Over the past 20 years, some of the most consistently successful IT companies are those that have provided enterprise information management solutions to medium to large sized companies. This market demographic usually don’t have the development budget of giant corporations like Google or major retail banks, but are able to spend decent budget on licensing and customising software like Oracle, SAP, or Salesforce. These three companies combined have an annual revenue of $70 billion, which doesn’t account for their many smaller competitors and the enterprise solutions offered by Microsoft and Google. eCommerce in a wider sense is projected to be worth $4.5 trillion by 2021.
Disclosure: This is a Sponsored Article
ERP has been around since the early 90’s, and enterprise platforms have had to integrate each new tech trend as it develops: first web communication, then social media, and more recently Big Data analytics. With the interest in what ledger technology can do for business increasing, the stage is set for enterprise IT to adopt blockchain solutions en masse.
However, there are many ways that ledger technology is less easily-integrated into existing platforms as was the case with other tech developments like analytics for example. Blockchains work in a new paradigm where data is collectively created and owned, making blockchain app development a slower process involving more stakeholders and complexity. Worse still, most business-oriented blockchain platforms like Ethereum or Enigma are still in a nascent state and lack a broad range of solutions.
A soon-to-launch blockchain platform built on Hyperledger Fabric called Omnitude is aiming to address this growing need with their platform that acts as a middle-layer between businesses and the blockchain. This allows for rapid ledger app development and a lower development overhead for companies interested in leveraging the coming wave of blockchain solutions.
The current bottleneck of blockchain development
The supply of blockchain solutions for all types of users is currently far behind demand. This is evidenced by the extremely long queue of companies looking for blockchain developers, as well as the popularity of ICOs addressing these corporate needs.
At the moment, the offerings available to the average medium to large sized private company are extremely limited. Many blockchain platforms are 2 years away from launch, and the technology is too complex to build extensive DApps on the likes of Ethereum.
Bridges between blockchains and enterprise
Omnitude have targeted this market with a solution that allows companies to easily interface through blockchains using an Omnitude ID (OID) reference, which helps alleviate fraud, information asymmetries, and privacy issues among other requirements. By providing companies an identifier, the Omnitude platform essentially abstracts away much of the need for private blockchain development. This has wide ranging application in eCommerce, ERP, and Customer Management, and could potentially drastically reduce costs and time-to-launch.
The Omnitude platform has already released details of 2 major partnerships, and their roadmap rollout has been going to schedule. The company is ramping up towards accelerated development on the back of its Token Sale which runs until the 31st of May.