Indisputably, any industry seeking a technology framework for intelligent operations can ignore blockchain only at its own peril. Cavorting on the axes of security and privacy, these operations have expanded their reach by harnessing blockchain-based security solutions. The overarching principles of decentralization, peer-to-peer contracts, transparency, non-return of records, and immutability are the lifelines in which the adoption of blockchain technology has thrived.
Blockchain technology has evolved from being a distributed ledger in financial applications to peer-to-peer networks of immense value in any industry and sector. Confusing due to the growth, organizations are engineering their own blockchain. And it’s funny that startups don’t want to be left behind here. Expanding use cases to join smart entities is what drives potential revenue for blockchain technology market. It is therefore not surprising that a global company recently predicted that the market would achieve an impressive compound annual growth rate of 58.90% between 2016 and 2024.
Unite for Transformational Industry 4.0
De-brokering as a new business model for Industry 4.0 spurs applications. Some of the industries in which companies place their bets are energy, healthcare, supply chain, Internet of Things, transportation, and education. Blockchain-based business models are seen as accelerating new consumer proposals, obviously. The application of blockchain in the private and public sectors is likely to lead to the growth of stakeholders in the blockchain technology market. Each industry will do so for a different proposition – for different purposes and to achieve transformative value for the parameters that are critical to it.
Blockchain has already passed the hype phase of the product lifecycle. Speed of implementation in many areas of Industry 4.0. confirms this.
Taking only one case out of many, the IoT Supply Chain Blockchain implementation helped them build trust. Companies in this sector are integrating IoT with blockchain to enhance product traceability from raw material sourcing to finished product consumption, all with unparalleled transparency and security. An example is the food industry.
So the incredible potential is that even highly conservative regions such as governments have realized the value of supporting new economic models for the growth of the nation. Smart cities that are taking advantage of the blockchain-based Internet of Things may whet their appetite. The smart IoT-blockchain framework will give them new capabilities in resource management, such as smart water management and waste management. These areas are a serious concern for any government. Scams and identity management are attractive areas to start with.
Educate or die: Time to clear the fog for Smorgasbord
With such amazing potential, the rate of adoption is surprisingly slow. Contrary to popular imagination, blockchain technology continues to annoy businesses.
What makes companies see red? The culprit is a pervasive lack of awareness and a dearth of understanding for the development of a blockchain ecosystem. Part of these bottlenecks is undoubtedly technical. The prospects for blockchain technology have not been able to amplify its image rooted in bitcoin and cryptocurrencies. Over the years, controversial activities have greatly fueled the legend. Collaborations between all stakeholders will do a lot to change the picture, bringing positive sentiments to drive investments in the blockchain technology market.
But remarkably, the companies themselves seem to place low trust in the blockchain. No one should guess why this was such a big concern. As the often circulated fact says: Blockchain is mostly – about 80 percent – something of a “business process change” – and only 20 percent is about implementation. It is indisputable that the organizational culture is not mature enough to reap the benefits at the moment. Not many companies give the green light enthusiastically to reshape their workforce with blockchain talent.
Fill the gap for mass adoption
Facing organizational challenges is the need of the hour.
Companies should not rush to implement blockchain technology applications, and carefully evaluate business cases. Also, organizational hurdles must be circumvented through a multifaceted perspective and a concerted effort by all. Lack of standardization in blockchain protocols and interoperability across different networks are some of the other major challenges that should catch the attention of stakeholders.
Embracing technology is not a solo effort, after all.
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