Blockchain has complexity issues despite the great enthusiasm and energy surrounding this new technology. In addition to the actual code and cryptography , the reality is blockchain is still prohibitively expensive and over complicated for the average enterprise. On top of that, the industry is still in its infancy and there have not been enough real-world adoption cases to convince most CEOs that it is worth their time to embrace the blockchain revolution.
This week, we talked to Yang Lin, Angel Investor and key code contributor of NULS Blockchain – who says NULS have plans to change all that.
“It’s About Division of Labour”
Currently, if a business wants to implement blockchain technology, they tend to develop their own blockchain and peripheral products (such as an explorer and wallet) and then, they have to build application solutions and eventually DApps. “It’s a long road”, says Lin, “and enterprises typically run into several problems.”
These problems include:
- Difficulty in recruiting suitably skilled blockchain professionals.
2. High costs associated with development.
3. Long project development life cycles.
4. Unpredictable risk associated with new technology, such as security and interconnectivity.
The question is: how can these problems be solved? According to Lin, enterprises should focus on what they do best, which is business -and leave blockchain technology to specialised blockchain companies.
“As the market matures,” Lin says, “division of labour is inevitable. Traditional corporations will focus on their respective businesses such as gaming, banking or medical supplies, whatever their field of expertise. While blockchain companies like NULS will focus on offering base level blockchain technology, transforming the horizonal division of labour into a vertical one. The whole system becomes more efficient. Each business sector can focus on what it does best.”
NULS is focused on enterprise solutions, which is why its attention is fixed on delivering a new revolutionary software system called Chain factory. Essentially, Chain Factory is a pluggable modular system which enables people and enterprises to build their own blockchain without the need for complex programming. The advantage of Chain Factory is that developers won’t need to understand blockchain base-level technology, there is a more efficient division of labour, between programmers, cryptography specialists and P2P specialists. A blockchain is completed by experts in each blockchain field.
“Solution providers won’t actually need to understand the blockchain technology. They can build their own customized blockchain by using the simple graphical UI operations,” says Lin. “Quite quickly, we hope our modular repository will offer plug-and-go solutions to over 80 percent of industries in the blockchain field. Users can customize their chain, public or consortium and set consensus parameters according to their business requirements.”
Blockchain solutions like Chain Factory definitely seem set to offer solutions to enterprises. A simplified system should make blockchain more affordable and accessible, reduce project development life cycles and provide answers to pressing concerns such as security. Furthermore, a cross-chain module will offer extended partnership opportunities, by providing means to connect with other chains in the platform ecosystem.
While this sounds all well and good on paper, the question is how long will it be before Chain Factory is ready for market? Lin says: “Within the next few months. We are hiring top class developers every week and our roll-out is going according to plan.”