Blockchain adoption strategy

The industry might be having a hard time trusting a technology that is built on the premise of infusing trust into the system, but with baby steps it is inching toward its adoption. When it comes to the finance industry in particular, the adoption of blockchain technology has crossed the innovator stage and reached an early adopter stage. Blockchain is emerging as a solution for a plethora of industries. Picked up by companies in Logistics , travel and Manufacturing industries , it shows signs of adoption in other industries as well. But the question remains, what are the factors or misconceptions that have been impeding the adoption of blockchain? Blockchain helps in making sure that the file remains untampered when accessed again, as the signature changes if the file is edited even the slightest bit.

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Content:

• Ecosystem Readiness: Blockchain Adoption is Driven Externally
• A machine learning based approach for predicting blockchain adoption in supply Chain
• The Strategy to Accelerate Enterprise Blockchain Adoption
• Govt proposes nat’l framework to boost use of blockchain
• NITDA presents draft national Blockchain adoption strategy
• What are the Best Blockchain Adoption Strategies? (E-Crypto News Exclusive Interview)
• NITDA, stakeholders engage on adoption strategy for blockchain implementation
• Draft National Block Chain Adoption Strategy
• Global perspectives on blockchain adoption by industry: The future is now
• National Action Plan for Blockchain

WATCH RELATED VIDEO: Inside Blockchain - Nigeria Drafts Strategy Framework for Blockchain Adoption, #EndPoliceBrutality a

Ecosystem Readiness: Blockchain Adoption is Driven Externally

Provided by Deloitte. The story of blockchain market adoption closely resembles the path taken by other disruptive technologies: an initial industry explores what is possible, others give form and substance to what is plausible, and the marketplace helps define what is practical.

Linda Pawczuk is the global consulting blockchain and digital assets leader and a principal at Deloitte Consulting LLP. Collective sentiment about blockchain is on the rise, along with meaningful implementations in the public and private sectors.

At the same time, a new era of maturity is setting in—one in which organizations proceed with greater intention and seriousness as they tackle the challenges that come with adopting disruptive technologies. Some of these challenges are rooted in the development of blockchain and distributed ledger technology: processing speed and scale, interoperability, and tech stack maturity, among others.

Because of their technical nature, these challenges are likely more recognizable and understood within a context like blockchain that is inherently technical. And while not entirely resolved yet, progress is being made. As blockchain and digital asset adoption increase, new and different kinds of challenges are coming into focus—challenges that underscore the operational implications that follow from market adoption.

We categorize these new market challenges as the following:. Early tech-heavy focus. But a tech-heavy early focus may make it harder to resolve other market challenges that impede lasting adoption and make them more pressing as the technology matures. As blockchain and digital asset adoption increase, new challenges are coming into focus—challenges that underscore the operational implications that follow from market adoption. Multi-party models. Any discussion of market challenges within the context of blockchain should also include multi-party business models.

By its very nature, blockchain represents a multi-party solution transforming a process that was linear, siloed, and point-to-point into a distributed peer-to-peer form of governance. Blockchain democratizes information and access to it. Despite their many potential benefits—including cost savings, sharing of risks, and removing friction from years of inefficient processes—peer-to-peer models often take longer to deliver return on investment.

This is true even in a vertical supply chain ecosystem, where interests are more naturally aligned, similar to the industry-focused platforms developed by IBM. A horizontal multi-party business model presents its own kind of market challenge—what some may consider an unnatural coming together of potential competitors for a common purpose.

For one thing, some organizations are more efficient and strategic than others. And few organizations want to risk the competitive advantage and brand equity they took years in building. Since it is unlikely that all coalition members will have complete alignment at all times, the ability to rally around a common way of working and decision-making is at the foundation of our coalition. This collaborative approach to a multi-party operating model helps to build trust and facilitates the data sharing required to transform the provider data process.

Regulatory clarity. For blockchain—and other disruptive technologies—one challenge is finding the right balance between innovation in blockchain and the regulatory policies that will govern it.

Regulation is necessary and can be a force for good. It provides a much-needed ordering effect on the marketplace as a new technology achieves mainstream adoption. Blockchain is being applied in highly regulated industries like financial services, life sciences, and pharma, among others, which could be adding to the tension. Establishing regulations on privacy, anti-money laundering AML , know your customer KYC , economic sanctions, material provenance, tax reporting, data security, and many others, to accommodate the tactical application of blockchain technology in an operational setting presents a substantial hurdle to overcome.

This is also important since the long-term implications may not yet be fully understood by regulatory authorities, and the applications of blockchain are continually evolving.

This is a highly secure way to control data on the mainframe and when it goes to another system. Geographic variability. With blockchain premised on a multi-party and often cross-border architecture, different geographies are taking distinct positions on the status of blockchain and digital assets.

This can mean challenges in cross-border blockchain adoption, even without regard to regulatory issues, and render the kinds of global initiatives blockchain promises tougher to realize.

To help mitigate the perception of risks, some jurisdictions took an early and, at times, strong regulatory stand with respect to cryptocurrencies and digital assets. Others implemented regulations that encourage development of this technology, rather than focusing on problem management. Regulatory views on cloud adoption, national open standards on application programming interfaces, cybersecurity requirements, and health information, among others, all vary from country to country, too.

A homogeneous cross-border blockchain platform may struggle to comply with these regulations under different regimes. Even within a given country, especially if the country is sufficiently large and government is stratified, we may see variability in regulatory positions.

Take the US—some states have introduced blockchain-related legislation and some have not, with the effects of legislation being highly uneven. At the federal level, there appears to be no greater measure of cohesiveness.

For example, there is no single voice about the treatment of cryptocurrencies: The Internal Revenue Service treats cryptocurrencies as property, while other federal agencies such as the Commodity Futures Trading Commission and the Securities and Exchange Commission apply an evaluative approach in determining the status of a particular cryptocurrency and which of the two agencies has proper jurisdiction.

It is said that regulation follows innovation and sometimes labors to keep up. Blockchain is no exception. The quest for regulatory clarity may yield a more realistic and practical set of global guiding principles and industry standards that individual jurisdictions may choose to adopt.

For example, the Financial Action Task Force, an intergovernmental organization established to combat money laundering, recently issued a set of recommendations that detail regulatory guidelines on virtual currencies, including cryptocurrencies and cryptocurrency exchanges intended for adoption by its member jurisdictions.

Third-party guidance. Lack of regulatory harmony may lead to confused and possibly incorrect interpretations of requirements and inadvertent noncompliance.

As more information is recorded on blockchains, professional services guidance is critical in rendering correct judgments about operative regulations. And, of course, the challenge becomes even more pressing when the blockchain model crosses borders.

How can an auditor, for example, use regulatory requirements to test and certify that a procedure is compliant if the requirements are unclear? The challenge that confronts professional services guidance in a blockchain-driven world goes beyond just regulatory clarity.

It extends to a complete understanding of how the underlying transaction operationally works within the context of the blockchain technology. Did the technology change the transaction in any way simply because it took place on a blockchain? These and other questions will likely drive auditors to develop a deeper understanding of blockchain technology and represent a substantial market challenge. At Zurich, as we turn to an innovation mindset to find solutions, we start with the problem statements, then develop appropriate use cases.

Recently, we started in multi-party data sharing and reconciliation in the group captive renewal process, which today is very manual and paper-based. While this is a very basic use case, early results point to wider adoption of blockchain solutions within Zurich Insurance, driving meaningful ROI. But just as the applications of blockchain become more nuanced and familiar, so, too, should the market challenges.

This is what happens as a technology moves from early stage experimentation to production and, finally, to production at scale.

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Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service technologyreview. Skip to Content. Provided by Deloitte The story of blockchain market adoption closely resembles the path taken by other disruptive technologies: an initial industry explores what is possible, others give form and substance to what is plausible, and the marketplace helps define what is practical.

We categorize these new market challenges as the following: Early tech-heavy focus : Overemphasis on technology development and deployment. Multi-party operating models : Legal and governance mechanisms that facilitate interactions, such as contracting, dispute resolution, and third-party assurance, have not caught up.

Regulatory clarity : Policies need to be studied and constructed to align with new digital business models. Geographic variability : Different geographies are taking a range of positions within the context of blockchain and digital assets. Professional services guidance : Despite limited guidance on accounting and auditing, the profession needs to evolve with the technology.

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A machine learning based approach for predicting blockchain adoption in supply Chain

Blockchain is one such type. The publication sets out how to formulate national strategies and overcome implementation challenges, as well as highlighting relevant initiatives from across the world. Policy recommendations include formulating strategies to employ DLT and blockchain at a national level, building standards for technical solutions using DLT and blockchain, integration with pre-existing legacy systems, developing capacity and building awareness, as well partnering the private sector. More specific recommendations highlight the need for integration with other services, for example smart contracts, digital signature, key custody and security solutions, in addition to integration with other technologies such as artificial intelligence, big data and the Internet-of-Things.

The Strategy to Accelerate Enterprise Blockchain Adoption

The impact of blockchain technology BCT implementation on the accuracy, reliability, visibility, incorruptibility, and timeliness of supply-chain processes and transactions, makes it attractive to improve the robustness, transparency, accountability and decision-making in risk management. Therefore, the emerging BCT can present an invaluable opportunity for the organisations in need of preparing for and responding to uncertain and complex instances. The adoption of BCT in the operations and supply chain management OSCM literature remains scarcely investigated, especially in the context of managing risks in emergency situations such as crises, disasters, and pandemics, which are characterised by volatility, uncertainty, complexity and ambiguity VUCA in the business environment. This article will contribute to the OSCM literature by developing a conceptual model that will examine the causal relationships between VUCA business environment, constructs derived from technology acceptance model TAM , resilience and behavioural intention of the operations managers to adopt BCT for risk management. The model was tested by gathering responses from operations managers in the UK during COVID pandemic through structural equation modelling. Findings from the analysis suggest that understanding the benefits of BCT, involvement in resilient organisational practices and user-friendly implementation of the technology will have a significant and positive influence on the intention to adopt BCT for risk management in the OSCM context. Building upon these findings, we have proposed a BCT decision framework to assess the feasibility and suitability of adopting BCT in each context such as risk management , which will have strategic implications for operations managers and the OSCM community. The challenges experienced by supply chain operations in the current decade along with the effect of the ongoing COVID pandemic have become increasingly more complex. Facing these problems requires strong collaborative, co-ordinated and trust-worthy efforts from and across a broad spectrum of stakeholders in the entire supply-chain. One such area where these efforts are currently being devoted is risk management, which can increase resilience of the operational processes in the supply chain Manhart et al.

Govt proposes nat’l framework to boost use of blockchain

And its efficiency, transparency in governance, new business models which in turn triggers job creation. The Director General of NITDA Mallam Kashifu Inuwa Abdullahi, while delivering his address said the advent of Covid disrupted the global supply chain which has necessitated the need for a technology that can improve trust, transparency and efficient in service. He said the report identified 5 application areas, firstly tracking and tracing of product and services which will take the largest chunk of the estimated global GDP. The report also projected that by the sector will be valued at billion USD. Thirdly is digital identity including personal identity, certificate and credential identity to avoid fraud and identity theft and the sector is expected to be valued at billion USD.

NITDA presents draft national Blockchain adoption strategy

Some organisations are coming up with proof of concepts, but very few have a blockchain up and running and many are stalling in the research phase. The top barriers to blockchain adoption are uncertainty in how the technology will be regulated and a lack of trust among potential users in the technology, because it is unclear how blockchain works with other systems and how it can be scaled up. You need to be experimenting. With the right strategy, businesses should be able to implement blockchain without their projects coming to a halt. To overcome the uncertainty, PwC and V. A well-designed blockchain stores records in blocks that are linked to one another using a cryptographic technique that creates a digital, distributed ledger.

What are the Best Blockchain Adoption Strategies? (E-Crypto News Exclusive Interview)

Distributed ledger technology AKA blockchain is catalyzing a long-term shift of trust in distributed business environments worldwide. Chained data blocks make assets traceable, cryptography enables trusted ownership, and consensus algorithms realize distributed business consistency. In the meantime, the critical challenges that COVID pandemic brought to global economy — such as supply chain financing, food traceability, and visibility into asset logistics — further prioritized blockchain adoption for digital transformation. In the past six months, I have comprehensively researched blockchain adoption in China. Check out my reports for more details on the overall adoption progress, technology trends, business scenarios, and vendor landscape , as well as a deeper dive into real-world business cases in banking and insurance. I will soon publish another deep dive into representative blockchain cases for healthcare. Please stay tuned! Twitter LinkedIn Facebook Email.

NITDA, stakeholders engage on adoption strategy for blockchain implementation

The Enterprise Blockchiain Strategy is designed for decision-making executives, where their supply chain models and operations could be impacted by the introduction of this technology including C-Suite, VPs, Directors, and Department Heads. In addition to understanding the foundational aspect of this technology, participants will be able to see how blockchain technology is changing the operational deployment to their benefit. Senior management, key stakeholders, as well as managers, who operate in the supply chain area, will find this as a relevant course to understanding the disruptive impact of blockchain adoption. Module 7: Use case examples of how blockchains are being used in supply chains today.

Draft National Block Chain Adoption Strategy

Blockchain is rapidly growing in adoption in the GCC region, driven largely by the push by regional governments to digitise operations. Recently Gulf Business had a chance to sit down for an exclusive interview with Juwan Lee, chairman and group CEO of Nexchange Group who discussed and shared his insights on the current market trends. Blockchain hype has its ups and downs. But beyond that, the fact that the world is moving away from centralisation to decentralisation, and the Fourth Industrial Revolution is underway — thanks to many emerging technologies like blockchain that see relatively slow, but progressive adoption. Blockchain is ready to be implemented today because so many technologies are already in place, like mobile phones, the internet and the cloud.

Global perspectives on blockchain adoption by industry: The future is now

The ministry for electronics and information technology MeitY released a national strategy on adopting blockchain technology for government systems, especially e-governance services. Blockchain is the underlying technology for cryptocurrencies and is being used to create applications for third-generation of the Internet web3. The ministry has identified 44 key areas where blockchains can be applied, including transfer of land and property, managing digital certificates, pharmaceutical supply chain, e-notary services, e-voting, smart grid management and electronic health record management. The document has also taken into consideration blockchain-based platforms operated by governments in China, Brazil, the UAE and Europe, and highlights various government-led initiatives on blockchain that are under way. The ministry has also recommended the formation of a National Blockchain Framework that can be utilized in areas such as health, agriculture, education, and finance. We, as an industry, are looking forward to collaborate with the government," said Ashish Singhal, founder and chief executive officer, Coinswitch Kuber, a crypto exchange.

National Action Plan for Blockchain

Global perspectives on blockchain adoption by industry: The future is now has been saved. Global perspectives on blockchain adoption by industry: The future is now has been removed. An Article Titled Global perspectives on blockchain adoption by industry: The future is now already exists in Saved items. Our article series takes a deeper dive into blockchain use cases by industry from the Global Blockchain Survey.