Blockchain adoption in business and enterprise

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Content:

• Blockchain Technology in Enterprise and Adapting to Process Changes
• Why COVID-19 will continue to accelerate enterprise blockchain adoption
• Blockchain for Enterprise? Not so Fast!
• Payments to lead enterprise blockchain adoption trends
• Webinar: The Most Promising Use-Cases of Enterprise Blockchain Adoption
• Ecosystem Readiness: Blockchain Adoption is Driven Externally
• Enterprise Blockchain: The Monumental Shift From When to Why is Here

WATCH RELATED VIDEO: The Reality Of Bitcoin Adoption

Blockchain Technology in Enterprise and Adapting to Process Changes

COVID has been an unprecedented pandemic that has forced technology companies to rethink their strategy to deal with the tech-enabled world and provide secure solutions to customers and users. The pandemic has revealed the weaknesses in many industry verticals like medical, supply chain, financial industry, travel etc, as well as exposed difficulties in sharing and securing data that is required for making informed decisions.

Blockchain technologies have been in existence for a decade, but amid the pandemic, its adoption has increased significantly. With rising concerns around data privacy and usage, enterprises and government agencies have expanded the role of Blockchain in COVID mitigation and control. We can look at some of the enterprise and government use cases that will continue to accelerate with blockchain during these pandemic situations. With the focus on contact tracing and protecting personal data, there is a need to understand the citizen patterns of their travel.

The collected data can be securely encrypted and stored on blockchain-based servers and can be correlated to predict any community-based transmission. During this pandemic, many enterprises have launched apps that allow us to track this information.

The government of India also launched an application that allows us to understand the transmission radius near your geo-location. So, entities operating in the travel industry can scan these passports to validate the traveller profile. The manufacturer produces the drug and marks with a unique hash code which is stored on the blockchain.

The manufacturer then sends the drug to the wholesaler. The wholesaler verifies the origin of the product and the transaction is now stored and added to the blockchain.

Get stories of change makers and innovators from the startup ecosystem in your inbox. Please fill in this field. You have been successfully registered for our daily newsletter. The wholesaler then sends the drug to the pharmacist who verifies the origin of the product, and the transaction is now stored and added to the blockchain. The pharmacist sends the drug to the patient who verifies the origin of the product and the transaction is now stored and added to the blockchain.

We will see an increase in enterprises in the business of offering tokens to their users as a means of digital currency. These can be used in sports and gaming, music, food or transactions between users. Users will be able to purchase tokens issued by IP holders on a blockchain platform and conduct transactions with other users. They can use their digital passports verified by a blockchain server at checkout. Additionally, even IP holders that do not have in-depth blockchain knowledge or experience will be able to issue and distribute tokens without the need to develop their own technology.

The usage of blockchain technologies will expand beyond COVID to other arenas like the next-gen election system, e-government, e-school, and many more. Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory. With enterprises adopting a hybrid workforce model, the necessity for organisations to secure their assets and also digitally verify the identities of their employees, customers and partners becomes pertinent.

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Why COVID-19 will continue to accelerate enterprise blockchain adoption

Mance Harmon, CEO, and Co-founder of Hedera Hashgraph predicts that in enterprises will continue shifting business logic into layer 2 networks, DeFi and stable coins will transform financing and obtaining loans for working capital, and a combination of technologies with existing systems will increase enterprise adoption. One significant trend witnessed in was the wave of large enterprises moving to execute their business logic in Layer 2 networks and simply using Layer 1 for consensus and arbitration. This combination offers enterprises the best of both public networks — with superior, distributed trust - and private networks — with lower costs and better scalability, privacy, and regulatory compliance. For example, the Ethereum network is encouraging users to move most smart-contract execution off-chain to L2, while only occasionally executing on the mainnet. In , the DLT space has seen a notable increase in tokenization, DeFi, and Layer 2 networks; all of which are being developed to provide enterprises with the foundation to use DLT in routine business transactions. As we head into , the recent maturation of tokenization , fiat-backed stablecoins , and DeFi will make traditional financing operations faster and more affordable.

Blockchain for Enterprise? Not so Fast!

Analyst s : David Furlonger , Rajesh Kandaswamy. The Gartner CIO Survey provides factual evidence about the massively hyped state of blockchain adoption and deployment. Enterprise architecture and technology innovation leaders should use these results to temper solution provider enthusiasm and manage business expectations. All rights reserved. Gartner is a registered trademark of Gartner, Inc. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.

Payments to lead enterprise blockchain adoption trends

As we started into , there was a lot of doubt as to whether blockchain technology could live up to expectations. Was it truly a practical solution for enterprises? Despite the potentials of the technology, many were concerned by factors such as regulatory uncertainty, trust issues, poor scalability, compliance, and more; and these are just the tip of the iceberg. With such genuine worries surrounding the technology, it might seem a wonder why any company would take on such a risk.

Webinar: The Most Promising Use-Cases of Enterprise Blockchain Adoption

Enterprise blockchain typically uses permissioned blockchain platforms for their networks. There are three main differences between a permissioned vs. An important note is that although it is blockchain system, at the current state, most of the existing enterprise blockchain networks in production are currently hosted in a single-cloud environment where nodes are all administered and operated by a single third-party service provider e. In this regard, project members can then connect to the platform host via a trusted API connection. Data suggests that most live networks have launched with a narrow focus on a specific use case, although the intention to gradually broaden the scope to include other industry-related usages is often highlighted in the official roadmap.

Ecosystem Readiness: Blockchain Adoption is Driven Externally

Blockchain, especially in its role as Enterprise Blockchain has become a controversial phenomenon, with both the class of believers being on two very different platforms — One believing that Blockchain will change the mere atom of Enterprises in which it is implemented and the Other saying that it is a poison that will consume all and give no returns. But, no matter what the naysayers say, the reality of today is that Blockchain is seeing a shift in momentum from being a Proof of Concept to being a technology that is practically helping business get more efficient at base level costs. At this hour, blockchain is sitting at a point of inflection, with the momentum now shifting from the concept to blockchain tourism to the development of business applications. A happening that can be seen in the number of enterprises, across the world looking to invest in replacing their existing systems with Blockchain. The replacement that businesses are planning to do in their processes is the doing of a number of perceived benefits that they think Blockchain will bring in the Enterprise ecosystem. Benefits that we have discussed in great details in our Blockchain Guide for Entrepreneurs. The many Blockchain uses in Enterprise ecosystem are drawn at the back of the seamless placement of Blockchain features in the loopholes and gaps in the enterprise problems. Here is what the enterprises feel about the benefits that Blockchain has to offer —.

Enterprise Blockchain: The Monumental Shift From When to Why is Here

The true question, however, relates to substance, i. Proof-of-concept PoC has finally arrived for several blockchain initiatives, with models applied across a huge range of industries including Volkswagen looking at global supply chain management, a number of banks applying blockchain to payment systems and the diamond industry tracing origin and sourcing to reduce the risk of fake or unethically sourced diamonds. Each of these applications, if applied widely across the industry, would have the potential to significantly alter relationships within the industry and to change operating models that have been in effect for many years. This already wide range of industry applications enables us to ask what is it about blockchain that is driving this?

Sustainable development is not just possible with regard to the environmental and economic dimensions, and social issues are also important in achieving sustainable development. Social sustainability, as one of the dimensions of sustainable development, has been considered by policy makers and managers. Social sustainability and business ethics in the organization are affected by social and behavioral interactions of individuals. Blockchain technology, as a disruptive technology, leads to a peer-to-peer and decentralized network management using distributed architecture.

Although blockchain technology is quickly becoming popular among large international firms, many companies still lack the tools and know-how to implement - or even conceive of - blockchain solutions. The technology exists and is in use today. Instead, the problem is poor blockchain education in enterprise settings. This article offers tips on using blockchain in business and educating your enterprise regarding blockchain technology. Although blockchain technology is quickly becoming popular among large international firms, many companies still lack the tools and know-how to implement — or even conceive of — blockchain solutions.

IDC defines blockchain as a digital, distributed ledger of transactions or records. The ledger, which stores the information or data, exists across multiple participants in a peer-to-peer network; there is no single, central repository that stores the ledger. Distributed ledgers technology DLT allows new transactions to be added to an existing chain of transactions using a secure digital or cryptographic signature. In , blockchain projects took a backseat as companies tried to contain the negative impact of the pandemic.