When Blockchain first appeared on the tech radar, it was heavily associated with Bitcoin and other cryptocurrencies. We know now that this was just the tip of the iceberg for the new technology. Since Blockchain’s inception, the brightest and most disruptive minds from around the world have started to unlock its potential as a groundbreaking security solution. Not just for online currencies, but any data transmission and validation imaginable.
More than 10 years later, Blockchain is still something of a mystery to most non-IT professionals. So what exactly is the value of Blockchain for businesses? And what technologies are available to help companies adopt this groundbreaking, disruptive security solution?
To answer these questions, we caught up with CEO and co-founder of Betty Blocks, Chris Obdam. He explained Blockchain and how no-code application development platforms can help businesses implement it easily, without the expense of employing specialized software developers.
What is the value of Blockchain?
Blockchain is a distributed ledger system which has a clear and simple benefit. It allows people to work together, share information, create contracts, and make transactions securely. Everything created (such as transaction data) is done outside of privatized, central systems and stored in a distributed system, the Blockchain. Unlike most technologies, Blockchain requires multiple parties’ permission to create, edit or move information.
For people like you and me (or even businesses), information is a private and valuable asset. Knowing data is secure gives real peace-of-mind to individuals and is an essential factor for businesses to work together. Blockchain technology and the security it offers and can be an essential factor in winning collaboration.
As a side note: Until Blockchain technology became available, the market for centralized contract systems was owned by just a few players - a near monopoly. Blockchain technology disrupts that entirely. Taking advantage of it enables businesses to bypass the restrictive practices (and sometimes high prices) of powerful market players.
What are some of the challenges of incorporating Blockchain?
The real challenge right now is that people don’t fully understand what Blockchain is and how to apply it. People seem to have this idea that Blockchain is a complex series of algorithms and technology barriers which make it difficult to connect with existing processes. But it is in fact simply a new and better tool in your development team’s toolbox. Companies that fail to consider it are simply hanging on to the old way of doing things and risk falling behind the competition. Implementing Blockchain is where a no-code platform can come into play to simplify and speed the process.
What are no-code development platforms and how can they help?
No-code platforms enable anyone to contribute to software development without writing a single line of code. Instead of hand-coding, non-IT professionals create applications using a visual interface and pre-fabricated code segments (or modules). Ultimately, the goal of no-code is to remove the technology barrier of programming languages and allow anyone to contribute to innovation efforts.
When it comes to Blockchain, people need to understand that creating the software is the smallest piece of the project. Technical setup only has to be done once. Your user interface, back-end, and logical flows are the more time-consuming aspects.
The advantage of using a no-code platform is that the ‘technical’ setup will already be available to your developers. Meaning your focus can be entirely on delivering the best possible result for your end-users.
How can the banking industry benefit from no-code platforms?
We all know that the traditional banking sector is under constant pressure from new digital players. Both private and business customers expect better services on all fronts, including via digital platforms and they absolutely expect total security. Fail to meet these ever increasing expectations and your customers can easily switch to another provider.
Given their huge demand for new digital processes, Banks have had to radically change their approach to software development. They have had to become highly innovative and fast to market with new digital services. So when it comes to software, many have turned parts of their development strategy over to rapid innovation teams who build applications using no-code platforms instead of via traditional coding. Firms that are able to design, test and launch new services in weeks instead of the many months it took just a few years ago; are gaining customers from their slower rivals.
When can we expect the first no-code built applications to incorporate Blockchain?
Blockchain technology already exists in no-code platforms today. Existing Blockchain services can be easily integrated into an application's workflow. So it isn’t exactly a matter of when, but where Blockchain will be used within a no-code application on a large scale. You could start building an application that incorporates Blockchain today.
Blockchain is here to stay and it’s important to get your head around it. You can easily incorporate it into your new applications if you take a no-code development approach. If you need any help, do reach out to us at Betty Blocks.