Blockchain development costs aren’t cheap. Singapore-based company Morpheus Labs thinks that their Blockchain-as-a-Service (BaaS) platform could help blockchain adoption to spread. The company has developed a platform that can help companies who want to create blockchain-based solutions, and it has been getting a lot of attention recently.
Anything that leverages blockchain’s potential to create efficiency is probably going to be a good place to be. The blockchain industry is projected to grow into a $20 billion+ USD industry by 2023, which is a compound annual growth rate of 80%. That may be why Morpheus Labs has been cementing partnerships with a wide range of companies, as well as some big names in the education space.
So far Morpheus Labs has created working relationships with NULS, VeChain, QuarkChain, NeuroChain Tech and NEM, among others. The company’s tie-up with VeChain is especially interesting, as it is working to create enterprise-level blockchain applications that could be scaled up to take on the jobs that bigger companies like IBM have been able to land.
Morpheus Labs is Thinking Big
IBM is currently using their version of Hyperledger to replace numerous archaic information systems. One of the most prominent is the IBM Food Trust, which is being onboarded by Walmart to keep track of its leafy green veggy supply chain. The implications for the platform are enormous, and it is possible that IBM will solidify a first-mover advantage in the blockchain space because of their existing assets and connections.
Morpheus Labs CEO Chuang Pei-Han commented to Forbes that,
“We saw the gaps and understand the pain, thus, being the first-mover, we are committed to build an inclusive and comprehensive community and ecosystem. Having said that, we are the first platform that embraced variation and the first to onboard many renowned blockchain partners. Our technology capabilities will enable users to develop and spin up multiple blockchains within the golden timeframe of 5 minutes.”
The idea that a company could access ready-made blockchain architecture that could be adapted to their needs turns the current blockchain development space upside down. Instead of having to contract bespoke blockchain development services, companies could get blockchain working for them, with a minimum amount of money spent.
Having open access to inexpensive blockchain architecture also opens up the field for new ideas, which don’t need millions of dollars to bring into beta testing. Blockchain has been an esoteric development space, but that seems to be changing.
The Education Angle
Morpheus Labs is also working with universities to create more blockchain developers. The company recently welcomed EMBA students and researchers from Tsinghua University and National Taiwan Normal University. Tsinghua University also has formal connections with Ripple Labs, another company that is looking to grow the blockchain space via expanded education options.
Pei-Han commented that, “The key to a good partnership is not always looking at surface level value. Strategic planning and outlook help pick the right long-term partner. The basis of a partnership should always complement each company in term of needs,” in the same Forbes article.
At this point, the blockchain development space is just coming into its own. Companies like Morpheus Labs are important to the blockchain space, as they give SMEs more options for how they can develop blockchain platforms. As prices for blockchain development drop, the industry is likely to feed on its own success in a virtuous cycle.
How is Payment Going to Happen?
The major question then pivots to cryptos, and how they will fit into the new blockchain-based record keeping systems. Companies like PowerLedger have demonstrated how powerful blockchain can be in alternative energy systems, but they require that transactions are settled outside of the established financial system.
In order for blockchain to deliver maximum efficiency, it is likely that the existing financial system, with fiat currency included, is replaced by a currency that allows blockchain to deliver the cost savings it is capable of creating.