Blockchain for a brighter future by 2020 and beyond
Industry has long been excited about concepts ranging from virtual reality and augmented reality (VR / AR) to autonomous vehicles, wearable technologies to chatbots and drones, to lists. this continues. After the innovations appear, the model after many ads is launched, will go into the pilot program until the market reaches tangible confirmation.
If 2019 is the year when the hype of blockchain persists, despite its polarization, 2020 will make way for previous unstructured testing of strategic use cases to capture prices. business value and unprecedented ROI. Over the next 12 months, blockchain technology will prove its worth as it unfolds in accordance with these predictive plots.
The leading industries that bear most of the blockchain's testing burden include technology, communications and telecommunications (TMT); energy and resources; make; life sciences and healthcare and consumer products, according to the Deloitte industry's 2019 Global Blockchain Survey.
While these predecessors mark blockchain application incubation centers, organizations from the peripheral industries will be more involved in the game when applying the reality later. Be wary of developments in industries such as law enforcement, e-commerce, identity and ride sharing among others.
Take advantage of FOMO
Next year will be marked by the adoption of a much wider blockchain technology. As mentioned above, a process is underway in which a few are testing the waters and others are tracking the results before diving. The risk on the sidelines is waiting too long. There has been a great deal of interest raised by the fear of being left behind or being left behind to be further motivated to demonstrate the inherent advantages in technology.
The race to take advantage of blockchain capabilities has begun, and when the initial barriers are removed, those in pole position will gain the best advantage.
In the context of pilots and test deployments, the coming months will have the emergence of case studies published in the direction of the ROI, benefits and failures experienced so far. Companies will accumulate qualitative data to purposefully back up the blockchain's value and in a position to reveal knowledge of what works and what doesn't. The year 2020 will be a turning point showing the validity of the hypothetical predictions of value.
Deploy more multinational
2020 will bring a step forward for multinational blockchain deployment, not only as an endpoint solution but also as a platform beyond international borders. Walmart Canada Canada recently came up with headlines as they rolled out a blockchain-based payment and shipping network to manage 70 shipping companies and relationships with 400 retail stores.
Considered a new paradigm to streamline inefficiencies, hopefully larger corporations will step up the envelope to harness the technology's tremendous benefits in a faster clip next year.
Government uses blockchain
Industry and government will collaborate to use blockchain technology to report initiatives. For example, an integrated water management company operating in the Permian Basin states that it is deploying a blockchain network to provide reporting data on infrastructure, processing, sourcing and Water treatment.
Using cases like these, in parallel with blockchain capabilities, to simplify and manage immutable records, will lead to more regulated industries and government agencies to adopt public Blockchain technology to reduce costs.
Change management experts will collaborate with blockchain innovators
As interest in blockchain increases, the enemy of adoption is change management. Experts will complete the task and seek advice and collaborate with blockchain innovators to change common practices across industries.
A recent study conducted by MIT Sloan Management cited that blockchain is set to disrupt many aspects of the global economy including: how institutions are funded and managed, how companies create them. value creation, business process efficiency including accounting, marketing, etc. and other management functions.
Year for the books
The two best words available to describe next year's blockchain are attractive and mature. As both the debate and exploration stages continue and verifiable applications accumulate with publishable benefits and the corresponding routes to achieve them, one thing remains clear: blockchain requires Processes and behaviors must change. Think outside the box and reverse the world, even if it happens in the next one to five years, rest assured, it will come.