and a better understanding of the population has seen enterprises start implementing it.
Blockchain app developers who are intent on implementing their ideas now will not have a herculean task teaching their target audience what blockchain is, making it an excellent time to join the fray.
Besides disrupting all significant industries, blockchain technology continues to gain attraction as developers continually uncover seemingly endless use cases. Ongoing research and studies are analyzing the existing knowledge in the field besides systematic technical studies showing blockchain’s potential in different areas and industries. Subsequently, increased funding by venture capitalists continues to uncover essential findings on the hidden potential that blockchain-app developers can employ to go beyond the status quo and on to emerging frontiers and trends to earn consumers’ trust.
As rigorous research uncovers more diversified blockchain applications, developers can address demands and challenges in many industries by offering never-ending blockchain-based solutions.
More industry players now realize that blockchain’s scope goes beyond Bitcoin or simply as a tool meant to transform the financial sector. Shrewd developers can have a field day discovering ways to implement blockchain features like efficiency, versatility, security, and transparency in different domains to transform business operations. As things stand right now, the stars are aligned in favor of innovators keen on finding new approaches for implementing blockchain-based solutions in the supply chain, retail, banking, governance, and many other sectors of the economy. It’s no longer if developers should begin innovating blockchain developments but when they’ll jump in and add value to businesses using plausible apps.
With more startups building in the space, lower gas fees, and greater potential for truly transformative solutions, now is the ideal time for blockchain development. Reach out to Gigster to assemble a team for your next blockchain project.
