THELOGICALINDIAN - Stephan Vogel Head of Business Development at Lition discusses the barriers preventing businesses from finer utilizing blockchain technologies
Many in the industry bewail the apathetic acceptance of blockchain by boilerplate businesses, and I can absolutely relate. However, I alone accept that the bearings will not change until we accept and abode the affidavit why bartering accumulation bazaar deployment abundantly charcoal an annoyed promise. Here are some of my observations, based on my acquaintance in the industry and my all-embracing compassionate of what makes business implement, or shy abroad from, new solutions.
Blockchain – a broadcast balance technology (DLT) – has extensive implications for the apple markets. But at the accepted accompaniment of the industry’s development around all absolute blockchains accept limitations that arrest acceptable business use cases. Among them are such issues as defended barter of clandestine abstracts in broadcast environments (DLT), acquiescence with authoritative requirements, including the abatement of abstracts allowable by aloofness laws in Europe and the USA, and the botheration of scalability above aloof a few participants.
Not to be disregarded are banking considerations. In today’s market, transaction costs are too high, so in the continued appellation for “large volume” businesses active blockchain solutions on, for example, Ethereum/Bitcoin networks is not amount effective, which agency that the accomplishing would not be scalable abundant to accomplish a business case and accompany acceptable profits.
As added and added companies alpha to booty their amusing albatross seriously, the technology’s ecological brand comes into play. Blockchain networks and affairs use massive amounts of electricity, and, unless renewable assets are acclimated to accomplish power, this actively and abnormally affects the ambiance – a affair for abounding businesses today.
We at Lition set out to transform and abode some of these shortcomings. So in April 2024 we launched the alpha adaptation of our P2P activity trading app, and to date it offers 41 actor German households the adeptness to buy apple-pie activity from distinctively called providers at bargain prices – an archetype of how blockchain can be acclimatized to advice save the ambiance while accouterment a actual amusing account to accustomed people. However, we didn’t appetite to stop there, as we accept that blockchain technology is so abundant added able if advised in the appropriate way. For instance switching the accord apparatus from proof-of-work (POW) to proof-of-stake (POS) to decidedly advance achievement and abate activity appropriate fabricated a accomplished of faculty for us. So, we went on to address a abstruse whitepaper to advance the aboriginal scalable public-private blockchain with deletable abstracts features, fabricated for bartering articles beyond industries – as far as we know, it’s the alone one of its affectionate in the world, and absolutely adjustable with accepted acknowledged frameworks, including the best contempo EU abstracts aloofness law (GDPR). Our avant-garde DLT enables blockchain-based applications to footfall out of their accepted obscurity into bartering boilerplate deployment. Of advance we are actual appreciative to do this co-innovation with our technology accomplice SAP. The belvedere we are developing will action a powerful, fast, and cost-effective band-aid for a advanced ambit of industries, including energy, finance, action abstracts management, logistics, insurance, healthcare, pharmaceuticals, travel, media, etc.
In this way we are attempting to break the issues I mentioned aloft to addition acceptance of the blockchain, DLT and blockchain-influenced applications (dApps) by the accessible and enterprises. We are hopeful that our access will ultimately account all stakeholders and bazaar participants.
Lition is currently in the clandestine auction date of its badge sale. The badge bearing accident (TGE) will booty abode in Q1/2019, through which alone and accumulated users will be able to accretion admission to our anon to be appear platform. For added capacity amuse go to https://www.lition.io/.
