The Remote Economy is Now Thriving — See How Blockchain is Leading The Way
By: Moey Arman
Tags: Aelf, Blockchain, Cryptocurrency, Covid 19, Remote Working

The Remote Economy is Now Thriving — See How Blockchain is Leading The Way Moey Arman Follow Jul 7 · 5 min read

Photo by Mimi Thian on Unsplash

Economies are restructuring to fit into the new ‘normal’ forced upon us by the Covid-19 pandemic. There are jobs that are forever lost while others shift from the office set up to a home set up. Some employers are now considering permanent work-from-home alternatives, with many looking for remote employees to meet their industry demands.

The shifting tides come as a blessing to some and as a curse to others. Adapting to the new normal therefore becomes the only way enterprises can survive after the pandemic. It is also the practical way of safeguarding as many jobs as possible as the world seems to gravitate towards a contact-free economy.

To help enterprises adapt to the inevitable new normal is blockchain technology, specifically Aelf and their network structure. The platform as a Merkle Tree set up with side chains that link up to the mainchain for seamless interoperability. This makes it the perfect candidate for remote work and work-from-home setups.

Meeting Business Dynamics

Blockchain has so far proved that it is indeed a secure, robust, and effective technology. It may have its own issues, but the technology is daily improving to meet consumer needs. Part of these needs includes meeting the dynamics of operating a business.

Operating a business from a pivotal point while having remote workers is a challenging task. You require seamless interoperability between various departments to achieve work objectives. This system is made possible by Aelf.

The Merkle tree network and the side chain connections to the mainchain make the Aelf network fit for decentralized work. Different departments can work remotely to meet the goals set by the enterprises. For example, you can have the communications department working on the end of the project within their own side chain. Their data can then be harmonized with data from other side chains to meet the set goals.

With this setup, a business can have different teams working from any part of the world and still meet their set targets. Further, because of the advantages of interoperability, a business can run multiple projects without having overlapping data within the network.

Here are some of the advanced features present on the Aelf network:

Each smart contract runs on its own blockchain making the network effective and efficient in operation. The blockchains are specifically tailored for particular smart contracts which create efficiency in operation.

Full nodes run on cloud servers. This maintains a seamless network experience.

The governance system evolves with changing times making Aelf a dynamic network ready to meet the changing demands of its users.

For a quick understanding of Aelf and how it works, you can visit this link.

Why Blockchain?

The network performance described above is already achievable with centralized networks; so, why blockchain?

Blockchain is the dynamic technology for the present and the future. The technology is simply doing away with most of the negative aspects of centralized systems. One of the greatest advantages of blockchain technology comes in security. Though some systems have been compromised, blockchain has the best chance against some of the forms of cyber-attacks enterprises experience.

With a robust network such as what Aelf provide, enterprises are assured of data safety within the network. Data exchange is secured not only by the safety of smart contracts but also by the immutability and independence of side chains. The extra layers of security between the chains make it more difficult for hackers to access data; when the decentralized nature of blockchain is factored in, then hacking such a system becomes laborious, thus a deterrent to potential hackers.

Moreover, on security, Aelf recently introduced the CCTP (Cross-chain transfer protocol) system, which is meant to increase the security in cross-chain communication. The platform conducted the first phase of an online campaign that saw hackers unsuccessfully attempt to compromise the system. The move created more confidence in the network, which is currently planning the second phase of the competition. This makes Aelf a great option for enterprises dealing in or with very sensitive information.

To add on to this, more enterprises are now adopting blockchain technology as an alternative to existing centralized networks. Gradually, the benefits of blockchain technology are making sense to global corporations. It will not come as a surprise if in five or ten years, many companies will be running a section of their operations via blockchain technology.

For some companies, the Covid-19 pandemic creates the best opportunity to migrate to blockchain technology.

Ease of Migration

A major deterrence to adopting blockchain technology is the thought on the process of migration. It is easy to assume the process is cumbersome without even doing some little research.

In some cases, it may be counterproductive to adopt the technology; however, in the case of Aelf, adopting blockchain technology is made so simple.

Using the Aelf Kernel, companies can start building side chains for their operations. The Aelf kernel negates the need to build a blockchain from scratch. This makes it easier for companies to migrate from centralized platforms to decentralized platforms.

Aelf is also highly customizable such that developers can use their preferred consensus mechanism and migrate to a different one if they wish to. This is especially useful in a remote set up where the dynamics of the business may require enterprises to regularly change their consensus mechanism to meet their current needs.

An Engaging Community

Businesses prefer communities where feedback is highly valued. Aelf takes its community very seriously by listening to their suggestions especially on how to improve their platform. By doing so, the platform gives its community the chance to suggest future products and, in a way, guide the future of the company.

Businesses can take advantage of such avenues to try and influence the direction of the platform to meet the dynamic demands of the world of business. This, and other features, put it ahead of the competition that exists within the blockchain industry.

Momentum Continues to Grow

Opting to enjoin blockchain as part of your business may be a step in the right direction. The technology has developed over the years, overcoming various challenges to get to where it is now. More improvements are expected as more individuals and institutions adopt the distributed ledger technology.

In its current set up, blockchain, and specifically Aelf, is perfectly set up to be a lead technology of the future. With the changing business demands, blockchain may stand out as the only technology that can meet the demands effectively, securely, and efficiently.