Will Blockchain soon Replace Your Company's IT Network?
Blockchain technology is the new internet of value. Think of it as the long awaited solution bringing a real way to exchange value via open source innovations alongside the internet model. Or you can call it "Internet 3.0"
I recently saw a title that said, "Blockchain close to breakout moment." Yes, that caught my attention immediately seeking convincing information. After all there are many articles and white papers talking about the benefits of the blockchain and distributed ledger technology (DLT) yet, many major companies are still "reviewing the compatibility" or they have their "innovation department" looking into the blockchain technology applications. Then to see a title that Blockchain is close to it's breakout moment... that's pretty exciting. Now let's look at the article about a Deloitte survey reported earlier this year.
The article starts out saying according to the consultancy firm Deloitte, blockchain is getting closer to its breakout moment with every passing day. After they surveyed a thousand executives from 7 countries with knowledge of blockchain applications they wanted to know where the technology is heading. The responses were from a range of industries and the answers provide some indication of where the technology is heading.
“Momentum is shifting from a focus on learning and exploring the potential of the technology to identifying and building practical business applications. It just may not be happening when and where we expected,” Deloitte said in the statement, adding that these executives hold more pragmatic views of the technology and look poised to make some major moves over the next year.
Most of the executives see a compelling business case for the use of blockchain technology and are moving forward with the technology. Let's look at some numbers:
34% of the companies surveyed already have some blockchain system in production
41% expect to deploy a blockchain application within the next 12 months.
40% said their organization will invest at least $5 million in blockchain technology in the coming year
“As more organizations put their resources behind this emerging technology, we expect blockchain to gain significant traction as its potential for greater efficiency, support for new business models and revenue sources, and enhanced security are demonstrated in real-world situations,” Deloitte’s statement said. Some experts are surprised the rollout hasn't happened faster in 2018. Yet, the adoption is very promising with the companies that have realized it's significance and see how it can improve their business process and their bottom line; the benefits for ROI are very pronounced.
“The view further down the road is an inspiring one,” the report continued. “We see blockchain enabling a completely new level of information exchange both within—and across—industries. As connections are made between blockchain and other emerging technologies... we see the potential for blockchain to help organizations create and realize new value for businesses beyond anything we can imagine with existing technologies.”
As we conclude, DLT is here and will be the best move a company make to take their business to the future and win. Blockchain tech, Distributed Ledger Tech and Internet of Things (IoT) are vital to expanding your product or service offerings into the next century. Don't get stuck wondering about this technology while your competition is moving into implementing and integrating for a better future. Be smart. Be innovative and give your customers the best technological experience.
I'm Rashid Hill. I hope you enjoy my brief clips about all things Blockchain. Next post should be about the credit card companies interest in blockchain technology. This is interesting because in a direct way, this is their real nightmare. It's time to either fight it or join it. See you on the next episode... Blockchain Pro Blog