2021 is the year enterprise blockchain begins its long climb out of the ‘trough of disillusionment. The climb will be slower than the recent stellar rise in Bitcoin’s price, but it will move forward nonetheless, surely and steadily.
Trend 1: Maturation of Cryptocurrencies and
Central Bank Digital Currencies
As it turns out, Bitcoin’s stellar
appreciation is not inconsequential to the growth of enterprise (permissioned)
blockchain. Bitcoin is now endorsed by mainstream investors like Stanley
Druckenmiller and Paul Tudor Jones and is a growing piece of MicroStrategy’s
corporate balance sheet, courtesy of CEO Michael Saylor.
Large mainstream bitcoin holdings
should fuel innovation in Decentralized Finance applications where bitcoin can
be used to collateralize loans, borrowings, and other financial instruments,
rather than just sit around as a stored (digital-gold-like) value.
Trend 2: Truth in Supply Chain – driven in
part by Environmental, Social, Governance (ESG) goals
We are seeing several promising
supply-chain-related use cases that support ESG goals. ESG criteria are used to
help investors determine if a company is environmentally conscientious,
socially responsible, and governed ethically. These criteria are data-driven
and the richer and more reliable the data, the more trustworthy are the ESG
criteria.
Hence the use of blockchain to record
and audit authenticated provenance data that leverage the Gartner model for
Truth Assessment – see how to Detect Fakes in a Zero-Trust World Using
Artificial Intelligence and Blockchain referenced.
Trend 3: Blockchain Middleware Abstraction
Layers
Enterprise adoption of blockchain
technology is difficult today. There are too many decisions an enterprise has
to make – they have to pick a blockchain platform, a smart contract development
environment, tools to develop decentralized applications, figure out how they
will interoperate across blockchain platforms, integrate with legacy systems,
and communicate with other blockchain network participants when data standards
are generally scarce. These are just some of the thorny decisions an enterprise
must make around still-immature blockchain technology, where skills are scarce,
rewards are not entirely clear, and governance by the task force or consortia
is at best difficult and at worst a failure.
Societal benefits are perhaps the
ultimate crown jewels for decentralized public blockchains but one thing we can
be sure of- these benefits won’t make it into the top 2021 trends. Governments
are slow to change and social media networks’ business models don’t currently
support authenticating news sources.
Let’s hope these use cases start materializing
in 2022 and the full promise of decentralized public blockchains is achieved.
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