With some of the largest companies in the world leveraging blockchain technology, smaller companies need to compete in order to maintain market share. However, for most small and medium-sized enterprises, the cost of using the technology remains high. For companies to utilize entry-level blockchain solutions, it can cost at least $1 million, which is out of reach for most SMEs. A blockchain solutions provider by the name of CoreLedger is changing the narrative, and enabling enterprises to affordably leverage blockchain infrastructure.
The CoreLedger Solution
With the CoreLedger blockchain sandbox, enterprises can experiment with blockchain solutions, no matter their budget or expertise. SMEs that utilize CoreLedger can benefit from the blockchain without writing any code. A recent study estimated that investment into the blockchain is expected to reach $60 billion by 2025. This year we have already seen big players like IBM and Merck collectively applying blockchain to large industries like supply chain. This is just the tip of the iceberg as other industries such as banking, finance, government, and insurance are all poised to benefit. Additionally, a recent study outlined the importance of blockchain aiding in the recovery from COVID-19.
The current failure rate for blockchain adoption is around 92%. The reason for this is that businesses have to build from scratch. Besides that, they lack a flexible environment for testing before launching market solutions. In an environment where the global pandemic has many companies cash strapped, the solutions offered by CoreLedger can allow smaller companies to avoid economic barriers and monetize at the same time. Smaller companies can finally keep up with high-wealth companies in this emerging market.
Johannes Schweifer, the Coreledger CEO, is a renowned serial entrepreneur within the blockchain sector. Some of his previous achievements include being the cofounder of BlockLogix and Bitcoin Suisse. He created CoreLedger out of frustration with existing blockchain solutions for real-world use cases.
In a recent press release today, Johannes Schweifer, CEO of CoreLedger stated that:
“If blockchain is applied properly, there are hundreds of use cases where the technology can improve efficiencies, reduce costs, save time and introduce more trust and credibility. But blockchain is also new technology, and taking advantage of it requires trialling, testing and sometimes, failing, in a safe and affordable environment. We’re significantly reducing the costs of adoption.”
What Others Are Saying
According to Urban Scherrer, the SWIC Digital CEO, CoreLedger had saved them a lot of time and money in their development process. He said that they were able to showcase ideas without creating any code. Within the blockchain space, blockchain expertise and skilled personnel are a scarce resource. However, SWIC Digital, which is a blockchain-powered investment platform, was able to stage a proof-of-concept and leverage the technology immediately.
Other Use Cases For CoreLedger
CoreLedger told Visionary Financial that the sandbox is already in use for cattle ranchers and farmers in South America. Besides that, various financial services in Europe and Asia are utilizing CoreLedger’s solutions.
By 2027, many experts predict that over 10% of global GDP will be tokenized. Despite this, the mass adoption of the blockchain has been sluggish. Some of the factors preventing adoption include the mistrust due to fraudulent ICOs as well as the high cost of entry. CoreLedger’s solutions will deal with these issues. Consequently, businesses of all sizes will be able to trial the blockchain for numerous use cases.
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