Omnichain in the News:
Omnichain CEO Pratik Soni explains how Blockchain-as-a-Service makes it easy to get started with distributed ledger technology.
When most hear the term blockchain, the first thing that comes to mind is cryptocurrency. And while it was initially developed to track the exchange of bitcoin, blockchain (also known as distributed ledger technology) has evolved far beyond its financial origins. Now, organizations across every industry are exploring blockchain for its ability to create an immutable, shared record of all business data and transactions.
Blockchain has become a hot topic, particularly among consumer brands and retailers. The technology has been projected to impact nearly every aspect of the retail landscape in the coming years, from payment methods and customer engagement to marketing and — perhaps the most promising application — supply chain management.
There are several major barriers to widespread blockchain adoption: time, cost, uncertainty and complexity. Most systems available in the market today involve lengthy development phases and deployment times, often upwards of 12 months. They also require substantial upfront costs for new infrastructure — an investment many businesses are wary of making. Overall, many are simply apprehensive about implementing, integrating and learning a radical new technology.
But even in the face of these roadblocks, blockchain adoption in the supply chain is projected to rise dramatically. In fact, the 2019 MHI Annual Industry Report predicted adoption will grow to 62% in the next five years.
Driving this growth will be Blockchain-as-a-Service (BaaS), which will make it easier than ever for brands and retailers to get started with their own distributed ledger. Using the popular Software-as-a-Service model, BaaS-powered supply chain management platforms eliminate the need for complex on-premise systems, since all users need to connect is an Internet browser.