Is blockchain on the bench for another year?
COVID19 pandemic played a catalyst role for the upright rise of blockchain technology. It has been acclaimed as a revolutionary business technology steadily for years now. Endless report put limelight on emerging technology like artificial intelligence (AI) the Internet of Things (IoT), and hybrid or multi-cloud as a focal point for investment.
The technology boon has been used for the constructive development to save firms billions a year in middleman transactions costs conducted by HSBC, UBS and Barclays. Simultaneously, blockchain strived to provide transparency into complex supply chains.
There are numerous applications for blockchain but until date the popularity only confined to startups with alcove use cases or big multinational with offers to negotiate ongoing challenges in talent acquisitions, organizational restructuring, security and expensive running cost.
As per the survey of 2017, the year when the blockchain was at star height, but it did still lack clearly defined goals and spontaneous research and viable use cases and risky undertaking. Continuing further in 2019 report depicts 90% of enterprise blockchain platform strategies required replacement within 18 months to survive the same competitiveness, security and to avoid becoming obsolete.
With the turtle like progression the business leaders have chosen to be non-committal with a “wait and see” approach for blockchain. But with an optimistic prediction of technology’s adoption for risky investments, heavy resources. And according to research by HFS and KPMG in the Enterprise Reboot report, based on the perspective of 900 business leaders and this pandemic has urged for digital transformation and to focus on tech with more immediate return like cloud technology and automation.
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Crypto Business World
CBW - External Analyst