Bahrain, the region’s financial capital for many years, has established itself as the region’s Blockchain hub as well. This is very interesting because Bahrain is home to 116 licensed banks and 151 insurance companies. The world is taking notice of Bahrain’s progressive Blockchain initiatives including the implementation of a national KYC system using Blockchain that will allow subscribing companies to instantly complete KYC and AML compliance procedures.

Gartner estimates that Blockchain technology will create more than $176 billion dollars worth of business value worldwide by 2025 and $3.1 trillion by 2030. Many large companies are working on implementing Blockchain and it’s estimated that over 95% of these projects will be built on Ethereum. Enterprise companies have chosen Ethereum because it has the core capabilities needed to build enterprise applications.

Today almost all of the pieces are in place. To build enterprise Blockchain applications, companies need the ability to store immutable data on the Blockchain and a way for customers to view and interact with that data with authentication, auditability, and verification.

These core abilities are already implemented by Ethereum. All that is needed is a way to efficiently start building and deploying enterprise applications. The key to Blockchain’s future success is developers. Developers are critical to the success of enterprise Ethereum.

Currently, Ethereum is primarily programmed using the Solidity programming language, which was originally conceived in 2014. There are very few Solidity programmers who have enterprise development experience. This shortage is holding up the development of Ethereum based enterprise solutions.

It’s estimated that there are only about 200,000 Solidity developers in the world, and the majority of them have little or no enterprise experience. Compare that to the estimated 10 million Java developers many of whom have solid enterprise experience. That’s a 50x difference in the number of Java programmers vs Solidity programmers. The scarcity of enterprise knowledgeable Solidity programmers have made it difficult for enterprises to move forward with Blockchain projects.

Almost all enterprise companies use Java as their preferred language. This is because Java is the only programming language that provides the high performance, reliability, and scalability required by large companies.

Fortune 500 companies already have large teams of Java developers who have both professional programming experience and domain-specific experience.

The biggest challenge that enterprises face in implementing new technology. Enterprise Blockchain applications are so new that experienced developers don’t exist at scale. When developers lack business experience they don’t understand the processes that they are modeling.

Even if programmers know how to code, they don’t know what to code. Engineers who develop software without understanding the business requirements usually end up with buggy software.

This is a problem for companies because bugs in enterprise applications and business logic can have serious real-life consequences.

There are developments on the near horizon that will provide ways for Enterprises to tap into their own existing pool of talent, and open up the floodgates for a vast array of Ethereum based applications. Ethereum will be enterprise-ready sooner than you think.