Unnecessary Friction: Rip & Replace Data Solutions
Should companies expect to replace existing systems for Web3?
Introduction
Industry change is sudden and dynamic; a matter of years can mean a radically different work environment than you previously knew. To meet the demands of a progressive industry, enterprises are responsible for ensuring their managing technologies can handle emerging technological and economic challenges.
Many companies today rely on legacy ERP systems that cannot interact with newer technologies and software. Even with the addition of cloud services that supplement legacy systems' capabilities with their scalability, most enterprises are not equipped to handle significant changes in their respective industry.
A critical example of one significant change you may have heard about lately: Web3.
Web3 is rooted in secure transactions backed by cryptographic guarantees that enable digital asset ownership and has already influenced several sectors and industries with their newfound capabilities. With changes like this, companies will have to face the question of:
Do we rip and replace our current enterprise software with another that meets our current and future needs? Or do we adapt and repurpose our current system with new improvements?
Rip and Replace
Rip and replace essentially refers to a complete replacement of your current system: removing the existing software and introducing a brand new enterprise software solution. While it may seem beneficial to “update” your business technology, a complete overhaul not only creates unnecessary friction, it can harm your company’s general operations.
Replacing your current system will involve more work and investment in the long run.
Changing your enterprise software not only changes your physical hardware but affects both your business operations and workflow. Employee training and management will be necessary and costly to introduce.
Closing down on previous software can also pose a severe risk to existing data storage and internal processes. Hard drives, internal servers, and other general IT equipment when replaced can lose precious company data.
Systems need time to run smoothly.
New systems need time to run seamlessly. Not only do managing teams have to learn and adapt to new mechanics, they have to adjust to shifts in the market as well.
Investment is continuous
Markets and industries are continually modernizing, and investment into core technology doesn’t stop at “rip and replace.”
Rip and replace is a high-risk venture that creates guaranteed friction in both initial application and transition.
Enterprise Blockchain Case Studies
The business value added by the Blockchain Platform Market is projected to reach more than $176 billion by 2025, and surpass $3.1 trillion by 2030 according to a forecast by technology consulting firm Gartner. Companies can expect to see rapidly changing markets, competitive landscapes, and new industries emerge from blockchain platform markets.
Despite its promising future, Blockchain today is still in its infancy, composed of fragmented services and offerings that lack an industry-wide concept on product application and target market. With blockchain technology constantly evolving, this places a challenge on companies and IT decision-makers to replace existing systems. A report from Gartner predicts 90% of Enterprise blockchain platform implementations will need replacement within 18 months to remain competitive and avoid becoming obsolete.
Why do many blockchain projects fail?
Many enterprises that adopt blockchain technology mistakenly believe they’re adopting traditional databases. However, blockchains restrict the amounts of data that are able to be stored on-chain, meaning these ledgers should not be considered a database for storage (Zeeve). Enterprises should establish a proper infrastructure to adopt and employ decentralized applications, allowing for easy on-chain and off-chain data design.
Embrace and Extend
Embrace and extend is an alternative to rip and replace, which retains existing enterprise systems and broadens its technical capacities with external integrations. Although the risk for friction and disruption isn’t completely eliminated, maintaining the core enterprise structure provides a smoother transition and faster turnaround time for companies.
Weavechain Solutions
For companies looking to embrace blockchain without compromising company infrastructure, Weavechain provides a solution to eliminate the need to rip and replace existing systems that are optimized for each enterprise’s demands. Founded on the principle of interoperability, Weavechain offers a path with minimal friction to access all the benefits of Web3.
Unlike other Web3 solutions that are limited to operating within a few platforms, Weavechain currently integrates with 26 databases, 11 blockchains, 4 transport protocols, and 2 oracles. Weavechain’s flexibility as a bridge that connects firms to Web3 data producers and data centers allows for companies to utilize Weavechain and pivot at any time.
Conclusion
To plan for the growth of blockchain and Web3 in every industry, enterprises need to prepare an infrastructure that meets the demands of changing industry needs and standards. Weavechain is the big data on-ramp to Web3, building an enterprise-grade solution that allows companies to experience the benefits of Web3 without ripping and replacing existing data structures.
To learn more about how Weavechain can help your organization:
Drop us a line at hello@weavechain.com
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