Although blockchain is a new technology that has gained momentum in recent years with the origin of Bitcoin, it is deeply rooted in technologies introduced decades ago. But two main innovations make blockchain stand out from the rest. It allows recording any type of data: ownership of assets, contractual obligations, copyrights, voting, and a long list of other variegated data. The other change that such an innovating technology brings is the swift from centralized to decentralized control.
But why does this matter?
The adoption of blockchain technology can radically change both the private and public sectors. The possibility to store any data and its decentralized nature provides the foundation for the development of p2p platforms for the exchange of digitalized goods and assets without the need for intermediaries. This means to potentially change many, if not all, economic markets and as a consequence, society as a whole. Some call it the next industrial revolution.
But what is stopping this revolution from happening?
There are a few hurdles that need overcoming to have blockchain technology becoming a part of our everyday life. While some of them need to be overcome on an institutional level, for example, the matter of regulations, others are obstacles that are a direct consequence of the low adoption of blockchain technology. The main reason why these obstacles are still in place can be summarized in a couple of points:
- The learning curve for companies, but also individuals, which is intrinsic for any new technology
- The costs of implementation for any new type of technology are high, therefore, not always worth the investment.
What is the solution?
The adoption of blockchain will have a snowball effect: the more people will start using blockchain to improve their businesses, the smoother, cheaper, and more feasible it will be for the others to join in. The first steps are always the hardest.
We at Crypto APIs are providing an infrastructure layer to achieve that, by standing between the complex blockchain world and the people that want to build on it. Through our APIs, we are providing the tools for it, and we are de facto removing the two main obstacles in the way. Firstly, any developer can build a blockchain-based app by using our APIs. Secondly, this saves companies time and money, as the development time is reduced significantly, and there is no need for costly hardware and software resources to sustain a blockchain-based project.