In the business world, blockchain is the new black. Many companies are pivoting away from their core products — be that cameras, diagnostic machinery, or even iced tea — to adopt new blockchain strategies.
This phenomenon has inspired a proliferation of blockchain announcements from opportunistic firms with annual revenue above $500 million, according to a latest industry research. Early this year, market movers have made it clear that, if you’re not nominally in blockchain, you’re missing out. Perhaps some under-performers, industry aside, ought to take note.
At TechCrunch Innovation Summit in Hangzhou last week, Lai Xin, ThunderChain’s chief engineer of Xunlei had a fireside chat with senior reporter at TechCrunch about why and how companies can transform themselves for the blockchain era.
During the TechCrunch event, Xin describes blockchain technology as a social innovation, one that enables new trust mechanisms capable of transforming our social relations. It is then paramount to learn whether it could become a fixture in a sector, and if so, how. Determining where and how the tech varies across industries is in many ways the ‘million-dollar question’.
According to Xin, understanding the technology and its ability to overcome problems is the foundation to working out how and where it could be applied — does your business solve a real or fictional pain point? Could blockchain improve efficiency and reduce monetary and time commitment costs? Could it be adopted to build trust in an industry?
When it later comes to the technical part, as mentioned by Xin, Xunlei’s ThunderChain Open Platform will help solve lots of problems while addressing the most important pain points in the business. Any startups and individual developers who want to incorporate blockchain technology can now benefit from the platform. The company has been working on a number of Blockchain partnerships and integration since the launch of ThunderChain which can provide processing capacity in the millions of transactions per second.
The well-established tech firm has rolled out new initiatives aimed at helping startups and developers explore and commercialize their own blockchain applications. The firm announced last Friday that it has launched a new distributed file system aimed at supporting blockchain platforms. The ThunderChain File System (TCFS) and three ThunderChain Request for Comments (TRC) standards will help support blockchain development. TCFS in particular aims to integrate existing platforms like IPFS and yet-to-release filecoin, with new security and flexibility tools.
While dedicated to nurturing startups by lowering overhead costs, Xunlei offers access to potential mentors and investors, technological support and route-to-market guidance for startups building Blockchain decentralized apps. Startups will now have access to an exceptional blockchain experience, modules, and secured environment for testing.
Blockchain technology is set to have a massive impact on several industries in the future. Even if you are unsure whether or not blockchain technology will become a fixture in your business, it is only wise to start investing in the skills to work alongside it when it inevitably becomes widely adopted.