Gartner recently released a report showcasing Practical Blockchain as one of the upcoming technology trends for 2020. Among the others are Transparency and Traceability, Hyperautomation, Multiexperience, Distributed Cloud, and others.
“Blockchain remains immature for enterprise deployments due to a range of technical issues including poor scalability and interoperability. Despite these challenges, the significant potential for disruption and revenue generation means organizations should begin evaluating blockchain, even if they don’t anticipate aggressive adoption of the technologies in the near term,” said Mr. Burke.
Read the full Gartner’s report.
Lets first talk on what Practical Blockchain is?
Since 2017 Blockchain has been through many and different stages. When people hear blockchain they usually think of bitcoin, cryptocurrencies, and fundraising. Today things are different. Blockchain is changing industries and businesses are more and more researching on its practical adoption.
Implementing blockchain in specific industry use cases and companies optimizing processes with blockchain and DLT, this is what we call Practical Blockchain. Traceability, immutability, transparency, and automation, the benefits for the business are unlimited.
Our comment on that:
We all know practical blockchain has huge potential but many are still arguing if the market is ready to massively adopt it. We see many signs for that coming and it seems that Gartner sees that too.
“We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross chain functionality. They will also support trusted private transactions with the data confidentiality required. All together, these technology advances will take us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0,” said Ms. Litan in another Gartner article.
We at LimeChain are definitely seeing an interesting trend coming this year – more and more businesses and enterprises are investigating and researching potential practical blockchain use cases and how they can be implemented in their processes. Companies dealing with logistics, manufacturing, automotive, film producing, huge retailers and telcos, law firms, they are all adopting blockchain and DLT, and we see more and more inquiries coming from those. The advantages for these are many and here are some of it: cost optimization, auditability, fraud prevention, removing middleman, data integrity, dispute resolution, and others. More on the case study side, check our Case study page.
The truth is, as with every new technology, people are still in the process of understanding it and finding its actual value. However, we see actual examples that are not widely spoken about, proving that the technology is approaching the breakthrough that many have been conjuring up for years.
We are preparing a separate article on real-life blockchain projects. Stay tuned.