Blockchain: 4 trends to watch for 2020

Finance, asset symbolization, transparency, supply chain traceability … this technology offers interesting advantages and can bring significant added value. By 2020, make room for real business projects.

After some time pondering, fluctuating, and excitement surrounding unrealistic projects, because they are so ambitious, blockchain is entering a new phase. It would be better suited to more applications to better serve tracking, inspection and logging functions than we can with existing technology.

Different trends are likely to emerge in the coming year.

Get rid of the “tourist” faction, make room for “serious” projects
This “provocative” title indicates that the era of discovery and the POC is over.

Today, companies no longer simply feel “need to understand basic technology details,” said Chris Broderson, head of Deloitte Americas Blockchain lab.

According to the study “Deloitte 2019 Global Blockchain”, nearly half of respondents expect to spend an average of $ 5 million or more on blockchain projects this year and 2020.

53% also said it was one of their top five strategic priorities this year, up from 43% in 2018. “Experts have found that blockchain is real and could represent a prize. Practical solutions to business challenges in Chris Broderson said.

From POC to MVP
Adoption will evolve as the process moves from “Proof of Concept” to “Minimum Feasible Product”. Deloitte and other experts expect this development to provide momentum as some skeptics begin to reconsider potential uses of the technology.

Blockchain has caused many people to rethink some business processes. They can be transformed not by the technology itself, but by “blockchain-inspired” solutions. This may involve cross-border payments, digital certificates, and supply-chain-specific optimization.

Blockchain platform innovation
The idea of ​​a completely transparent system is intriguing, but utopian. “In the real world, trade secrets make profits. Very few companies can operate in complete transparency without losing their strengths, ”recalls George Spasov, blockchain architect and co-founder of LimeChain.

The company operates in different fields, including manufacturing, education, supply chain, and artificial intelligence.

The lack of interoperability — between blockchain platforms and between these platforms and legacy systems — has been a major hurdle. The situation will improve next year.

“Platforms will continue to learn what businesses need and adapt their solutions to address key adoption problems,” said George Spasov. In September 2018, his company partnered with the Aeternity platform to develop and promote the apps.

Data security
Greg Wolfond, CEO of SecureKey, specializing in identity authentication and authentication, said: “We see a growing need from users who want to control their data with a consent model. and strong protection.

Its Verified.Me application is built on the IBM Blockchain Platform, based on Hyperledger Fabric. “The privacy and security that well-implemented blockchain solutions can also come with other benefits that users value, such as convenience and time savings,” Greg Wolfond for more,

This is one of the keys to the success of Honeywell’s GoDirect Trade, a multibillion-dollar online marketplace for used aerospace parts.

On GoDirect Trade, Honeywell uses blockchain to ensure that each listing includes quality images and documents of the exact coin being offered for sale. This solution thus reinforces customer confidence

In short, even if the rumors about blockchain have subsided, some companies may still make the mistake of following the package instead of trying to achieve real business goals.

The right question to ask is no longer: “can we use blockchain”. The crucial question is: “Should we use it?”

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