To borrow the words of a great writer, it is greatly exaggerated that blockchain died before it was widely available. This is the latest blockchain forecast from top industry analysts, and an interesting video example.
Accept the fact that blockchain is about to appear in your life
Despite opposition, enterprises are paying more and more attention to blockchain. In the latest IDC survey, more than 50% of companies expect blockchain to promote digital transformation in the next three to five years. Similarly, Gartner reports that 60% of CIOs surveyed expect to deploy blockchains within the next three years. For industries that have deployed or plan to deploy blockchains in the next 12 months, Gartner found that “financial services lead (18%), followed by services (17%) and transportation (16%) Blockchain attracts professionals in these industries, who are looking for ways to use it in areas such as record keeping and data management.
At Forrester, analysts saw the company replacing the irrational boom of the past decade with a “pragmatic and realistic blockchain project approach.”. Although the number is small, blockchain projects are “serious enterprise efforts, not speculative proof of concept”. It’s worth noting that these analysts believe interoperability is becoming the core. People on the chain want to know what interaction might exist between participants and their data. Therefore, Forrester predicts that more and more attention will be paid to the integration with existing systems.
Looking for opportunities in the supply chain
When it comes to the ability of blockchain to provide business value, supply chain is still the most popular investment opportunity. This is because behind every pallet of products is a group of intertwined organizations, including manufacturers, distributors, logistics suppliers and retailers. Historically, companies have relied on error prone, cumbersome paper records to track pallets. In the video presentation of this SAP Technology Conference, SAP development expert Jose Prados shared an example of how an enterprise combines the blockchain data on the pallet of the supply chain with the business data, and uses SAP blockchain services, SAP Hana and SAP analysis cloud for new insights.
“It’s not enough for a modern global enterprise to know just how many pallets have been sent,” Prados said“ Blockchain data provides real-time and automatic visibility for everyone to know when, where and which pallets have been delivered in real time. Companies can use this data to trigger more accurate and effective payments to partners (including suppliers or logistics providers). They can also create vendor dashboards to fine tune purchasing strategies based on manufacturers’ recall or payment habits, and they can calculate new KPIs and use more accurate data to build new forecasting models for smarter planning. This applies to any industry.
IDC predicts that 85% of global container transportation will be tracked through blockchain. By 2023, 50% of this mode of transportation will use cross-border payments that support blockchain. The analysts expect companies to invest nearly $11 billion in blockchain services (consulting, implementation, maintenance and support), more than a third of which will be used for hosting services. “.
Release the commitment trust of blockchain
Some industry observers place high hopes on the basic capabilities of blockchain, which can promote greater trust and transparency of business. IDC analysts believe that blockchain “shows promise to provide glue for some digital trust issues.” Gartner predicts that by 2023, the blockchain “will be technically scalable and will support trusted private transactions with the necessary data confidentiality.” IDC analysts predict that by 2024, more than 75% of regulated enterprises will use blockchain to support interpretable artificial intelligence (AI).
Unlimited possibility of blockchain driving value
Blockchain can be well applied to any place where data needs to be safely shared among multiple participants. Gartner’s list of potential opportunities includes claims processing for automotive, agricultural, travel, life and health insurance and product recalls. Gartner also included smart city in its use case list, in which blockchain based and Internet of things based data support “peer-to-peer energy trading, electric vehicle charging management, smart grid management and wastewater system control.” IDC said that by 2022, IDC will play a role in identity management and payment and settlement (e.g. royalty payment, stock settlement, inter-bank payment and commercial lending), of which 25% of digital rights will be processed on blockchains managed by publishers and content creators to build trust and transparency to prevent free consumption and illegal P2P sharing.
In a perfect world, blockchain will help combat identity fraud and counterfeit goods. It can help us quickly find the source of contaminated food. Of course, it won’t happen overnight, but in any case, blockchain will be part of the future.
Responsible editor; zl