Blockchain beyond the hype a practical guide for business leaders

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Content:

• Blockchain implementation: the executive’s step-by-step guide
• The CIO’s Guide to Blockchain
• Deloitte launches ‘Blockchain in a Box’ hands-on demonstrator
• The Appropriation of Blockchain for Small and Medium-sized Enter-prises
• Toward More Rigorous Blockchain Research: Recommendations for Writing Blockchain Case Studies
• Blockchain: Ready for business
• CRM Handbook, The

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Blockchain implementation: the executive’s step-by-step guide

Blockchain and IoT are both often mentioned as important digital transformation technologies. But what about the combination of both? An overview of blockchain and IoT in combination. Blockchain technology , a form of Distributed Ledger Technology, has been gaining enormous attention in areas beyond its cryptocurrency roots since more or less blockchain and the Internet of Things IoT , blockchain and cybersecurity , blockchain and finance, blockchain and logistics , you name it.

Organizations that are relatively more mature in adopting IoT are also seen to be way ahead in their implementation of blockchain technology Gartner. As we wrote before it seems as if blockchain technology or, better, Distributed Ledger Technology, is about to change all aspects of digital business and according to some such as Don Tapscott, blockchain is a bigger deal than the Internet. Combine blockchain and IoT and you have two bigger deals than the Internet who need eachother for numerous reasons we explain in this IoT blockchain overview.

In fact, the convergence of blockchain and the Internet of Things is on the agenda for many companies and there are existing implementations, solutions and initiatives in several areas, outside of IoT and the transformation of financial services too. And since quite some time blockchain is increasingly being looked upon in an Internet of Things context.

Blockchains have many benefits. In the long term, we expect the combination of IoT and blockchain to enable innovative devices and business models, but the necessary evolution in both blockchain and IoT will take five to 10 years to achieve maturity Avivah Litan, Gartner, end In a nutshell:. Blockchain is designed as a basis for applications that involve transaction and interactions. These can include smart contracts smart contracts are automatically carried out when a specific condition is met, for instance regarding the conditions of goods or environmental conditions or other smart applications that support specific Internet of Things processes.

This way blockchain technology can improve not just compliance in the IoT but also IoT features and cost-efficiency. It is still early days, Bieler says. That is certainly true. However, at the same time big tech companies are not waiting, probably one of the reasons Bieler advices to start looking at the combination of blockchain s and the Internet of Things.

And they did and will continue to. IBM Blockchain, for instance, already allows to extend private blockchain into cognitive Internet of Things. In fact, ultimately it will be the combination of artificial intelligence , IoT and blockchain that will prove most interesting across industries and in myriad possible IoT applications.

With blockchain we are pretty much adding to the changing digital infrastructure that powers so many evolutions and impacts so many areas, from analytics to security, in an environment that thus far was centralized. To illustrate the benefits of blockchain and Internet of Things convergence, IBM gives the example of complex trade lanes and logistics whereby smart contracts can follow and via blockchain technology register , everything that has happened to individual items and packages.

The benefits: audit trails, accountability, new forms of contracts and speed, to name a few. In the image below from an IBM infographic, the company sums up three key benefits of using blockchain for IoT. They are also often mentioned as other blockchain benefits but in other parts of the infographic and the IBM video below, there is more in-depth information about the topic. The three benefits of blockchain for IoT, according to IBM: building trust, cost reduction and the acceleration of transactions.

She defines three categories of challenges that Internet of Things and blockchain ecosystems participants must address. In a nutshell the key challenges for IoT and blockchain ecosystems participants, according to Forrester, are:.

Technology , whereby mainly security comes in the picture. It is important to note though that blockchain is also seen as a way to secure the Internet of Things and, as mentioned, security overall but that is another discussions with several opinions and aspects to cover. Operational challenges : the business model and the practical aspects as this requires many agreements and of course many actors too in a broad ecosystem. Just think about that IBM logistics example.

Legal and compliance issues. Bennet among others refers to responsibility issues in case of actions that are taken by devices, based on a rule that is automatically executed by a blockchain-based application, triggered by another blockchain-based application you see the complexity. And then there is the mentioned example of smart contracts. As you know contracts are far from easy, even outside this IoT and blockchain context.

It answers the challenge of scalability, single point of failure, time stamping, record, privacy, trust and reliability in a very consistent way. Blockchain technology could provide a simple infrastructure for two devices to directly transfer a piece of property such as money or data between one another with a secured and reliable time-stamped contractual handshake.

To enable message exchanges, IoT devices will leverage smart contracts which then model the agreement between the two parties. This feature enables the autonomous functioning of smart devices without the need for centralized authority. Blockchain is being tested in several industries. And sometimes we see that in those industries there is a link between blockchain and IoT within the specific industry. Point in case: blockchain and IoT in insurance. The main use case of blockchain in insurance are smart contracts and the enhancement of several processes such as claims management.

Other applications include fraud management, legally required applications blockchain is thoroughly looked at in the legal sector as well and even the usage of technologies in an insurance context. IoT is not a feasible concept without a solution that allows for the direct interaction between machines and devices. Blockchain is a technology that can help to unlock this piece of the puzzle. With IoT and blockchain we enter a space of pretty unlimited possibilities.

Add to that ongoing convergence on technological, data and business levels and the picture becomes broader. Previously we quoted Frank Gens on the role of blockchain in third generation security and mentioned how the combination of AI, IoT and blockchain will matter IoT and AI need each other too.

These are of course not the only technologies that fit in the scope of IoT or that will matter in this mix, depending on scope and systems. In the context of technologies in the broadest sense do, for instance, think about the convergence of IT and OT whereby operational technologies and manufacturing technologies and standards and protocols are essentially revolving around data capturing, making interoperable, analyzing, leveraging for immediate purposes, leveraging in broader ecosystems whereby data exchanges and blockchain certainly also are looked at in an IoT data perspective and beyond , increasingly autonomous decisions based upon data analysis whereby an automated interaction can be seen as some form of contract in the non-legal sense but in the sense of condition-based.

Conceptually, blockchain technology is a good match for IoT scenarios. IoT applications are by definition distributed and call for devices to interact directly with each other rather than via existing centralized models. Dan Bieler, Principal Analyst, Forrester. In this context we obviously also need to mention Industry 4. And of course also the evolutions in logistics more with a case below.

In both Industry 4. Yet, as the case below indicates there are ample opportunities in a far less complex context. Add robotics. Add systems, such as ERP. Then there are systems. Take ERP. The list does go on. You also can look deeper into specific applications and industries: smart buildings , for instance.

Among the main building management and building energy management evolutions is convergence, as is the case in so many areas where IoT comes in. One of the areas where this happens is leveraging energy coming from local solar or wind systems and microgrids in the scope of energy efficiency and facility optimization.

As energy becomes an increasingly digitized , decentralized! The report also mentions blockchain applications for the recording of autonomous, machine-to-machine transactions regarding electricity usage. The highest rate of blockchain adoption among IoT implementers is companies in pharmaceuticals, energy, natural resources, utilities and transportation. These industries all have business models that include the movement of physical goods, so they benefit from links that bridge the physical to the digital world, especially those enabled by a combination of blockchain and IoT technologies.

This could be for security and control reasons with ongoing optimization, predictive maintenance improvements and AI-enabled ways to further enhance the decision-making while enabling again new applications when, for instance combined with digital twins. It is a very targeted one for the pharmaceutical industry and pharma logistics but certainly can go beyond. In the scope of regulation, whereby proof is needed that shipped medicines have not been exposed to specific conditions that might compromise their quality mainly on the level of temperature , modum.

The project is born out of the Zurich university and seems to gain track with a solution that makes sense and leverages IoT and blockchain in a relevant way. End January the company wrote about how it is now in integration discussions with top-level committees at major players in ERP, big pharma manufacturers, pre-wholesalers and logistics companies.

And so is the list of IoT and blockchain use case as the report confirms. The five main use case categories with ample examples and use cases per category are supply chain, IoT network management, end-user authentication, asset sharing networks and smart contracts and compliance — with security, identity, interactions and transactions as the core elements.

Blockchain technology promises to be the missing link enabling peer-to-peer contractual behavior without any third party to certify the IoT transaction. Nicolas Windpassinger, Digitize or Die. This article was first published in September and was updated in February with additional information. Digital transformation Industry 4. Sign in. Forgot your password? Get help. Password recovery. Blockchain and the Internet of Things: the IoT blockchain opportunity and challenge. Organizations that are relatively more mature in adopting IoT are also seen to be way ahead in their implementation of blockchain technology Gartner As we wrote before it seems as if blockchain technology or, better, Distributed Ledger Technology, is about to change all aspects of digital business and according to some such as Don Tapscott, blockchain is a bigger deal than the Internet.

The future of blockchain.

The CIO’s Guide to Blockchain

Bringing together leaders, entrepreneurs and businesses to advance Blockchain technology in Sub-Saharan Africa. We provide training solutions for individuals, institutions and groups at your convenience and location. We are open to also providing training at our clients offices in various locations and countries for group trainings ONLY. If you like to learn at your own pace directly with the instructor in a group or private session via media outlets like Zoom, Google Hangouts or Skype? We provide you with an opportunity for one-on-one engagement with the instructor. This course is for participants who are new to digital currencies and blockchain technology. The purpose of the course is to provide a solid foundation for those looking to gain a deeper understanding and learn how it will affect their businesses.

Deloitte launches ‘Blockchain in a Box’ hands-on demonstrator

Consultancy Deloitte this week unveiled a mobile, self-contained computing platform that can be used to host a blockchain network on a small-scale so companies can test its capabilities. Called " Blockchain in a Box " BIAB , the platform consists of four, small-form-factor compute nodes, three video displays and networking components that can be connected to external services such as cloud providers. Various SD cards can be slotted into the nodes to demonstrate different blockchain distributed applications or Dapps , how they can be shared and how they can be tailored to specific application requirements, Deloitte said in a statement. The consultanting firm said it has already shown off its modular blockchain demonstrator to several clients and the reaction has been curiosity and excitement. In the end, BIAB leaves clients with a deeper understanding of blockchain and how it can be used in the enterprise. Earlier this year, Deloitte released its annual Global Blockchain Survey , the results of which painted a picture of surging blockchain investment as "new, practical business applications" gain traction and business leaders begin to see beyond the "hype cycle. Surveys by other research firms point to a much slower adoption curve. The survey also revealed that CIOs from the telecom, insurance and financial services industries tend to lead other verticals in blockchain planning and experimentation. Martha Bennett, a vice president at Forrester Research, said she won't question Deloitte's rosy survey results, but noted that the questions it asked tended to be around use cases and priorities — not about production or production-ready systems.

The Appropriation of Blockchain for Small and Medium-sized Enter-prises

All three of these technologies have the potential to transform how we do business. It can be hard to separate the hype from the reality and work out whether you would really benefit from familiar or emerging technologies. Based on the latest evidence and engagement with senior business leaders, we reveal where businesses are struggling to get the most out of their tech investments — and the practical steps you can take to avoid common pitfalls. To create a thriving ecosystem for key emerging technologies, CBI is calling for a pro-innovation regulatory environment that attracts companies to come to the UK, test new innovations here, and scale for long term success.

Toward More Rigorous Blockchain Research: Recommendations for Writing Blockchain Case Studies

She is a hands-on technologist with 30 years of large-scale, complex system integration experience across a wide variety of technologies, including blockchain, cloud, digital innovation, and location-based technologies. Connect with her on LinkedIn at www. See something interesting? Simply select text and choose how to share it:. Blockchain and other distributed ledger technologies are changing the nature of doing business and helping companies reimagine how they manage tangible and digital assets. Tech Trends

Blockchain: Ready for business

About a decade ago the fundamental operating principle of the Blockchain was introduced. It took several years before the technology gained widespread recognition in industry and academic communities outside of the computer science sphere. Since then many academic communities have taken up the topic, but so far no well-defined research agenda has emerged: research topics are scattered and rigorous approaches are scarce. More often than not, use cases implemented by industry apply a trial and error approach and there exists a dearth of theory-based academic papers on the topic following robust methodologies. Being a nascent research topic, case studies on Blockchain applications are a suitable approach to systematically transfer industry experience into research agendas which benefit both theory development and testing as well as design science research. In this paper I offer guidelines and suggestions on how to design and structure Blockchain case studies to create value for academia and the industry. More specifically, I describe Blockchain characteristics and challenges, present existing Blockchain case studies, and discuss various types of case study research and how they can be useful for industry and academic research.

CRM Handbook, The

Blockchain and IoT are both often mentioned as important digital transformation technologies. But what about the combination of both? An overview of blockchain and IoT in combination.

Blockchain and cryptocurrencies grab a lot of headlines in the media, leaving business leaders with the challenge to distinguish between the hype and what has the power to transform an entire industry. This program allows you to break through the mystery, offering a very practical understanding of blockchain, both its opportunities and its challenges. Over the course of six weeks, you'll decipher how cryptocurrencies work and learn how the underlying blockchain technology could transform your organization and industry. In addition to world-renowned Columbia Business School faculty, you'll learn from industry experts who will share invaluable insights — from the origin story of the creators of the first blockchain to where the technology is heading five to ten years down the road. After taking this program that is designed with the executive in mind, participants will be able to make more informed decisions about the role that blockchain technology may play in their business.

I Want a Blockchain! Do you really need a blockchain? Asking yourself this very important question can lead you on the right path to an answer and before embarking on a blockchain for business journey You have to get through with this. Blockchain is a revolutionary technology but it is not always the right tool for the job at hand. If you are contemplating using blockchain technology, be sure to evaluate the problem fully and reach a conclusion that what business problem you are going to solve through blockchain technology.

Blockchain first appeared in a whitepaper authored by the anonymous individual or group known as Satoshi Nakamoto. More than a decade on, the potential blockchain applications beyond cryptocurrency are garnering attention. By Michael Brenner September 25,