With the vast potential of blockchain, even the staunchest of its critics seem to be coming around. That is, of course, depending on whom you speak to and which research you use. Reputable Big Four multinational Deloitte reports that three in four large companies see a compelling case for blockchain. Yet British research specialists at Gartner say that just 1 percent of CIOs are actually using it.
This leads to an interesting question provoking a slew of answers: If blockchain is as great as they say it is, why aren’t 99 percent of companies around the world getting on board?
Overhyped, overkill, expensive, un-user-friendly, clunky, impractical… the list goes on. So while a small few companies are finding success with blockchain tech, widespread enterprise adoption still seems like a distant dream.
What’s Stopping Enterprises From Adopting Blockchain?
Cybercrime is predicted to cost global businesses in the ballpark of $6 trillion a year by 2021. You would have thought that CIOs around the world would be chomping at the bit to get their hands on a secure and unhackable solution.
However, some unfortunate truths remain. Overhauling existing systems is expensive. Blockchain tech is complex and has undeniable usability issues. Blockchains can also be slow and cumbersome, and then compatibility issues remain.
So while global giants with deep pockets can see the potential – or are busy applying for patents and experimenting in labs – the small-to-medium sized businesses have been standing on the sidelines. Until now.
What About a Trial Run?
REMME has perhaps made one of the most compelling cases so far for the use of blockchain in cybersecurity, eliminating the room for human error and removing the need for passwords. And now the ambitious blockchain startup has brought out a new product for businesses to try: an enterprise permissioned blockchain.
The REMME private testnet is ready for trial and is meant to give businesses of all sizes a chance to see how they can viably weave blockchain technology into their core operations. And how they can confront their rising security woes and allow for transparency and accountability.
The REMChain will handle distributed Identity and Access management (IAMd) as well as Public Key Infrastructure (PKId) requests, and is ready for enterprises to test.
Alex Momot, REMME’s CEO, says: “Private blockchains that are accessed on a permissioned basis are where the future of enterprise adoption of this technology lies. The testnet and integration tools we’ve developed in this capacity enable businesses to store certificate data in a distributed manner, eliminating single points of failure and allowing for integration with existing systems (ERP, CRM, accounting software, et cetera).”
No More DDoS Attacks and No More Compatibility Issues?
So that argument about having to overhaul existing systems? If the REMChain proves to be successful, that can be thrown out the window. Momot adds, “Enterprises can enjoy the many benefits of blockchain technology, whilst working within a framework they are accustomed to.” And the usability argument? Well, that’s also starting to wear thin.
Assuming that it works, of course.
With the massive injection of marketing and pumping, expectations for blockchain are elevated, to say the least. It’s possible that there will be some teething trouble along the way. But just as Rome wasn’t built in a day, it pays to remember that we once had to dial up to a phone line to connect to a glacially slow internet we didn’t really know how to use.
REMME will be testing out its enterprise blockchain with a range of companies, from small IT firms to fintech giants with over 500 million users, and an unnamed telecom company with some 640 million customers. Industries span medical, to fintech, to IoT.
Whether the REMChain will live up to its high expectations or not remains to be seen. Yet this certainly marks a major milestone for the company’s R&D team. The REMME private testnet could be one of the clearest indicators to date of how everyday businesses can use blockchain to improve their cybersecurity.