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Blockchain Trends 2020-To paraphrase a great writer, the death of blockchain ─ before its widespread emergence ─ has been greatly exaggerated. From top industry analysts, this is the latest batch of blockchain predictions, along with an intriguing video example.
Accept that blockchain is in your future
Despite the detractors, companies are getting serious about blockchain. In the latest IDC survey, over 50 percent of companies expected blockchain to drive digital transformation over the next three to five years. Similarly, Gartner reported that 60 percent of surveyed CIOs expect some kind of blockchain deployment in the next three years. As for industries that have already deployed blockchain or plan to deploy it in the next 12 months, Gartner found that “financial services leads the way (18 percent), followed by services (17 percent) and transportation (16 percent).” Blockchain appealed to professionals in these industries who are in search of ways to use it in areas like recordkeeping and data management.
At Forrester, analysts saw companies replacing the irrational exuberance of mid-last-decade with “pragmatic and realistic approaches to blockchain projects.” While there are fewer in number, blockchain projects are “serious enterprise endeavors, rather than speculative proofs of concept.” Notably, these analysts saw interoperability taking center stage. People on the chain want to understand what kind of interactivity is possible between participants and their data. As a result, Forrester predicted increasing focus on integration with existing systems.
Look to the supply chain for opportunities
Supply chain remains the odds on favorite when it comes betting on blockchain’s ability to deliver business value. That’s because behind every pallet of shipped products is a bevy of intertwined organizations including manufacturers, distributors, logistics providers, and retailers. Historically, companies have relied on error-prone, cumbersome paper-based recordkeeping to track pallets. In this VIDEO demonstration at the SAP TechEd event, Jose Prados, development expert at SAP, shared an example of how companies can combine blockchain data from pallets across the supply chain with business data for new insights using SAP Blockchain Services, SAP HANA, and SAP Analytics Cloud.